Regreen-Excel files IPO papers with Sebi; aims to raise Rs 350-cr

New Delhi: Ethanol plants manufacturer Regreen-Excel EPC India Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).

The company's initial share-sale comprises a fresh issue of equity shares worth Rs 350 crore and an offer-for-sale (OFS) of 1.14 crore equity shares by promoters, according to the draft red herring prospectus (DRHP). The company proposes to utilize the net proceeds from fresh issue for payment of debt, funding margin money requirements for the purpose of availing bank guarantees; and for general corporate purposes.

Regreen-Excel EPCR is a technology-driven EPC company, engaged in designing, manufacturing and supplying ethanol plants. Over the years, the company has built end-to-end capabilities in setting up ethanol plants, across feedstocks such as molasses/ sugarcane syrup, grains or a combination thereof, which it to provide concept to commissioning solutions to their customers.

Since the company's inception to July 15, 2024, it has executed 113 projects across various feedstocks, which consist of 53 molasses-based projects, 57 grains-based projects and three Multi Feedstock projects. As of July 15, 2024, the company had an order book of 64 ongoing projects worth Rs 3,452 crore, which aggregate to over 10,000 kilo litres per day (KLPD) of ethanol capacity. IIFL Securities and ICICI Securities are the book-running lead managers to the issue.