GK Energy Lights Up IPO with Solar-Powered Ambitions

On Tuesday, solar-powered agricultural water pump systems firm GK Energy revealed a price band of Rs 145 to Rs 153 per share for its impending Rs 465-crore initial public offering (IPO). The public can subscribe from September 19 to September 23, while anchor investors can bid on September 18.

Based out of Pune, GK Energy's public offer combines a fresh share issue valued at Rs 400 crore and an offer-for-sale of 42 lakh equity shares, amounting to Rs 65 crore at the higher price band, marking the total at Rs 465 crore. The proceeds from the fresh issue, totaling Rs 322.5 crore, are earmarked for funding the company's long-term working capital needs, with the remainder going towards general corporate purposes.

As India's largest pure-play provider of engineering, procurement, and commissioning (EPC) services for solar-powered agricultural water pump systems, GK Energy delivers comprehensive solutions for farmers—from design to installation and maintenance. IPO allocation reserves 50% for qualified institutional buyers, 35% for retail investors, and 15% for non-institutional investors. Bidding requires a minimum of 98 shares, with bids in multiples of 98 thereafter. IIFL Capital Services and HDFC Bank lead the offering management.

(With inputs from agencies.)