Gensol Engineering IPO Review, Dates, Allotment, Subscription, GMP & DRHP
Last Updated Date: Nov 17, 2022Let’s have a detailed review of the company and analytics of the Gensol Engineering IPO release date, IPO offer price, subscription, Gensol Engineering IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.
Gensol Engineering Limited (“Gensol”) is a Solar Design & Engineering company with team of more than 500 employees and an experience of providing technical expertise over 18,000+ MW.
- Issue Price of this IPO is Rs. 81- Rs. 83 . Check the Live Share Price here Gensol Engineering Share Price
- To track the performance of this IPO, click on this link – IPO Performance
Gensol Engineering IPO Review & Ratings
| IPO Ratings & Review | |
| Criteria | Ratings |
| Industry Sentiments | 7.5/10 |
| Industry Ranking | 7.1/10 |
| Company Background | 7.3/10 |
| Company Reputation | 7.2/10 |
| Competitive Edge | 7.7/10 |
| Financial Statements | 7.1/10 |
| Popularity Index | 7.4/10 |
| Promoters Reputation | 7.7/10 |
| Retail Appetite | 7.1/10 |
| Top Brokers Review | 7.9/10 |
| Overall Ratings | 7.4/10 |
| Star Ratings | ★★★★☆ |
Summary of Gensol Engineering IPO
Gensol Engineering Limited (“Gensol”) is a Solar Design & Engineering company. Gensol provides concept to commissioning solar advisory, engineering review, detailed engineering, construction supervision, quality control and technical due diligence services for projects in India and abroad. Initial public Offering of Upto 2,160,000 Equity Shares of face value of Rs. 10/- each fully paid up of the Company for cash at a price of Rs. 81- Rs. 83 per Equity share aggregating to Rs. 17.93 Crores.
From FY 2015-16 to FY 2017-2018, as per the Restated Financial Statements:
- From FY 2015-16 to FY 2017-18, as per the Restated Consolidated Financial Statements, i) the total revenue has shown growth from Rs. 1,215.68 lakhs to Rs. 7006.01 lakhs, representing a CAGR of 140.06%.
- The EBITDA has shown growth from Rs. 54.80 lakhs to Rs. 752.23 lakhs, representing a CAGR of 270.50% Statements. The restated total revenue, EBITDA and profit after tax for the period ended September 30, 2018 was Rs. 4,877.30 lakhs, Rs. 466.63 lakhs and Rs. 308.25 lakhs respectively, with an EBITDA margin of 9.57% and PAT margin of 6.32%
- The net worth of the company as on March 31, is Rs. 642.67 lakhs as per the Restated Ind AS Consolidated Summary Statement of Assets and Liabilities.
- The profit after tax has shown growth from Rs. 36.49 lakhs to a profit of Rs. 509.17 lakhs, representing a CAGR of 273.55%.
The Promoters of this company are Mr. Anmol Singh Jaggi and Puneet Singh Jaggi. The lead manager to the issue is Pantomath Capital Advisors Private Limited and the Registrar to this issue is Link Intime India Private Limited. It is a Book Built Issue IPO.
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Gensol Engineering IPO Date
The opening and the closing date of Gensol Engineering IPO is Sep 30, 2019 – Oct 4, 2019.
Gensol Engineering IPO Subscription
| Day / Date | NII | RII | Total Subscription |
| 1st Day – Sep 30 | 1.33x | 0.05x | 0.69x |
| 2nd Day – Oct 1 | 1.35x | 0.11x | 0.73x |
| 3rd Day – Oct 3 | 1.44x | 0.17x | 0.80x |
| 4th Day – Oct 4 | 2.27x | 0.37x | 1.32x |
| Shares Offered or Net Issue | 1,025,600 | 1,025,600 | 2,051,200 |
The shares subscribed by the public will be updated herein on a daily basis, once the IPO is open for subscription.
Gensol Engineering IPO Allotment Status
Here, you can find the Allotment Status of this IPO.
| Basis of Allotment Finalization | Oct 10, 2019 |
| Refunds Initiation | Oct 11, 2019 |
| Credit of Shares to Demat Account | Oct 14, 2019 |
| Share Listing Date | Oct 15, 2019 |
Gensol Engineering IPO Price Band
The face value of each share is Rs 10, but the price band of the IPO is Rs. 81- Rs. 83.
Gensol Engineering IPO Equity Share Offering / Size
Initial public Offering of Upto 2,160,000 Equity Shares of face value of Rs. 10/- each fully paid up of the Company for cash at a price of Rs. 81- Rs. 83 per Equity share aggregating to Rs. 17.93 Crores.
Gensol Engineering Limited – Company Overview
Gensun Renewable Private Limited (“GRPL”), subsidiary of Gensol was incorporated as a private limited company under the provisions of Companies Act, 2013 on February 08, 2018. GRPL is mainly engaged in RESCO Business i.e. Renewable Energy Services Company which is engaged in power production generation and sale
activity.
