Rajesh Power Services Ltd Plans IPO to Fund Green Hydrogen Development
Key Ideas
- Rajesh Power Services Ltd receives in-principle approval for IPO from BSE SME Exchange with a focus on raising funds for green hydrogen development.
- The company plans to utilize part of the IPO proceeds to develop technical expertise in the production of green hydrogen and associated equipment.
- Besides green hydrogen, the funds will also be used for capital expenditures, a solar power plant, and additional working capital requirements.
- Rajesh Power Services Ltd has a strong order book and a successful track record in the power sector and renewable energy industry.
Rajesh Power Services Ltd, based in Ahmedabad, India, has announced its plans for an initial public offering (IPO) to raise funds for various initiatives, including the development of technical expertise in green hydrogen production. The company aims to utilize part of the IPO proceeds for in-house development of green hydrogen and associated equipment like electrolysers. In addition to green hydrogen, the funds will support capital expenditures, a DC Solar power plant, and additional working capital requirements. Rajesh Power Services, known for its EPC services in the power sector, has a substantial order book and a successful history in renewable energy projects. With a positive sentiment towards green hydrogen, the company's IPO signifies a strategic move towards sustainable energy solutions.