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InvestmentsIPOGreenleaf Envirotech IPO

Greenleaf Envirotech IPO

SME

Open Date

30 Sep 2025

Close Date

6 Oct 2025

Min Investment

₹ 2,72,000

Lot Size

1,000

Issue Size

₹ 21.90 Cr

Price Range

₹ 136 - ₹ 136

Subscribed

3.12 x
status

This IPO is now Live.

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IPO Timeline
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IPO Offer Start
30 Sep 2025
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IPO Offer Ends
6 Oct 2025
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Allotment Finalisation
7 Oct 2025
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Refund Initialisation
8 Oct 2025
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Non-Institutional Buyers (sHNI)
8 Oct 2025
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Listing of Shares
9 Oct 2025
IPO Subscription Details as on 1 Apr 2026, 12:59 PM
Retail
2.91 x
Total
3.12 x
Non-Institutional Buyer (bHNI)
3.31 x
Note: This information is provided for general guidance only. Dates may be subject to change.
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About the Company
Greenleaf Envirotech Limited was originally incorporated on March 09, 2010 as a private limited company and subsequently converted to a public limited company in 2023. The company is primarily engaged in providing engineering, procurement, construction (EPC) and turnkey solutions for Wastewater Treatment Projects (WWT), specifically in Sewage Treatment Plants (STPs) and Effluent Treatment Plants (ETPs) catering to private and public sectors. The company's scope of services covers different stages of the WWT project lifecycle from design engineering, procurement, supply, installation, testing, commissioning and project management. The company also provides operations and maintenance (O&M) and annual maintenance contract (AMC) services for WWT projects on standalone basis. Additionally, the company provides environmental laboratory and consulting services through a dedicated facility located in Surat, Gujarat, which is duly recognized under the Environment (Protection) Act, 1986 and operates in compliance with applicable regulatory standards. The company also provides fire and safety services where it supplies and refills fire extinguisher for clients and provides annual maintenance contracts for such services in industries and commercial complexes. The company was initially engaged in providing environmental laboratory services and over the years has diversified its services by offering EPC and turnkey solutions for WWT projects. The company initially started with projects of 1 KLD and 1 MLD capacity and has successfully expanded its capability to 32 MLD. In the last three financial years, the company has successfully executed 31 WWT projects on Turnkey/EPCC basis amounting to approximately Rs. 6,616.18 Lakhs catering to a diverse clientele including private enterprises and public sectors. As at May 31, 2025, the company is executing 17 WWT projects and has 2 upcoming projects collectively amounting to approximately Rs. 5,411.03 Lakhs across various states in India.
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Founded In

2010

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Director

Ms. Gopiben Kalpesh Goti

Financials of Greenleaf Envirotech IPO

Income Statement
Balance Sheet
Cash Flows
Total Income
Total Expenses
Total Profit
Key Performance IndicatorsMar 2023Mar 2024Mar 2025
Operating Revenue2,641.043,250.323,885.21
Other Income17.2914.0222.96
Total Income
2,658.333,264.343,908.17
Total Expenses
2,520.912,958.003,279.91
Profit Before Tax137.41306.35628.26
Total Profit
96.73227.72469.66

All figures are in lakhs (₹)

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Utilisation of Proceeds

All figures are in lakhs (₹)

