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Gensol Engg’s Rs. 17-cr IPO to hit market on Sept 30

Gensol Engineering’s initial public offering (IPO) will hit the market on September 30 and close on October 4.

The company offers design engineering, operations & maintenance and consultancy for wind and solar companies.

Gensol Engineeering’s Chairman and Managing Director, Anmol Jaggi, told BusinessLine that they want to raise Rs. 17 crore, for keeping ready spares and manpower for their growing O&M (operation and maintenance) business,

The price band fixed for the IPO is Rs. 81-83. Data provided by the company shows its turnover as around Rs. 80 crore, EBIDTA of Rs. 10.75 crore and net profit Rs. 6.5 crore.

Gensol has 3,000 MW of solar assets under its management and Jaggi expects it to grow to 10,000 MW in two years. Wind assets under Gensol’s O&M are as yet small; the company maintains the wind farm of Brookfield in Karnataka, but this business is expected to grow too. “The wind market is up for disruption,” says Jaggi, hinting at more consolidation in the industry. Gensol has provided services such as due-diligence to quite a few acquisition deals in the past.

The Gensol group is also into electric vehicles business, under another company called Gensol Mobility.

The group was founded by Anmol and Puneet, sons of late Lt Gen PS Jaggi, who’s last position was that of Director General, Army Air Defence.

News Date: 25-Sep-2019

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