IPO Details
Issue Date
--
Investment/lot
--
Price Range
--
Lot Size
--
IPO Size
N/A
Schedule of Regreen-Excel EPC India Ltd IPO
Start date
End date
Allotment of bids
Refund Initiation
Listing on exchange
Issue Highlights
Initial public offer of up to [] equity shares of face value of Rs. 5 each (equity shares) of Regreen-excel epc india limited (company or issuer) for cash at a price of Rs. [] per equity share (including a share premium of Rs. [] per equity share) (offer price) aggregating up to Rs. [] crores (the offer) comprising a fresh issue of up to [] equity shares aggregating up to Rs. 350.00 crores by the company (fresh issue) and an offer for sale of up to 11,450,380 equity shares aggregating up to Rs. [] crores (offer for sale) by certain selling shareholders, comprising up to 3,944,020 equity shares aggregating up to Rs. [] crores by sanjay shrinivasrao desai , up to 1,501,272 equity shares aggregating up to Rs. [] crores by tushar vedu patil, up to 1,501,272 equity shares aggregating up to Rs. [] by alimuddin aminuddin sayyed, up to 1,501,272 equity shares aggregating up to Rs. [] crores by kiran sudhakar gavali, up to 1,501,272 equity shares aggregating up to Rs. [] crores by rokesh luis mascarenhas and up to 1,501,272 equity shares aggregating up to Rs. [] crores by sagar satish raut (together the promoter selling shareholders, and such equity shares, the offered shares). The offer includes a reservation of up to [] equity shares, aggregating up to Rs. [] crores (not exceeding 5% of the post-offer paid-up equity share capital, for subscription by eligible employees (employee reservation portion). The offer less the employee reservation portion is hereinafter referred to as the net offer. The company, in consultation with the book running lead managers, may offer a discount of up to [] % of the offer price (equivalent of Rs. [] per equity share) to eligible employees bidding in the employee reservation portion (employee discount) the offer and the net offer shall constitute [] % and [] %, respectively, of the postoffer paid-up equity share capital of the company. The company, in consultation with the brlms, may consider issue of specified securities, as may be permitted under the applicable law, aggregating up to Rs. 70.00 crores, at its discretion, with the roc ('pre-ipo placement). The pre-ipo placement, if undertaken, will be at a price to be decided by the company, in consultation with the brlms. If the pre-ipo placement is completed, the amount raised pursuant to the pre-ipo placement will be reduced from the fresh issue, subject to compliance with rule 19(2)(b) of the securities contracts (regulation) rules, 1957, as amended. The pre-ipo placement, if undertaken, shall not exceed 20% of the size of the fresh issue. The company shall appropriately intimate the subscribers to the pre-ipo placement, prior to allotment pursuant to the pre-ipo placement, that there is no guarantee that the company may proceed with the offer or the offer may be successful and will result into listing of the equity shares on the stock exchanges. Further, relevant disclosures in relation to such intimation to the subscribers to the pre-ipo placement (if undertaken) shall be appropriately made in the relevant sections of the rhp and prospectus. The face value of equity shares is Rs. 5 each. The offer price is [*] times the face value of the equity shares. The price band, employee discount (if any) and the minimum bid lot will be decided by the company.
About Regreen-Excel Epc India Limited IPO
The Regreen-Excel EPC India Limited IPO is an IPO TBA. It includes a fresh issue aggregating up to ₹350 crores and an offer for sale aggregating up to 11,450,380 equity shares. The share allotment date, credit of shares to the demat account, and refund initiation dates are TBA.
Objective of Regreen-Excel Epc India Limited IPO
- Funding capital expenditure of the company
- Repayment and/or prepayment, in full or in part, of certain borrowings taken by the company.
- Funding margin money requirements for availing bank guarantees.
- Allocation of funds for general corporate purposes.
Regreen-Excel Epc India Limited IPO Valuation
| Details | Information |
|---|---|
Upper Price Band (₹) | TBA |
Existing Shares to be Sold | Aggregating up to 11,450,380 equity shares |
Fresh Issue | ₹ 350 crores |
EPS (₹) (ended Mar 31, 2024) | 4.72 |
Regreen-Excel Epc India Limited IPO Share Offer and Subscription Details
| Category | Shares offered |
|---|---|
QIB Shares Offered | Not more than 50% of the Issue |
NIIs (HNI) Shares Offered | Not less than 15% of the Issue |
Retail Shares Offered | Not less than 35% of the Net offer |
Industry Outlook
The Indian ethanol market is rapidly expanding, driven by government initiatives promoting biofuels, energy security goals, and abundant agricultural feedstock availability. The market's size increased from ₹12.5 billion in FY2018 to ₹103.6 billion in FY2024, at a CAGR of 42%. India's ethanol production capacity grew sixfold between FY2018 and FY2024, reaching 16.5 billion litres. These advancements align with India's target of achieving 20% ethanol blending by ESY 2025-26.With a roadmap featuring an escalating Ethanol blending mandate from the current 12% (February 2024) to approx. 20% by ESY2025-26, the projected demand for Ethanol is poised for a dramatic ascent.
