Solar energy solutions GRE Renew Enertech has received an in-principle approval from BSE for its proposed initial public offering (IPO).

The company proposes to issue up to 3,768,000 equity shares of face value of ₹10 (~$0.11) in the IPO.

GRE plans to utilize a portion of the IPO proceeds to develop a 7.2 MW ground-mounted solar power project under the renewable energy service company (RESCO) model.

The company had filed the necessary documents with the Bombay Stock Exchange in September 2025 to initiate its small and medium enterprises (SME) IPO on the BSE SME platform.

The company is currently in the process of filing the red herring prospectus with updated information in connection with its proposed IPO and listing, subject to regulatory approvals.

The Mehsana-headquartered company provides on-site solar energy solutions primarily for commercial and industrial, and institutional applications under engineering, procurement, and construction and RESCO models.

For the financial year ending March 31, 2025, GRE recorded approximately ₹837.2 million (~$9.31 million) in revenues from operations and a profit of ₹70.3 million (~$781,807).

Recently, GRE Renew won the Solar Energy Corporation of India’s auction to set up 1 MW rooftop solar systems at the Rashtrapati Bhavan under Tranche III of RTSPV under the RESCO model. GRE Renew Enertech quoted a tariff of ₹2.7 (~$0.03)/kWh to win the entire tendered capacity to be set up in five buildings in Rashtrapati Bhavan.

Clean energy investments have become mainstream in India, closely following the growing demand for renewable energy. The government has set an ambitious target of 500 GW of non-fossil fuel-based energy capacity by 2030 and 1,800 GW by 2047. An assessment by the National Council of Economic Research identified a requirement of $1.6 billion per year until 2030 to achieve the goal.

According to Raj Prabhu, CEO of Mercom Capital, India saw 16 IPOs by clean energy firms in the 12 months leading up to July this year, reflecting strong demand and an expression of confidence in India’s renewable energy story.

As things stand, India’s clean energy IPO rush continues, despite geopolitical headwinds and overcapacity risks. Much will depend on how well these companies can navigate the risk landscape and remain competitive.