GK Energy's IPO Shatters Expectations with 6.41 Times Subscription

GK Energy Ltd's initial public offering (IPO) witnessed extraordinary demand, reaching a subscription rate of 6.41 times on the second day of its share sale, according to the NSE data.

Bids for 14,22,08,192 shares were received against the 2,21,80,828 shares available. The non-institutional investor portion garnered 10.05 times subscription, the retail individual investors quota was subscribed 6.84 times, and qualified institutional buyers saw a subscription of 2.90 times.

The Pune-based company, a leader in solar-powered agricultural water pump systems, secured over Rs 139 crore from anchor investors. With a price band set at Rs 145-153 per share, the Rs 464-crore IPO will conclude on Tuesday. Proceeds will fund long-term work capital and corporate purposes.

(With inputs from agencies.)