The IPOs of GK Energy and Saatvik Green Energy have garnered significant interest from both retail and institutional investors as they entered their second day of bidding on September 22, 2025.
GK Energy IPO
GK Energy’s ₹465-crore IPO, priced between ₹145 and ₹153 per share, has shown strong demand on Day 2, with a subscription rate of 5.85 times as of 3:57 PM. Non-institutional investors subscribed 8.44 times, while retail investor participation reached 6.42 times, and Qualified Institutional Buyers (QIBs) subscribed 2.89 times.
The Pune-based company raised ₹139 crore from anchor investors prior to the public offering. The IPO consists of a fresh issue of shares worth ₹400 crore alongside an offer-for-sale (OFS) of 42 lakh equity shares valued at ₹65 crore at the upper price point. The minimum lot size is set at 98 shares. IIFL Capital Services and HDFC Bank are serving as the book-running lead managers for the issue.
Proceeds from the fresh issue will be directed towards long-term working capital requirements and general corporate initiatives. Analysts from brokerages such as Angel One and Geojit recommend the IPO for long-term investors, pointing to growth opportunities in solar pumps and the government-led PM-KUSUM schemes. However, they advised caution regarding high valuations, negative operating cash flows, and competitive challenges. Some analysts noted an attractive valuation alongside strong growth prospects fueled by India’s clean energy transition.
Saatvik Green Energy IPO
The Saatvik Green Energy IPO, priced in the range of ₹442 to ₹465 per share with a total issue size of ₹900 crore, has achieved full subscription at 1.04 times so far. Retail investors led the demand with a subscription rate of 1.51 times, while non-institutional investors subscribed 1.26 times. QIBs, however, showed limited interest with a subscription of 0.01 times as of 3:54 PM on September 22.
In preparation for the IPO, Saatvik Green Energy secured ₹269 crore from anchor investors. This offering comprises a fresh issue of shares worth ₹700 crore and an OFS of ₹200 crore from promoters. The minimum lot size for this IPO is set at 32 shares.
Proceeds will be utilized for establishing a 4 GW solar PV module manufacturing facility at the Gopalpur Industrial Park in Odisha, assisting a subsidiary in repaying or prepaying its outstanding loans, and fulfilling general corporate purposes. Dam Capital Advisors, Ambit, and Motilal Oswal Investment Advisors are the book-running lead managers for this issue.
Analysts recommend a cautious approach to the IPO, citing strong revenue and profit growth potential in solar module manufacturing, but also cautioning about high customer concentration, dependence on government policies, and elevated valuations.
The allotment of both IPOs is scheduled for September 24, 2025, following the conclusion of the bidding process on September 23, 2025. The listing on the NSE and BSE is anticipated on September 26, 2025.
While GK Energy demonstrates robust demand and strong investor confidence, the slower subscription rate for Saatvik Green Energy, particularly among institutional investors, may indicate potential risks. For long-term investors seeking sector-specific exposure, both IPOs present attractive opportunities within the renewable energy sector, with GK Energy appearing slightly more secure in terms of subscription and market sentiment.
Published on September 22, 2025.
