SEBI approves IPOs for PROZEAL Green Energy and Neilsoft; check details
Two companies, PROZEAL Green Energy and Neilsoft Limited, have received approval from the SEBI to proceed with their initial public offerings.
- Sep 10, 2025,
- Updated Sep 10, 2025 12:52 PM IST
Two companies, PROZEAL Green Energy and Neilsoft, have received approval from the Securities and Exchange Board of India (SEBI) to proceed with their initial public offerings (IPOs). These developments mark significant steps for both firms as they look to raise capital through the public market. The approvals are expected to enhance their market presence and financial flexibility.
PROZEAL Green Energy, recognised as the fourth largest solar EPC company in India by revenue for Fiscal 2024, plans to offer equity shares with a face value of Rs 2 each, aggregating up to Rs 7,000 million. The offer includes both a "fresh issue" and an "offer for sale", each amounting to Rs 3,500 million. This strategic move aims to boost their operational capabilities and expand their market reach.
The 'offer for sale' component involves shares from 'promoter selling shareholders' like Shobit Baijnath Rai and Manan Hitendrakumar Thakkar, and 'investor selling shareholders' including AAR EM Ventures LLP and others. The company intends to utilise the net proceeds for long-term working capital, repaying certain borrowings, and general corporate purposes. This is expected to strengthen their financial foundation and support future growth initiatives.
Equirus Capital and IIFL Capital Services will serve as the book-running lead managers for the issue, with Link Intime India Private Limited acting as the registrar. The shares are set to be listed on the NSE and BSE, providing a broader platform for investor participation.
PROZEAL Green Energy is focused on renewable energy solutions, offering engineering, procurement, and construction (EPC) services for solar projects targeted at commercial and industrial sectors. The company employs a "Plug-and-Play" solar park model to streamline project deployment from conceptualisation to commissioning. This model is designed to facilitate efficient project execution and enhance client satisfaction.
Separately, Neilsoft Limited, backed by Tokyo-based Fujita Corporation, has also secured SEBI's final observation for its IPO. The company had filed its papers with SEBI on May 26, 2025. The IPO will involve a mix of "fresh issue" of shares worth Rs 90 crore and an "offer-for-sale" of up to 8 million shares. This move is anticipated to provide the necessary capital for expansion and innovation.
The offer-for-sale portion involves various shareholders, including Rupa Harish Shah, Netsophy Private Limited, and others. The proceeds from the "fresh issue" will be allocated towards capital expenditure and general corporate purposes. Neilsoft may also consider a pre-IPO placement, which will not exceed 20% of the fresh issue, allowing for strategic financial maneuvers.
The offer will follow a book-building process, with 75% allocated to qualified institutional buyers, 15% to non-institutional investors, and 10% to retail investors. Equirus Capital and IIFL Capital are managing the issue, similar to the arrangement.This structured approach aims to ensure a fair distribution of shares among different investor categories.
Two companies, PROZEAL Green Energy and Neilsoft, have received approval from the Securities and Exchange Board of India (SEBI) to proceed with their initial public offerings (IPOs). These developments mark significant steps for both firms as they look to raise capital through the public market. The approvals are expected to enhance their market presence and financial flexibility.
PROZEAL Green Energy, recognised as the fourth largest solar EPC company in India by revenue for Fiscal 2024, plans to offer equity shares with a face value of Rs 2 each, aggregating up to Rs 7,000 million. The offer includes both a "fresh issue" and an "offer for sale", each amounting to Rs 3,500 million. This strategic move aims to boost their operational capabilities and expand their market reach.
The 'offer for sale' component involves shares from 'promoter selling shareholders' like Shobit Baijnath Rai and Manan Hitendrakumar Thakkar, and 'investor selling shareholders' including AAR EM Ventures LLP and others. The company intends to utilise the net proceeds for long-term working capital, repaying certain borrowings, and general corporate purposes. This is expected to strengthen their financial foundation and support future growth initiatives.
Equirus Capital and IIFL Capital Services will serve as the book-running lead managers for the issue, with Link Intime India Private Limited acting as the registrar. The shares are set to be listed on the NSE and BSE, providing a broader platform for investor participation.
PROZEAL Green Energy is focused on renewable energy solutions, offering engineering, procurement, and construction (EPC) services for solar projects targeted at commercial and industrial sectors. The company employs a "Plug-and-Play" solar park model to streamline project deployment from conceptualisation to commissioning. This model is designed to facilitate efficient project execution and enhance client satisfaction.
Separately, Neilsoft Limited, backed by Tokyo-based Fujita Corporation, has also secured SEBI's final observation for its IPO. The company had filed its papers with SEBI on May 26, 2025. The IPO will involve a mix of "fresh issue" of shares worth Rs 90 crore and an "offer-for-sale" of up to 8 million shares. This move is anticipated to provide the necessary capital for expansion and innovation.
The offer-for-sale portion involves various shareholders, including Rupa Harish Shah, Netsophy Private Limited, and others. The proceeds from the "fresh issue" will be allocated towards capital expenditure and general corporate purposes. Neilsoft may also consider a pre-IPO placement, which will not exceed 20% of the fresh issue, allowing for strategic financial maneuvers.
The offer will follow a book-building process, with 75% allocated to qualified institutional buyers, 15% to non-institutional investors, and 10% to retail investors. Equirus Capital and IIFL Capital are managing the issue, similar to the arrangement.This structured approach aims to ensure a fair distribution of shares among different investor categories.