Sugs Lloyd Ltd., a fast-growing player in the renewable energy and EPC (Engineering, Procurement & Construction) sector, has opened its Initial Public Offering (IPO) today, August 29, 2025. The IPO has gained attention due to the company’s strong financial growth, diversified business verticals, and positioning in India’s solar and infrastructure space.
IPO Details
- Issue Type: Fresh Issue (BSE SME Platform)
- Total Issue Size: ₹85.66 crore (approx. 69.6 lakh equity shares)
- Price Band: ₹117 – ₹123 per share
- Face Value: ₹10 per share
- Lot Size: 1000 shares
- Minimum Investment (Retail): ₹1,23,000
- Subscription Window:
- Opens: August 29, 2025
- Closes: September 2, 2025
- Allotment Date: September 3, 2025
- Refunds / Demat Credit: September 4, 2025
- Listing Date: September 5, 2025 (Friday) on BSE SME
Subscription Status (Day 1 Update)
As of mid-day on the first day of subscription:
- Overall Subscription: 0.50×
- Retail Investors: 0.17×
- Non-Institutional Investors (NII): 1.11×
- Qualified Institutional Buyers (QIBs): Not yet subscribed
This indicates cautious retail participation, but stronger interest from non-institutional investors.
Grey Market Premium (GMP)
- Current GMP is around ₹10–₹13 per share.
- Expected listing price may be around ₹133 per share, reflecting 8–10% listing gains over the upper price band.
Company Profile
Founded in 2009, Sugs Lloyd Ltd. is an EPC services provider with a strong presence in multiple sectors:
- Solar EPC Projects: Ground-mounted and rooftop installations
- Electrical Transmission & Distribution: Substations, power lines, and related infrastructure
- Civil EPC Works: Government buildings, control rooms, and civil infrastructure
- Outage Management Solutions (OMS): Smart devices like auto-reclosers, fault passage indicators (FPI), and related automation
- Manpower Staffing Services: Skilled manpower supply for infrastructure projects
Financial Performance
The company has shown significant growth in the last financial year:
| Metric | FY 2024 | FY 2025 | Growth |
|---|---|---|---|
| Revenue | ₹65–69 crore | ₹176–178 crore | ~150% |
| PAT (Profit After Tax) | ₹10.48 crore | ₹16.72–16.78 crore | ~60% |
Such performance highlights the company’s operational strength and scalability in India’s growing renewable and infrastructure ecosystem.
IPO Objectives
The net proceeds from the issue will be utilized as follows:
- Working Capital Requirements: Around ₹64–80 crore (~94% of funds)
- General Corporate Purposes: Balance (~₹5–6 crore)
This indicates a clear focus on expanding project execution capacity and supporting large-scale contracts.
Strengths
- Strong growth in revenue and profitability
- Diversified EPC business model across solar, electrical, and civil sectors
- Benefiting from India’s focus on renewable energy and infrastructure development
- Experienced management team and project execution capability
Risks & Concerns
- Heavy dependence on working capital requirements; high utilization of IPO proceeds towards it
- Retail subscription appears weak in early bidding
- SME platform listing may limit liquidity compared to mainboard IPOs
- Execution risk in large EPC projects remains a factor
Market Outlook
India’s EPC and renewable energy space continues to see strong demand, supported by government policies like “Make in India,” solar mission targets, and infrastructure spending. Companies like Sugs Lloyd are well-positioned to capture this growth. However, investors should note the SME IPO nature, which may limit liquidity and carry higher volatility.
Conclusion
The Sugs Lloyd Ltd. IPO presents an opportunity for investors seeking exposure to the renewable and EPC sector with a high-growth company. While the fundamentals are strong and financial growth is impressive, retail subscription demand appears moderate so far. Investors looking for medium to long-term gains may consider applying, while short-term listing gains may be limited to the GMP range of 8–10%.
Subscription
| Investor | 29 Aug 2025 | 01 Sep 2025 | 02 Sep 2025 |
|---|---|---|---|
| Anchor | 0 | ||
| QIB | 0 | ||
| Non-Institutional | 1.54 | ||
| BNII | 3.04 | ||
| SNII | 0.01 | ||
| Retail | 0.24 | ||
| Total | 0.69 |
GMP Trend:
| Date | GMP |
|---|---|
| 29 Aug 2025 | ₹10(8.13%) |
It should be noted that IPO GMP is subject to extreme volatility, so an investment decision based solely on Patel Retail IPO GMP will prove risky. Therefore, before to investing, consider all factors and make the right investment decision whether to invest in Patel Retail IPO or not.
How to Check IPO Allotment Status:
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NSE Website
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BSE Webiste
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- Enter your PAN Number, Application Number or DP Client ID (Anyone).
- Click on Search.
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