Prozeal Green Energy, and Neilsoft's draft papers filed for raising funds via IPOs have been approved by capital markets regulator SEBI last week.
SEBI has issued observation letters on their preliminary papers on September 1 and 2, respectively, allowing both the companies to launch their initial public offerings (IPOs) within the next one year.
Prozeal Green Energy, the Gujarat-based solar EPC company, had filed draft document with the regulator on March 30 this year, planning to raise up to Rs 700 crore via public issue.
The company intends to mop up Rs 350 crore via fresh issue, while promoters and investors will offload shares worth Rs 350 crore via offer-for-sale (OFS).
Prozeal Green Energy, which claims the fourth largest solar EPC company in India, proposed to utilise Rs 250 crore out of net fresh issue proceeds for long-term working capital requirements, Rs 19.5 crore for repayment of borrowings, and the remainder funds for general corporate purposes.
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Meanwhile, Japan-based Fujita Corporation-backed Neilsoft, the Pune-based engineering services and solutions provider, had refiled its IPO papers on May 26 this year.
Its IPO comprises of fresh issuance of equity shares worth Rs 90 crore, and an OFS of 80 lakh shares by the existing shareholders including promoters. It had reduced its fresh issue size from Rs 100 crore planned as per previous preliminary papers filed in December 2024 which were returned by the SEBI on March 10, 2025.
Neilsoft competes with listed entities like KPIT Technologies, Onward Technologies, Cyient, L&T Technology Services, and Tata Technologies, intending to utilise Rs 63.5 crore out of net fresh issue proceeds for capital expenditure, and the remainder funds for general corporate purposes.
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