Solar Design & Engineering Company:
Gensol Engineering Gensol Engineering Limited (“Gensol”) is a Solar Design & Engineering company with team of more than 500 employees and an experience of providing technical expertise over 18,000+ MW. Gensol provides concept to commissioning solar advisory, engineering review, detailed engineering, construction supervision, quality control and technical due diligence services for projects in India and abroad.
They have one-stop solution across the entire value chain of solar industry by advising Governments policy makers, leading project developers, Solar EPC Companies, Lending Institutions and Vendors alike. Besides advising various stakeholders in Solar Projects, Gensol also undertakes turnkey Engineering, Procurement and Construction contracts under it’s EPC Business, with international footprints, with help of the team of 180+ engineers. In all, Gensol has, so far, erected solar power plants with a cumulative capacity of more than 188 MW + on roofs as well as lands.
Gensol has also expanded wings in international market by providing Consulting Services in countries like Indonesia, Nepal, Afghanistan, Sierra Leone, Chad, Gabon, Philippines, Oman, Ukraine and , Kenya. The company have also an ongoing EPC project in Egypt. They are also entitled to subsidy in some of the projects from SECI.
Gensol Head Office:
They have a head office and a factory located in Chhatral, GIDC, Gujarat. The company establishes a long-term relationship with their clients by providing good quality product, which will surely go a long way and benefit the company. The company is backed by a team of highly creative and experienced professionals who have an affinity for creating innovative designs.
Competitive Strengths of Gensol Engineering Limited:
- Their experienced management and dedicated employee base;
- Marquee client base and repeat orders;
- Diverse service offerings;
- Designing and execution capability;
- Timely completion of projects
Business strategies of Gensol Engineering Limited:
- Improve performance and enhance returns from the core business
- Increase their RESCO business operations
- Expand their customer base
- Optimal utilization of resources
Gensol Engineering Limited – Financial Statements
A quick look into the past financial performance of the company to understand its performance of business and evaluate the growth prospectus:
Financial Summary:
| Amount (in INR & lakhs) | ||||
| 31-Mar-19 | 31-Mar-18 | 31-Mar-17 | 31-Mar-16 | |
| Total Assets | 4,288.66 | 2,680.83 | 998.56 | 549.88 |
| Total Revenue | 8,385.43 | 7006.01 | 6231.77 | 1215.68 |
| Total Expense | 6234.35 | 6293.17 | 6065.41 | 1163.65 |
| Profit After Tax | 649.68 | 509.15 | 118.90 | 36.49 |
Earnings per Equity Share (in lakhs)
| 31-Mar-19 | 31-Mar-18 | 31-Mar-17 | 31-Mar-16 | |
| Basic & Diluted EPS | 5.10 | 8.43 | 1.97 | 0.60 |
From the above statements, one could find that the Gensol Engineering Limited may perform well.
Gensol Engineering IPO – Promoters
The Promoters of this company are:
- Anmol Singh Jaggi
- Puneet Singh Jaggi
List of Related Parties (Key Managerial Personnel)
- Anmol Singh Jaggi, Promoter, Managing Director
- Puneet Singh Jaggi, Promoter and Whole Time Director
- Jabir Mahendi M Aga, Chief Financial Officer
- Rajesh Parmar, Company Secretary and Compliance Officer
Interest in promotion of the Company
Company is currently promoted by the Promoters in order to carry on its present business. Promoters are interested in the Company to the extent of their shareholding and directorship of the Individual Promoter in the Company and the dividend declared, if any, by the Company. The Promoters are interested in the transactions entered into the Company and the Promoter Group.
Property Interest
The promoters along with the promoter group will continue to hold collectively some percentage of the equity share capital of the company. As a result of the same, they will be able to exercise significant influence over the control of the outcome of the matter that requires approval of the majority shareholders vote.
Interest in Intellectual Rights of the Company
Promoters has not shown any interest in acquiring the intellectual rights of the company.
Gensol Engineering IPO Offer Details or Issue Details
| Particulars | No. Of Equity Shares |
| Equity Shares Offered | Initial public Offering of Upto 2,160,000 Equity Shares of face value of Rs. 10/- each fully paid up of the Company for cash at a price of Rs. 81- Rs. 83 per Equity share aggregating to Rs. 17.93 Crores. |
| Of which: | |
| Fresh Issue | Upto 20,14,400* Equity Shares of face value of Rs. 10 |
| Offer for Sale | Upto 4,01,600* Equity Shares of face value of Rs. 10/- each |
| Of which | |
| Reserved for Market Makers | Upto [●] Equity Shares of face value of Rs. 10/- each fully paid up of the Company for cash at a price of Rs. [●] /- per Equity share aggregating to Rs. [●] Lakhs. |
| Employee Reservation Portion | Upto [●] Equity Shares of face value of Rs. 10/- each fully paid up of the Company for cash at a price of Rs. [●]/- per Equity share not exceeding 5% of the Post Offer Equity Share Capital of the Company |
Net Issue to the Public |
Upto [●] Equity Shares of face value of Rs. 10/- each fully paid of the Company for cash at a price of Rs. [●] /- per share aggregating to Rs. [●] Lakhs. |
| Of which: | |
| Retail Investors Portion | Upto [●] Equity Shares of face value of Rs. 10/- |
| Non-Retail Investors Portion | Upto [●] Equity Shares of face value of Rs. 10/- |
| Equity Shares outstanding prior to the Issue | 60,42,737 Equity Shares |
| Equity Shares outstanding after the Issue | Upto [●] Equity Shares of face value of Rs. 10 each |
Gensol Engineering IPO Issue Object
These are the IPO Issue Objects of the company
- Funding the Working Capital requirements of the Company:
- Repayment/ pre-payment of certain unsecured loans availed from banks and financial institutions by the company
Gensol Engineering IPO – Basis of the Offer Price
The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.
