Gensol Engineering Limited IPO (Gensol Engineering IPO) Detail

Sep 30, 2019 - Oct 4, 2019
Incorporated in 2012, Gensol Engineering Limited is a part of Gensol group of companies, which offer EPC and solar advisory services. The company is engaged in providing technical due diligence, detailed engineering, quality control, construction supervision, and other consulting services for solar projects across many countries, including India. Being a one-stop solution for a value chain of the solar industry, it provides advisory services to leading project developers, leading institutions, solar EPC companies, and government policymakers. Under EPC business, the company manages turnkey engineering, construction and procurement contracts, internationally, with a team of 180+ engineers. Collectively, Gensol has erected solar power plants of over 188 MW capacity on ground and rooftops so far. With international reach, it provides consulting services to Kenya, Ukraine, Oman, Gabon, Sierra Leone, Nepal, Afghanistan, Indonesia, Philippines and Chad. It is also working on an EPC project in Egypt. In March 2015, the company has entered into a Joint Venture with Solarig N-Gage SA, Spain, which operates, constructs and owns photovoltaic solar parks. Gensol has a subsidiary named Gensun Renewable Pvt Ltd established in 2018 to work on power production generation & sales related activities under RESCO business. Recently, Gensol Engineering has become a technical consultant to NTPC for EPC Vendors for Ground Mounted, Floating & Rooftop Solar PV Projects for two years from 25 Sept 2019 to 24th Sept 2021.

Competitive Strengths

Dedicated employee base Strong client base Dominative presence as compared to competitors Technically equipped engineering teams On time project completion

Company Financials

Summary of financial Information (Restated)
Particulars For the year/period ended (in Rs. Lakhs)
31-Mar-19 31-Mar-18 31-Mar-17
Total Assets 4,288.66 2,643.71 996.80
Total Revenue 8,385.43 6,964.42 6,231.77
Profit After Tax 649.68 533.66 118.90

Objects of the Issue

Objects of the issue are:

1. Funding the working capital requirements of the Company:
2. General corporate purposes

Gensol Engineering IPO Details

IPO Date Sep 30, 2019 to Oct 4, 2019
Listing Date Tuesday, October 15, 2019
Face Value ₹10 per share
Price ₹81 to ₹83 per share
Lot Size 1600 Shares
Issue Size2,160,000 shares of ₹10
(aggregating up to ₹17.93 Cr)
Issue Type Book Built Issue IPO
Listing At BSE SME
Company Promoters

Anmol Singh Jaggi and Puneet Singh Jaggi are the promototers of the company.

Gensol Engineering IPO Tentative Timetable

Gensol Engineering IPO opens on Sep 30, 2019, and closes on Oct 4, 2019. The Gensol Engineering IPO bid date is from Sep 30, 2019 10.00 A.M. to Oct 4, 2019 5.00 P.M. The Cut-off time for UPI Mandate confirmation is 5 PM on the issue closing day.

Event Tentative Date
Opening Date Sep 30, 2019
Closing Date Oct 4, 2019
Basis of Allotment Oct 10, 2019
Initiation of Refunds Oct 11, 2019
Credit of Shares to Demat Oct 14, 2019
Listing Date Oct 15, 2019

Gensol Engineering IPO Lot Size

The Gensol Engineering IPO lot size is 1600 shares. A retail-individual investor can apply for up to 1 lots (1600 shares or ₹132,800).

Application Lots Shares Amount
Retail (Min) 1 1600 ₹132,800
Retail (Max) 1 1600 ₹132,800

Gensol Engineering IPO Promoter Holding

Pre Issue Share Holding 96%
Post Issue Share Holding 70.72%

Gensol Engineering IPO Review

As investors have burnt their fingers with investment in solar projects, this issue may face the music. However, GEL is engaged in advisory and O & M services for Solar projects and as such, it differs from others and is poised for bright prospects going forward. Considering financial data and fully priced issue, moderate investment for the long term may be considered. Read detail review...

