Ahmedabad-based Prozeal Green Energy Ltd, the fourth largest solar EPC company in India in terms of revenue from operations, has filed a Draft Red Herring Prospectus with SEBI to raise ₹700 crore through an initial public offering (IPO).

The issue consists of fresh equity sale of ₹350 crore and an offer-of-sale (OFS) for an additional ₹350 crore. The company proposes to utilise the net proceeds from the offer towards funding the long-term working capital expenditure of the company, investment in subsidiaries and for general corporate purposes.

While the company executes independent solar EPC projects for its clients, its major focus is on implementing projects based on the ‘Plug-and-Play’ solar park model. Since its inception in 2013 through September 30, 2024, Prozeal Green Energy has executed 182 solar power projects with a total installed capacity of 783.98 MWp across 17 states in India and one overseas location (Nepal) for 125 clients.

Nuvama Wealth Management Ltd, and SBI Capital Markets Ltd are the book-running lead managers to the issue.