Solar engineering, procurement, and construction company Prozeal Green Energy has received approval from the market regulator Securities and Exchange Board of India (SEBI) for its initial public offering(IPO) of shares to raise ₹7 billion (~$102 million).

The IPO comprises a fresh issue of shares with a face value of ₹2 (~$0.023) each, aggregating up to ₹3.5 billion (~$40.91 million), and an offer for sale of shares with the same face value, also aggregating up to ₹3.5 billion (~$40.91 million).

Prozeal Green Energy plans to utilize the net proceeds from the IPO for long-term working capital expenditure, investments in subsidiaries for debt repayment or prepayment, and general corporate purposes.

In April 2025, the company filed the draft red herring prospectus (DRHP) for the IPO.

As of September 30, 2024, Prozeal Green Energy’s order book stood at ₹22.21 billion (~$259.58 million), with ₹22.09 billion (~$258.18 million) allocated to ground-mounted solar projects.

In its DRHP, Prozeal said its focus is on implementing projects based on the “Plug-and-Play” solar park model to facilitate seamless project deployment from conceptualization and land acquisition to commissioning, and power evacuation. Since April 2021, it said it had not experienced any challenges from land acquisition, finalizing agreements with farmers or aggregators, or securing power evacuation approvals.

The company executed solar projects with a capacity of 66.47 MW in fiscal 2022 and 422.61 MW in fiscal 2024.

It also has plans to diversify into group captive and third-party power project models.

Prozeal’s revenue from operations increased from ₹2.87 billion (~$33.54 million) in 2022 to ₹9.49 billion (~$110.92 million) in 2024. Profit increased from ₹100.71 million (~$1.17 million) in 2022 to ₹922.44 million (~$10.78 million) in 2024.

Last December, the company won a capacity of 100 MW in Gujarat Urja Vikas Nigam’s auction to supply power from 500 MW of grid-connected solar power projects with an additional 500 MW greenshoe option.