Gensol Engineering IPO Subscription Status (Bidding Detail)

The Gensol Engineering IPO is subscribed 1.32 times on Oct 4, 2019 6:50:02 PM. The public issue subscribed 0.37 times in the retail category, times in the QIB category, and 2.27 times in the NII category. Check Day by Day Subscription Details (Live Status)

CategorySubscription (times)

Gensol Engineering IPO Prospectus

Gensol Engineering IPO Rating

Rating:Rated 4.3 stars
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Gensol Engineering IPO Listing Date

Listing Date Tuesday, October 15, 2019
BSE Script Code 542851
Listing In MT Group of Securities
ISIN INE06H201014
IPO Price ₹83 per share
Face Value ₹10 per share

Listing Day Trading Information

IPO Price
Last Trade

Company Contact Information

Gensol Engineering Limited
156-157 Sector 9C,
Madhya Marg
CH 160031 IN
Phone: 079 4006 8236

Gensol Engineering IPO Registrar

Link Intime India Private Ltd

Phone: +91-22-4918 6270

Gensol Engineering IPO Review

Gensol Engineering IPO Recommendation Summary

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Gensol Engineering IPO FAQs

Gensol Engineering IPO is a SME IPO of 2,160,000 equity shares of the face value of ₹10 aggregating up to ₹17.93 Crores. The issue is priced at ₹81 to ₹83 per share. The minimum order quantity is 1600 Shares.

The IPO opens on Sep 30, 2019, and closes on Oct 4, 2019.

Link Intime India Private Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE SME.

The Gensol Engineering IPO opens on Sep 30, 2019 and closes on Oct 4, 2019.

Gensol Engineering IPO lot size is 1600 Shares and the minimum order quantity is .

You can apply in Gensol Engineering IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. Read more detail about apply IPO online through Zerodha, Upstox, 5Paisa, Edelweiss, ICICI Bank, HDFC Bank and SBI Bank.

The finalization of Basis of Allotment for Gensol Engineering IPO will be done on Oct 10, 2019, and the allotted shares will be credited to your demat account by Oct 14, 2019. Check the Gensol Engineering IPO allotment status.

The Gensol Engineering IPO listing date is on Tuesday, October 15, 2019.
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Gensol Engineering IPO Message Board

Ranked Members of Forum  Ranked Members | Most Liked Members



69. NSN AT IPO |   Link |Nov 1, 2019 11:39:07 AM
Hearing some fishy things in SBI results...and someone has gone in for enquiry on NPAs and details of exposure to telecom sector...any idea/advise please SBI.
68. MR. KUMAR |   Link |Oct 10, 2019 10:16:20 AM
@small investors GENSOL me apply krne waale 97% company k hi log hai so public ko fasane k liye listing shaandar hoga.
68.2. MR. KUMAR |   Link |Oct 15, 2019 1:25:10 PM
Just see
68.3. Small Investor |   Link |Oct 16, 2019 1:51:33 PM
IPO Guru IPO Guru (1600+ Posts, 900+ Likes)
Right now almost trading near issue price its can be another Ritco Logistics
67. RAJAKUMAR |   Link |Oct 16, 2019 12:34:46 AM
IPO Guru IPO Guru (1400+ Posts, 1200+ Likes)
Dear Small
Two lot applied and sold at 85.5 and 87.40
66. MR. KUMAR |   Link |Oct 15, 2019 1:20:13 PM
Apply Karne waale 90%company k log . Maine to pehle hi bola tha ki shaandar listing hone waali hai. PAR DRUG ( 7 TIMES SUBSCRIPTIONS KPI ( 11 TIMES SUBSCRIPTIONS LAGNAM SPINTEX 9 TIMES SUBSCRIPTIONS HONE K BAAD BHI GOOD LISTING NHI HUI.

