Prozeal Plans to Launch Rs 700-Cr IPO in Q2FY27; Bags Rs 2,000-Cr Contract From ONGC

New Delhi: Renewable energy solutions provider Prozeal Green Energy plans to raise Rs 700 crore through its initial public offering (IPO) in the second quarter of FY27, a person familiar with the development said on Thursday.

The company said it has bagged an order from Oil and Natural Gas Corporation Ltd (ONGC) to set up 250 MW of captive, ISTS-connected wind power projects valued at over Rs 2,000 crore.

The company has already secured Sebi’s nod to float its maiden public offering.

This follows a pickup in the primary market in June with the launch of IPOs by CMR Green Technologies and Hexagon Nutrition.

The offerings came at a time when the primary market witnessed subdued activity amid persistent market volatility and global uncertainties. Although several companies have received regulatory clearances in recent weeks, many have deferred their listing plans due to uncertain market conditions.

In a LinkedIn post on Thursday, Prozeal said, “We’re pleased to announce that Prozeal has received a Notification of Award (NOA) from Oil and Natural Gas Corporation Limited (ONGC) to set up 250 MW of captive, ISTS-connected wind power projects in India with a contract value of more than Rs 2,000 crore.” This project will further strengthen Prozeal’s position in India’s renewable energy ecosystem.

The mandate marks Prozeal’s entry into utility-scale wind energy and includes end-to-end project execution along with a 10-year comprehensive O&M contract.

Ahmedabad-based Prozeal Green Energy focuses on delivering end-to-end renewable energy solutions, including engineering, procurement and construction (EPC) of solar energy projects on a turnkey basis.

According to draft papers filed in March 2025,  Prozeal’s IPO comprises a fresh issue of equity shares worth Rs 350 crore and an offer-for-sale (OFS) of Rs 350 crore by promoters and investor selling shareholders.

Proceeds worth Rs 250 crore from the issue will be used to fund long-term working capital requirements, and Rs 19.53 crore for investment in subsidiaries and debt repayment. Also, funds will be utilised for general corporate purposes.