Prozeal Green Energy, Neilsoft get Sebi nod to raise funds via IPOs

New Delhi, Sep 9 (PTI) Renewable energy solutions provider Prozeal Green Energy and Fujita Corporation-backed Neilsoft have secured Sebi's go ahead to raise funds through initial public offerings (IPOs), an update with markets regulator showed on Tuesday.

The two companies, which filed their preliminary IPO papers in March and May, obtained its observation on September 1-2, the update showed.

In market parlance, obtaining an observation from Sebi means its go-ahead to float the public issue.

Prozeal Green Energy is looking to raise Rs 700 crore through its IPO comprising a fresh issue of equity shares worth Rs 350 crore and an offer-for-sale (OFS) of Rs 350 crore by promoters and investor selling shareholders, according to the draft red herring prospectus (DRHP).

Proceeds from the issue will be used by the company towards funding the long-term working capital requirements, investment in subsidiaries, debt repayment and general corporate purposes.

Ahmedabad-based Prozeal Green Energy focuses on delivering end-to-end renewable energy solutions, including engineering, procurement and construction (EPC) of solar energy projects on a turnkey basis.

Neilsoft's IPO will have a combination of a fresh issue of shares worth Rs 90 crore and an OFS of 80 lakh shares by promoters and existing shareholders, according to the draft prospectus.

The Pune-headquartered company had reduced its fresh issue size from Rs 100 crore planned at the time of filing draft papers in December 2024. The regulator had returned these preliminary papers in March this year.

Neilsoft, a technology-driven engineering services and solutions company, plans to use Rs 69.63 crore to fund capital expenditure and the rest for general corporate purposes.

Founded in 1991, Neilsoft provides customised engineering services, including AEC design solutions, industrial plant design, and manufacturing equipment and production line design.

It also offers Engineering Process Outsourcing (EPO) services and develops tailored software applications to enable digital transformation. PTI SP TRB