SEBI consents to Prozeal Green Energy and Neilsoft for raising funds through IPO
SEBI consents to Prozeal Green Energy and Neilsoft for raising funds through IPO
The firms filed their preliminary papers in March and May
The Securities and Exchange Board of India (SEBI) has given the green signal to renewable energy solutions provider Prozeal Green Energy and Fujita Corporation-backed Neilsoft to raise funds through initial public offerings (IPOs).
The companies filed their preliminary IPO papers in March and May.
As per the draft red herring prospectus (DRHP), Prozeal Green expects to raise Rs.700 crore through its IPO, comprising a fresh issue of equity shares of Rs.350 crore and an offer-for-sale (OFS) of Rs.350 crore by promoters and investor selling shareholders.
The proceeds will be used to fund long-term working capital requirements, investment in subsidiaries, debt repayment and general corporate purposes.
The Ahmedabad-based company delivers end-to-end renewable energy solutions, including engineering, procurement and construction (EPC) of solar energy projects on a turnkey basis.
On the other hand, Neilsoft's IPO will have a combination of a fresh issue of shares of Rs.90 crore and an OFS of 80 lakh shares.
The Pune-headquartered technology-driven engineering services and solutions company had reduced its fresh issue size from Rs.100 crore, planned at the time of filing the DRHP in December 2024. However, SEBI returned the preliminary papers in March 2025.
Neilsoft plans to use Rs.69.63 crore to fund capital expenditure and the rest for general corporate purposes.
Founded in 1991, it provides customised engineering services, including AEC design solutions, industrial plant design, and manufacturing equipment and production line design. It also offers Engineering Process Outsourcing (EPO) services and develops tailored software applications to enable digital transformation.