65. Small Investor |   Link |Oct 15, 2019 10:45:52 AM
IPO Guru IPO Guru (1600+ Posts, 900+ Likes)
Sona hi Sona open with 11.50% premium
64. VinShah |   Link |Oct 10, 2019 8:55:32 PM
Allotment already done..full allotment in retail category.. So when will listing of gensol??
64.2. Small Investor |   Link |Oct 14, 2019 2:46:48 PM
IPO Guru IPO Guru (1600+ Posts, 900+ Likes)
240 se Application kese lgi in Gensol eng
minimum lot size is 1600
64.3. Nair |   Link |Oct 14, 2019 4:21:49 PM
No actually it was a confusion. I thought it is the page of IRCTC. I mistakenly mentioned here. Actually I applied for 240 shares IRCTC but got nothing... :(
63. MR. KUMAR |   Link |Oct 10, 2019 10:19:05 AM
Simple funda to apply in any ipo for good listing gain is one and only subscriptions. IRCTC SUBSCRIPTIONS IS 113 TIMES . SO I AM 100 PERCENT SURE THAT A VERY VERY GOOD LISTING GAIN WILL HAPPEN.
62. Small Investor |   Link |Oct 9, 2019 1:34:50 PM
IPO Guru IPO Guru (1600+ Posts, 900+ Likes)
Telecom Sector are under pressure at that time belong to suich Industries
61. Small Investor |   Link |Oct 9, 2019 1:33:22 PM
IPO Guru IPO Guru (1600+ Posts, 900+ Likes)
Gensol Eng ka Hal Suich Induestries ke jese hi hone wala ,remember yha bhi sardar ji hi h
60. Anil K Garg |   Link |Oct 5, 2019 1:58:24 PM
Despite Negative posts by few ,issue sailed through .This happened due to strong and honest promoters.All d best for those,who invested. lets hope those who missed will pay premium for entry
60.1. AnkurGoel |   Link |Oct 6, 2019 8:46:14 PM
Subscription at par is not chest thumping numbers. If issue was to good then at least subscription should be 50 times.
When invetsor missed it at ipo phase then why they will pay premium at listing. It will game of operators to list it on premium or discount.
59. Itrat Fatema |   Link |Oct 2, 2019 2:55:33 PM
Gensol is a team of sincere and dedicated people who work tirelessly to bring a positive change to the society and environment.

I know their family personally and they are genuine people who do sound business based on amity, trust and ethics.

With respect to the financials, this company has consistently clocked equity returns of more than 60%, which only few companies like Infosys, TCS have been able to report.

The sector has a great future given government's unflagging thrust for this sector.

Stock is available at an attractive PE multiple and should give decent returns for holding atleast a year.

I am investing and highly recommend ppl to do so after a fundamental analysis by filtering the noise.
59.1. Melson |   Link |Oct 3, 2019 9:56:40 AM
Dear Panto personnel

so much dedicated team and still salary is not being paid to them.
see page 174 salary payable Rs.313 lacs TA payable Rs.58 lacs, How can you stop the salary of your such dedicated staff, payable wow strange salary either has to be paid on 1 or on the last how can it be payable and such big figure. total salary exp are 14.74 crore page 186 means almost 25% salary is not paid and see related party transactions no key person salary seems unpaid what does that mean that salary of this dedicated staff is not being paid if we presume (from total untransparent financials) that half salary is paid to key personas (amount average 2.5 lac pm) that means minimum 3 and maximum 6 months salary is unpaid.
what a family so much cheque bounce cases dear you know them personally why don't you help them out to repay their/companies dues. ohh at least please ensure if you invest as HNI your cheque is not bounced.
I REPEAT no detailed stand alone RESULT STRANGE!! how can they float issue in such untransparent manner. If any one mails to SEBI would it allow the issue to continue.
No assets in company's name not even its copy rights that are also owned by some other company of promoters lol see the intentions of the promoters.
some poor retail investor would think there would be price jigging and would apply. but panto does the price jigging in smaller issue and not in bigger issues of say 15 cr further agar inko mall lena hota to first day per HNI itna subscribe nh karate.There only intent is to trap retailers thats why so much activist are here on this forum my intentions are only to bring the facts forward.
one more miracle is there in the company its revenue increases but purchases decreases one day there would be only revenue and no purchase type expenditure only profits and profits lol!
please see my previous post also and take a conscious decision. I have been in this forum for quite long time and have been reading but was not participating, because i donot have much spare time. But here I thought i should share my views.
Even in this case i tell you on last day HNI figure would increase to trap retailers but I doubt price jigging on listing day rather retailers would be dragged in discount because issue is too big to a price jig. now being open such facts in this forum they might even think to at least recover double or triple of the issue expenses. please take a conscious decision. One chance is there if retail remain too low than they have go jig the price to make retailers repent (remote possibility in this case) at that time brave heart retailers can try their luck instead of burning the fingers initially. but it is for sure it is going to hurt retailers sooner than later.
59.2. Small Investor |   Link |Oct 4, 2019 1:31:28 PM
IPO Guru IPO Guru (1600+ Posts, 900+ Likes)
Dear Melson
I think that is a provision made for salary payable to relative and decrease net profit and save tax ?
avg.acc.cost of shares is also in only paisa its a big negative
58. powerinvest |   Link |Oct 4, 2019 10:02:54 AM
We've been working with Gensol for past few years now, practically since beginning of our foray into Solar sector.

