The initial public offering (IPO) of GK Energy Ltd, which specializes in solar-powered agricultural water pump systems, saw a subscription rate of 2.57 times on its opening day of bidding on Friday.
According to data from the National Stock Exchange (NSE), the IPO received bids for 57,051,092 shares, against 22,180,828 shares available for subscription. The retail individual investor category was particularly active, with a subscription rate of 2.70 times, while bids from non-institutional investors registered a subscription of 2.61 times. The portion allocated for qualified institutional buyers attracted a subscription rate of 2.32 times.
On Thursday, GK Energy disclosed that it had secured over ₹139 crore from anchor investors in anticipation of the IPO. The overall IPO, valued at ₹464 crore, is set to conclude on September 23. The price band has been established at ₹145-153 per share.
The offering from the Pune-based company comprises a fresh issue of shares totaling ₹400 crore, along with an offer-for-sale (OFS) of 4.2 million equity shares valued at ₹65 crore at the upper price point, which will be sold by existing shareholders. Proceeds from the fresh issue are earmarked for ₹322.5 crore to support the company’s long-term working capital needs, with the remaining funds allocated for general corporate purposes.
GK Energy is recognized as India’s largest pure-play provider of engineering, procurement, and commissioning (EPC) services for solar-powered agricultural water pump systems. The company offers an integrated solution for farmers, which includes the survey, design, supply, assembly, installation, testing, commissioning, and maintenance of solar-powered pump systems.
IIFL Capital Services and HDFC Bank are serving as the book-running lead managers for the IPO.
Published on September 19, 2025.
