Prozeal Plans ₹700 Crore IPO And Wins ₹2,000 Crore ONGC Contract

Renewable energy solutions provider Prozeal Green Energy is planning to launch a ₹700 crore initial public offering (IPO) in the second quarter of FY27.

At the same time, the company is boosting its project pipeline with a major contract award from Oil and Natural Gas Corporation (ONGC). Prozeal has already secured approval from the Securities and Exchange Board of India (SEBI) for its IPO launch.

ONGC Awards Wind Power Project Contract

Prozeal has taken a big step forward in its renewable energy business as it announced that it has been given a Notification of Award (NOA) by ONGC to develop 250 MW of captive, Inter-State Transmission System (ISTS)-connected wind power projects in India. The contract is worth over ₹2,000 crore and is the first time that Prozeal will be involved in the utility-scale wind energy segment.

The mandate covers end-to-end project execution and also includes a comprehensive operations and maintenance (O&M) contract for a period of 10 years. The company said the project will further strengthen its position within India's growing renewable energy ecosystem.

What Is The Proposed IPO Structure And Its Plan For Utlising Funds?

According to the draft papers filed in March 2025, Prozeal is planning to raise ₹350 crore through a new issue of equity shares. The promoters and existing investor shareholders will also sell shares worth ₹350 crore through an offer for sale (OFS).

The firm intends to allocate ₹250 crore of the fresh issue proceeds to meet the long-term working capital requirements. Also, ₹19.53 crore will be spent on acquiring stakes in subsidiaries and debt repayment. Other amounts will go towards general corporate purposes.

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At present, Prozeal is heavily involved in providing complete renewable energy solutions, such as offering engineering, procurement, and construction (EPC) services for solar power projects on a turnkey basis.

Source:

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