Their team's sincere and honest efforts in understanding what the other side wants before starting the works was something my entire team loved about them and trusted them with our subsequent projects and they've never let us repent that decision.

Firms of their caliber are many times chased by PE VC Circles (who understand the sector and forward looking businesses well) for buying stakes, however they've decided to bring the company to public. It's a smrt decision and I'm sure they'll live by shareholder expectations as they've done consistently for their clients.
57. GSW |   Link |Oct 3, 2019 9:13:57 PM
Gensol still leading all open SME IPOs. Seems they'll be fully subscribed (maybe exceed too by some percent) unlike it's counterparts on both BSE SME and NSE Emerge. Higher NII might restrict availability on listing day and gains in long run. Punching in a few tomorrow.
56. MR. KUMAR |   Link |Oct 3, 2019 1:40:17 PM
On day 1 at 11.00 am NII was subscribed 1.2 times and today only 1.38. Sambhal jaao investors
55. GSW |   Link |Oct 3, 2019 12:56:47 AM

Came to know that Gensol has been enlisted by National Thermal Power Corporation (NTPC) as "Technical Consultant for EPC vendors for ground mounted, floating and rooftop Solar PV projects of NTPC" till 24th Sept 2021. NTPC communicated the same vide their letter no RE-CS-0000-004 (TC)-90ENL.
It means long term order book for Gensol from AAA rated PSU client. Check for NTPC's solar aspirations and action on ground.
54. MR. KUMAR |   Link |Oct 2, 2019 10:50:10 PM
53. Sarkaar.xi |   Link |Oct 2, 2019 3:11:52 PM
Bhaiya mujhe to inke number jordar lage. Invest karne jaisa maal lagta hai kyuki kaafi mazboot karobaar dikhta hai inka tabhi to 50 taka upar munaafa kar rhe hai.

Aur waise saari duniya mein solar ka danka baj raha hai, dekho bhaiyo invest wahi karo jaha competition kam aur bhavishya ujwal hai. Inke jyada competitor dikh nahi rahe mujhe tabhi itna munaafa chaap rahe hai aur inti teevrata se ubhar rahe hai maano jaise inke pichwaade mein roket ki tarha aag lagi ho. Achi hai inki udaan.

Murkho k comments par mat jao apni aql lagao, company ki RHP padho aur bhi nischint hokr nivesh karo.

Bhai, mai bhi invest karunga kal 10 lot isme, kisiko mera investment dekhna ho to bata dena.
53.1. Small Investor |   Link |Oct 2, 2019 4:11:33 PM
IPO Guru IPO Guru (1600+ Posts, 900+ Likes)
Bhai ji jo 6.50cr ki o/s litigation h wo bhi kafi bda negative point h
avg.cost of shares just .02 paisa
lgta h dubenge investors
52. powerinvest |   Link |Oct 2, 2019 2:06:42 PM
Gensol Engineering Limited's in-house team of highly skilled engineering professionals is trusted by likes of Adani, SoftBank, Shapoorji Pallonji Infra, Greenko, GMR, NTPC, Airports Authority of India (AAI), State Govt. Bodies, leading Investment Funds etc. The professional team is complimented by highly sophisticated industry leading softwares & tools and strong foundation of ISO 9001:2015 Quality Management System.

