GK Energy's Solar IPO Set to Energize Agriculture

GK Energy, a prominent name in solar-powered agricultural water pump systems, announced on Thursday that it has raised over Rs 139 crore from anchor investors. This development comes just ahead of the company's planned initial public offering (IPO) for public subscription.

Renowned institutions such as HSBC Mutual Fund, Citigroup Global Markets Mauritius, Motilal Oswal MF, and others participated in the anchor round, as per a circular released on the BSE website. GK Energy has allocated 91.03 lakh equity shares to 13 funds, priced at Rs 153 each, bringing the transaction to Rs 139.27 crore.

The Rs 465 crore IPO will open from September 19 to 23, with shares priced between Rs 145-153. The Pune-based firm aims to use Rs 322.5 crore of fresh issue proceeds for long-term working capital, with the remainder for general corporate needs. IIFL Capital Services and HDFC Bank serve as lead managers for the offering.