This translates to a near three-fold increase, catapulting from an estimated 4.5 billion litres per annum (BLPA) in FY2023 to an anticipated 13.0 BLPA by FY2029. The sheer magnitude of this growth highlights the government’s commitment to reducing dependence on imported oil and embracing cleaner energy alternatives.
Further, to boost ethanol production capacity and meet the blending targets outlined in the Ethanol Blending Programme, the Government of India has introduced several ethanol interest subvention schemes (Source: F&S Report). In a recent development, India has begun the sale of 100% ethanol-based automotive fuel (“E100”) at 183 Indian Oil Corporation Limited outlets across Maharashtra, Karnataka, Uttar Pradesh, New Delhi, and Tamil Nadu (Source: F&S Report).
Company Information
Regreen Excel EPC India Limited is an EPC (Engineering, Procurement, and Construction) company specialising in ethanol plant projects. Established as a significant player in India, the company has executed 113 projects across various feedstocks, which consist of 53 molasses-based projects, 57 grains-based projects and three Multi Feedstock projects that aggregate to over 14,000 KLPD of ethanol capacity. As of July 15, 2024, the company had an Order Book of 64 Ongoing Projects worth ₹34,516.83 million, which aggregate to over 10,000 KLPD of ethanol capacity. It has a track record of executing projects across India and have also executed projects outside India, i.e. in Turkey and Thailand. As of July 15, 2024, the company has executed projects in 17 states across Northern India, Southern India, Eastern India, Western India and Central India.
Strengths of Regreen-Excel Epc India Limited IPO
Market-leading EPC company in the ethanol sector, well-positioned to capture industry tailwinds
Regreen Excel EPC India Limited holds a 37% market share in the total number of ethanol EPC projects undertaken in India since the launch of the National Biofuels Policy in 2018, showcasing its dominance in the sector (Source: F&S Report). With a 35% market share in total ethanol project capacity executed between Fiscal 2018 and 2024, the company is a key player in India’s rapidly growing ethanol production landscape, which expanded from 2.7 billion litres in 2018 to 16.5 billion litres in 2024 (Source: F&S Report).
Proven project execution capabilities
The company has built end-to-end capabilities in setting-up ethanol plants, across feedstocks, which enables it to provide concept to commissioning solutions to our customers (Source: F&S Report). It provides services across technology, design, engineering, plant and machinery, project management, technical consultancy and after-sales services. Out of the total 113 Projects executed by the company as of July 15, 2024, it has executed 12 Projects on Full EPC basis, while 101 Projects were Process Plant EPC and across feedstocks, i.e., 53 molasses-based Projects, 57 grains-based Projects and three Multi Feedstock (grain and molasses-based) Projects.
Technologies developed to deliver superior results for our customers
Regreen Excel EPC India’s E-max technology for ethanol production has evolved through multiple versions, offering higher efficiency, lower resource consumption, and zero liquid discharge (ZLD), ensuring sustainable and cost-effective solutions for customers. The company also developed RG-max technology which converts various types of organic waste into biogas, to offer an efficient and economical solution for waste management and renewable energy production. Technologies developed by the company can be customised to meet specific needs of their customers and are focussed on optimal resource recovery and minimal adverse environmental impact to provide efficient solutions.
Risks of Regreen-Excel EPC India Limited IPO
- The company benefits from government initiatives like the Ethanol Blending Program (E20 target by 2025-26) and financial incentives for biofuel production. Any reduction or withdrawal of these policies could significantly impact the company’s revenue and growth prospects (Source: F&S Report).
- Changes in regulatory frameworks or delays in achieving blending targets could disrupt the ethanol market, affecting demand for the company’s EPC services.
- The company’s revenue is heavily reliant on end-user industries like sugar, ethanol, and chemicals. A downturn in these sectors due to economic slowdowns, reduced capital expenditure, or shifts in consumer preferences could adversely affect demand for its projects.
- The wordmark “Regreen-Excel” used by the company is not registered under the Trade Marks Act, 1999. Failure to protect their intellectual property rights may adversely affect their competitive business position, financial condition and profitability.