Gensol Engineering Limited has been leading accelerated adoption of major technological breakthroughs by bringing the global best practices and technology to its clients. It has lead the adoption of floating solar technology, use of drones in all phases of solar PV project cycle, feasibility of solar PV at Airports (demanding an in depth glare analysis) and many other examples like that.

A member from Gensol's innovation team is always present on all key webinars, paid training forums and product launches irrespective of the location. Gensol is committed to keep investment in efforts to source knowledge from all across the globe.
51. Ravikant |   Link |Sep 30, 2019 3:53:29 PM
This message has been removed by a moderator.
51.1. Renewable Investor |   Link |Sep 30, 2019 5:01:12 PM
Ravikant ji, Suzlon is 1 of the customer of Gensol Engineering (maybe contributes 2% of revenue). Suzlon has never defaulted on any vendor payment, infact has created 100's of entrepreneur's.

Please do some research on company and then post.
51.2. deepcdsl |   Link |Oct 1, 2019 10:56:08 PM
IPO Guru IPO Guru (1200+ Posts, 1300+ Likes)
Bhai would sub think hai...price band ki baat Karo...mouth kitana open karane ki bhi hadh hoti hai... Move utana hi kholana chahiye taki listing ke badh share trade properly ho sake...aajkal RIIs ko listing gain one looking SMS for long term option as almost all SMEs retailer ka Paisa aadha kar chuki hai...
50. Melson |   Link |Sep 30, 2019 10:21:20 AM
See strategy to trap retail investor, suddenly renewable energy activist come into picture, Promoters declare hefty profits to increase its capital base, pay 30% odd tax on inflated profits and get a market cap of 15 to 20 times. wow! lol! No reason assigned how they inflate the profit what auditors do, will renewable activist would comment what has turnaround the sector and especially the company to earn so much profit in last two years. Modi government is in sixth year prior to that also policies were there. please be cautious. Pantomath pretend to be a good lead manager but it ultimately traps retailer whether in IPO or after IPO. In this case it seems it will trap in IPO itself.
50.2. Melson |   Link |Oct 1, 2019 10:22:16 PM
Dear panto personnel, you picked a wrong guy this time. You only beat about the bush and never replied to my query of hefty profits.
1. do proper research see page 97 revenue grew CAGR of 16% and profit wow 134% kya bat hai.
2. employees are 170 odd persons and not 500, donot misguide investor by adding joint ventures employees in company's fold ,it is company IPO and not of Joint venture.
3. Company is not paying 2.5 crore approx service tax etc even after 6 months, either there is liquidity problem or intentions are questionable.
4 Cheque bounces cases amounting to the crores of Rupees I think more than what the company has earned in its whole life that too again so many persons/companies,lol, puri duniya cheater bus panto and these promoters who are not paying even service tax are honest.
5. Hefty declared profit added back to capital by bonus now promoter cost less than even 1 ruppee now IPO on 84 what a corporate governance or RAM nam ki loot hai loot sake to loot..
6. Strange company is having its IPO and no standalone result in detail wow only consolidated results and that also confusing, suddenly in one year consultancy fee appears from related party and disappears than sale to related party no transparency at all. All properties are rented from whom god knows what is being paid god knows.
7.Revenue increase marginal say 15 odd percent whereas book debts increase more than 300 %. lol they might have worked day and night to recover dues instead of trying to befool the retailers like us.
50.3. deepcdsl |   Link |Oct 1, 2019 10:37:24 PM
IPO Guru IPO Guru (1200+ Posts, 1300+ Likes)
Melson Sir... Very good analysis...