GK Energy IPO Shatters Expectations with Massive Subscription
The initial public offering of GK Energy Ltd, India's leading EPC services provider in solar-powered agricultural water pump systems, was oversubscribed by a staggering 89.62 times. The Rs 464-crore IPO will fund long-term capital requirements with substantial backing from institutional investors and anchor investors.
- Country:
- India
GK Energy Ltd's initial public offering received an overwhelming response as subscriptions soared to 89.62 times. The Rs 464-crore IPO attracted bids for nearly 2 billion shares against the 2.2 crore shares available, according to the NSE data.
Qualified Institutional Buyers made a strong showing, subscribing 186.29 times, while non-institutional investors came in at 122.73 times, and Retail Individual Investors saw a 20.79 times subscription rate. Anchor investors contributed over Rs 139 crore, solidifying the offer's success.
The Pune-based firm, a leader in EPC services for solar-powered agricultural water pump systems, plans to use Rs 322.5 crore for long-term working capital needs. The issue includes a fresh share release and an offer-for-sale by existing shareholders, with prices set between Rs 145-153 per share.
(With inputs from agencies.)
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- agriculture
- India
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