Regreen-Excel EPC India Limited IPO Financials
Particulars (in Rs. crores)
Particulars (in Rs. crores)
Peer Comparison
| Parameters | Regreen-Excel EPC India Limited | Praj Industries Limited |
|---|---|---|
Revenue From Operations for the year ended March 31, 2024 (₹ in crores) | 1929.908 | 3466.278 |
P/E (number of times) | - | 49.82 |
EPS (Basic) | 4.72 | 15.42 |
Return on Net Worth (%) | 63.73 | 22.23 |
NAV per share | 7.40 | 69.34 |
Anchor Investor bidding date:
The anchor investor bidding will take place one day before the IPO opens. The exact date is yet to be announced.
IPO Registrar and Book Running Lead Manager:
Book running lead managers: IIFL Securities Limited & ICICI Securities Limited
Name of the Registrar: Link Intime India Private Limited Business Model:
- The company earns its revenue as a technology-driven EPC company engaged in designing, manufacturing, and supplying ethanol plants. They provide concept to commissioning solutions to their customers
Company Growth Trajectory:
Regreen Excel EPC India Limited has shown a stellar growth trajectory over the years. The company achieved revenue growth from ₹701.904 crores in FY2022 to ₹1929.908 crores in FY2024, demonstrating a remarkable CAGR of 65.82%. This is complemented by an EBITDA growth from ₹74.45 million in FY2022 to ₹895.26 million in FY2024, at an impressive CAGR of 246.77%. Notably, the company’s PAT surged from ₹4.154 crores to ₹59.863 crores during the same period, showcasing a CAGR of 279.62%.
Company Market Position:
Regreen Excel has emerged as a leading player in India's ethanol EPC market. Since the launch of the National Biofuels Policy in 2018, the company has established a market share of 37% in terms of executed and ongoing projects, completing 157 ethanol projects as of FY2024(Source: F&S Report). The company’s expertise spans various feedstocks, including molasses, grains, and multi-feedstock projects, ensuring it meets diverse customer needs.
In terms of revenue, Regreen Excel has demonstrated a significant improvement in market share, growing from 23% in FY2022 to 34% in FY2024 (Source: F&S Report), driven by innovative solutions and customer-centric strategies. The company has also captured 35% of the total ethanol production capacity added in India between FY2018 and FY2024. With strong technological expertise, Regreen Excel remains well-positioned to expand its presence in both domestic and international markets.
Regreen-Excel EPC India Limited IPO Company Profit & Loss:
| Parameter | FY22 | FY23 | FY24 |
|---|---|---|---|
Total Income (₹ crores) | 702.455 | 1193.71 | 1932.381 |
Restated profit/(loss) before tax | 5.226 | 39.618 | 81.885 |
Net Profit (₹ crores) | 4.154 | 28.666 | 59.863 |
EBITDA (₹ crores) | 7.445 | 43.819 | 89.526 |
EPS (₹) basic | 0.35 | 2.41 | 4.72 |
Regreen-Excel EPC India Limited IPO Company Cash Flow Statement:
| Parameter | FY22 | FY23 | FY24 |
|---|---|---|---|
Profit before tax (₹ crores) | 5.226 | 39.618 | 81.885 |
Net Cash from Operating Activities | 30.797 | 15.566 | 34.891 |
Net Cash used in Investing Activities | 12.256 | 8.885 | 48.248 |
Net Cash used in Financing Activities | 3.317 | 5.745 | 2.307 |
Cash and Cash Equivalents (₹ Crores) | 17.076 | 18.012 | 6.962 |
How to check the Allotment Status of Regreen-Excel EPC India Limited IPO?
You can check the allotment status of shares either on the website of the Bombay Stock Exchange (BSE) or on the website of the registrar Link Intime India Private Limited. To check the status on the BSE website:
- Visit the BSE website
- Click on “Investor Services” and choose “Application Status Check”
- Choose the issue type — Equity or Debt (Equity in this case)
- Select the Issue Name from the drop-down. The issue name is the company’s name, which is Regreen-Excel EPC India Limited
- Enter your application number or PAN number
- Check the box which says “I’m not a Robot” and click on “Search” to know the allotment status
Follow these steps to know the allotment status on the registrar’s website:
- Visit the Link Intime India Private Limited website
- Choose “Public Issues” from the “Investor Services” drop-down
- Select Regreen-Excel EPC India Limited from the drop-down
- Enter your PAN number or Application number
- Click on “Submit” to know the allotment status
Regreen-Excel EPC India Ltd IPO FAQs
What is the Regreen-Excel Epc India Limited IPO?
The Regreen-Excel EPC India Limited has an issue size aggregating up to TBA. The IPO dates are to be announced.
Who is the Registrar for Regreen-Excel EPC India Limited IPO?
Link Intime India Private Limited is the registrar for this IPO.
Where can I read more about Regreen-Excel EPC India Limited's business?
You may read more about Regreen-Excel EPC India Limited and its IPO from the company’s draft red herring prospectus (DRHP) here: (SEBI |Regreen-Excel EPC India Limited DRHP)