Qualitative factors are:
- Their experienced management and dedicated employee base;
- Marquee client base and repeat orders;
- Diverse service offerings;
- Designing and execution capability;
- Timely completion of projects
The relevant quantitative factors are:
On the basis of standalone statement:-
| Basic & Diluted EPS | RONW in % | NAV (Rs.) | |
| 31-Mar-16 | 0.60 | 249.59 | – |
| 31-Mar-17 | 1.97 | 89.05 | – |
| 31-Mar-18 | 8.43 | 79.23 |
10.64 |
- Price to Earnings (P/E) ratio in relation to Issue Price of [●] per Equity Share of face value of Rs. 10 each
| Particulars | P/E ratio |
| Highest | 4.46 |
| Average | 4.46 |
| Lowest | 4.46 |
- Competitive Peers:
| Sr. No. | Particulars | Face Value (in Rs.) | Basic EPS (In Rs.) | P/E Ratio | RONW (%) | NAV (In Rs.) |
| 1 | Gensol Engineering Limited | 10 | 8.43 | [●] | 79.23 | 10.64 |
| 2 | Zodiac Energy Limited* |
10 | 3.81 | 4.46 | 11.49 | 23.75 |
Gensol Engineering IPO Lead Managers
| Lead Managers |
| PANTOMATH CAPITAL ADVISORS PRIVATE LIMITED 406-408, Keshava Premises, Behind Family Court, Bandra Kurla Complex, Bandra East, Mumbai – 400 051, Maharashtra, India Tel: +91-22 6194 6700; Fax: +91-22 2659 8690 Website: www.pantomathgroup.com Email: ipo@pantomathgroup.com Investor Grievance Id: ipo@pantomathgroup.com Contact Person: Hardik Bhuta / Unmesh Zagade SEBI Registration No: INM000012110 |
Gensol Engineering IPO Registrar to offer
| Registrar to the Offer |
| LINK INTIME INDIA PRIVATE LIMITED C-101, 1st Floor, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai – 400 083, Maharashtra, India Tel: +91 22 4918 6200; Fax: +91 22 4918 6195 Website: www.linkintime.co.in Email: gensol.ipo@linkintime.co.in Investor Grievance Id: gensol.ipo@linkintime.co.in Contact Person: Shanti Gopalkrishnan SEBI Registration Number: INR000004058 |
Other Details:
- Statutory Auditor –M/s K C Parikh & Associates
- Peer Review Auditor – M/s K C Parikh & Associates
- Bankers to the Company – ICICI Bank Limited
Gensol Engineering IPO Review by Top 10 Stock Brokers
| Top Stock Brokers Review | Company Reputation | Competitive Edge | Financial Statement | Popularity Index | Promoters Reputation |
| Angel Broking | 7.5/10 | 7.4/10 | 8.5/10 | 8.1/10 | 7.1/10 |
| Sharekhan | 7.2/10 | 7.1/10 | 8.6/10 | 8.1/10 | 7.2/10 |
| Kotak Securities | 7.3/10 | 7.5/10 | 8.4/10 | 8.1/10 | 7.3/10 |
| ICICI Direct | 7.3/10 | 7.3/10 | 8.7/10 | 8.1/10 | 7.1/10 |
| IIFL | 7.5/10 | 7.2/10 | 8.8/10 | 8.0/10 | 7.1/10 |
| Edelweiss | 7.5/10 | 7.4/10 | 8.4/10 | 8.3/10 | 7.2/10 |
| Zerodha | 7.4/10 | 7.1/10 | 8.5/10 | 8.1/10 | 7.0/10 |
| 5Paisa | 7.1/10 | 7.1/10 | 8.4/10 | 8.1/10 | 7.1/10 |
| Karvy | 7.4/10 | 7.3/10 | 8.2/10 | 8.1/10 | 7.1/10 |
| Motilal Oswal | 7.1/10 | 7.1/10 | 8.6/10 | 8.3/10 | 7.2/10 |
Gensol Engineering IPO Grey Market Premium
The Gensol Engineering IPO Grey Market Premium price is Rs X, the Kostak rate is Rs X and the Subject to Sauda is X.
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Gensol Engineering IPO News
News 1 – IPO ISSUE OPENS SOON [Download Prospectus]
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