Ganesh Green Bharat makes astronomical debut with 90% premium on NSE SME

The company has completed projects under government schemes such as the Saubhagya Scheme, the KUSUM Scheme, and Saur Sujla Yojna.

Shares of Ganesh Green Bharat Limited made a bumper stock market debut on July 12 listing at Rs 361, a premium of 90 percent over the issue price of Rs 190 per share on the NSE SME.

The listing gains, however, miss grey market estimates where shares were trading at a premium of 123 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.

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The Rs 125-crore public offer, consisting of a fresh issue of 65.91 lakh shares, garnered significant investor interest, being subscribed 229.92 times over three days. Non-institutional buyers led the surge, subscribing 470.44 times, while qualified institutions and retail investors subscribed 154.50 times and 176.88 times, respectively.

Incorporated in 2016, it is an electrical contracting service company which provides a range of services, including the supply, installation, testing, and commissioning (SITC) of solar and electrical goods for various government bodies. The company has completed projects under government schemes such as the Saubhagya Scheme, the KUSUM Scheme, and Saur Sujla Yojna.

The company plans to utilise the net proceeds from the issue for the repayment of certain outstanding borrowings, capital expenditure for the installation of additional plant and machinery at the factory, meeting working capital requirements and general corporate purposes.

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