PurposeAmount
The company proposes to purchase core construction machines and equipments like concrete mixer machine, pick-n-carry crane, shuttering materials, tractor and a sewer suction cum jetting machine to support ongoing and upcoming wastewater treatment projects. The purchase of these civil machines and equipments will result in operational benefits such as cost savings and improved project timelines by reducing long-term operational expenses through capital expenditure instead of renting such machines and equipments. This will provide the company with greater operational flexibility and control, enabling timely mobilization based on site-specific needs without dependence on third-party availability.186
The company proposes to purchase new equipments for its laboratory including Gas Chromatograph and Air pollution monitoring instruments. The purchase of these laboratory equipments will allow the company to offer enhanced and more diversified reports, including gas composition analysis reports, pollutant concentration reports, particulate matter concentration reports, meteorological reports and weather pattern trend analysis, thereby expanding the company's capabilities. This will help establish initial engagement through environmental testing which often creates a gateway for cross-selling core services such as wastewater treatment solutions, environmental consultancy and fire safety system designs.35
The company proposes to utilize funds for repayment or prepayment, in full or in part, of certain borrowings availed from banks, financial institutions and non-banking financial companies. The prepayment or scheduled repayment will help the company reduce outstanding indebtedness and debt servicing costs, assist in maintaining a favourable debt to equity ratio and enable utilization of internal accruals for further investment in business growth and expansion. The improvement in the debt to equity ratio is intended to enable the company to raise further resources in the future to fund potential business development opportunities and plans to grow and expand business.135
The company requires additional working capital for funding its incremental working capital requirements and unlocking the internal accruals deployed in working capital. The funding of the incremental working capital requirements will lead to a consequent increase in the company's profitability, ability to utilize internal accruals for growth opportunities and achieving the proposed targets as per business plan. The company proposes to utilize funds to fund the working capital requirements to support ongoing wastewater treatment projects, address cash flow impact of increased receivables and reduced trade payables, and mitigate working capital volatility while supporting business growth to achieve order book.900
The company's management will have flexibility to deploy the balance net proceeds towards general corporate purposes including but not restricted to strategic initiatives, partnerships, joint ventures and acquisitions, meeting exigencies which the company may face in the ordinary course of business, to renovate and refurbish certain existing company owned/leased and operated facilities or premises, towards brand promotion activities or repayment of liabilities or any other purposes as may be approved by the Board, subject to compliance with applicable laws. The extent of net proceeds proposed to be utilized for general corporate purposes shall not exceed percent of the gross proceeds of the offer or specified amount whichever is lower.266
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  • In-House project execution, designing and engineering capabilities: The company has an in-house team comprising qualified engineers, project supervisors, technical officers and quality control personnel for execution and operations and maintenance of WWT projects. The company's Chief Executive Officer holds a Bachelor's Degree in Engineering (Bio-Technology) and a Master's Degree in Engineering (Environmental Engineering) from Gujarat Technological University leading both project execution and O&M department which consists of 24 and 61 employees as on March 31, 2025. The company's internal project execution team is responsible for converting conceptual ideas into detailed, actionable project plans and undertakes the preparation of comprehensive structural and architectural designs, process flow diagrams, and technical documentation.
  • Environmental Laboratory Services: The company has its in-house environmental laboratory which enables it to provide environmental testing, analysis and reporting services. The company's environmental laboratory services cover the monitoring and analysis of various environmental parameters across the domains of air, water, soil and noise pollution. The company is duly recognized as an environmental laboratory under the provisions of the Environment (Protection) Act, 1986, and is accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL) as a calibration laboratory in accordance with ISO/IEC 17025:2017 standards. The laboratory is equipped with necessary instrumentation and testing equipment required to perform high-accuracy, time-bound analyses.
  • Experienced Promoter and management team: The company's Promoter, Chairman and Managing Director, Mr. Kalpesh Gordhanbhai Goti possesses over 15 years of experience in the environmental impact assessment and wastewater treatment industry. The company's Promoter and Whole-Time Director, Ms. Gopiben Kalpesh Goti has over 12 years of experience in overseeing the marketing and administrative functions. Their combined experience helps to give the company an advantage of industry knowledge, maintaining good relationship with clients and suppliers and making better decisions. The company believes their expertise lies in strategic planning, team management, business development, business strategy, sales management and competitive analysis.
  • Order Book for WWT projects and O&M services: The company's Order Book represents the estimated contract value of the unexecuted portion of existing WWT and O&M projects along with estimated contract value of upcoming projects awarded to the company. As at May 31, 2025, the company's Order Book based on ongoing and upcoming projects amounts to approximately Rs. 5,411.03 Lakhs. The company has 13 ongoing projects in private sector worth Rs. 3,494.14 Lakhs and 6 projects in public sector worth Rs. 1,916.89 Lakhs.
  • Quality certification and quality assurance: The company is accredited with ISO certifications namely ISO 9001:2015 (Quality Management), ISO 14001:2015 (Environmental Management) and ISO 45001:2018 (Occupational Health and Safety Management) for providing services in the field of environmental monitoring, laboratory, audit and legal consulting, execution of EPC turnkey projects, operation and maintenance of water and waste water treatment plants and fire fighting system solutions. The company's quality managers are responsible for ensuring the optimization of resources, improving operational efficiency and minimizing project costs and cycle times.

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