GK Energy Ltd's IPO Soars with High Demand
The initial public offering (IPO) of GK Energy Ltd, a leader in solar-powered agricultural water pump systems, was oversubscribed on its first day, receiving 2.57 times the offers. Retail investors subscribed 2.70 times while non-institutional categories received 2.61 times. The firm raised over Rs 139 crore from anchor investors.
- Country:
- India
GK Energy Ltd's initial public offering (IPO) was a resounding success on its debut, being oversubscribed by 2.57 times as of Friday. According to data from the National Stock Exchange, 5,70,51,092 shares were bid for, against 2,21,80,828 available shares.
Retail individual investors showed significant interest, subscribing 2.70 times, while non-institutional categories showed 2.61 times subscription. Qualified institutional buyers were not left behind, with a subscription rate of 2.32 times.
The Rs 464-crore IPO comes from a Pune-based firm's efforts to raise capital for expansion, marking Rs 400 crore as fresh issue shares and Rs 65 crore through shareholder sales. Proceeds of Rs 322.5 crore will go towards long-term working capital needs, facilitating the company's growth in the solar agricultural sector.
(With inputs from agencies.)
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