GP Eco Solutions, also known as GPES Solar, had an impressive stock market debut on June 24. It debuted at Rs 375 on the NSE SME platform, showing a significant premium of over 298% compared to the issue price of Rs 94.

The public offer of Rs 30.79 crore attracted a lot of interest from investors during its three-day subscription period, being subscribed over 856 times.

The issue consists of 32.76 lakh shares with a price range of Rs 90-94.

The public offer of Rs 30.79 crores saw strong interest from investors, with the subscription reaching over 856 times the offer size during the three days. Non-institutional investors led the way, buying over 1,824 times the allotted quota, while retail investors purchased 793 times their portion. Qualified institutional buyers (QIBs) bought 236 times the allotted quota.

Established in 2010, the company specialises in providing solar inverters and solar panels. It offers complete solar energy solutions for commercial and residential customers, including engineering, procurement, and construction (EPC) services. Additionally, the company distributes hybrid solar inverters and lithium ferro-phosphate (LFP) batteries under its brand, Invergy.

The company plans to use the proceeds from its public offering to meet its working capital needs and to invest in its subsidiary, Invergy India Private Limited (IIPL), for the purchase of plant and machinery. A portion of the funds will also be allocated to cover general corporate expenses.