The public offering, which ended for subscription on November 22, 2024, garnered a decent response from investors, with the issue getting oversubscribed by 2.42 times, according to data from the National Stock Exchange (NSE).
With ambitious renewable energy targets, Tapse believes, the company is well-equipped to capitalise on the increasing demand for sustainable energy solutions.
She further added that the company boasts a robust and diversified portfolio across geographies and offtakers, which is a key strength. While its revenue growth trajectory has been consistent, she believes temporary fluctuations in profitability and margins remain a concern. The IPO's valuation, based on the PE ratio, Nyati said, appears aggressive, which may limit immediate upside potential.
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