Bharat GreenTech IPO opens today: GMP, review and should you subscribe?

Bharat GreenTech Energy's Rs 1,250 crore IPO opened for subscription today with a price band of Rs 285-300 per share. The company is a leading solar EPC player with an order book of Rs 8,400 crore, about 3.1x its FY25 revenue. At the upper band, the issue is priced at a P/E of 28.4x post-issue earnings, a discount to listed peers. Grey market premium currently signals a listing gain of around 26%. The QIB anchor book saw participation from leading domestic mutual funds. Verdict: Investors with a medium-term horizon may subscribe at cut-off. Listing gains will depend on overall market sentiment through the week.