GK Energy IPO subscribed 6.4 times on Day 2; check latest GMP

GK Energy IPO subscribed 6.4 times on Day 2; check latest GMP

The initial public offering (IPO) of GK Energy Ltd, solar-powered agricultural water pump systems provider, got subscribed 6.4 times on the second day of bidding on September 22

The IPO received bids for 14,22,08,192 shares against 2,21,80,828 shares on offer, according to NSE data.

Retail individual investors part received 6.84 times subscription while the category for non-institutional investors got subscribed 10.05 times. The portion meant for qualified institutional buyers attracted 2.9 times subscription.

GK Energy on Thursday said it has collected over Rs 139 crore from anchor investors.

GK Energy IPO details

The Rs 464-crore IPO will conclude on September 23. The price band has been fixed at Rs 145-153 per share.

The Pune-based firm's offering is a combination of fresh issue of shares worth Rs 400 crore and an offer-for-sale (OFS) of 42 lakh equity shares, worth Rs 65 crore at the upper end, by selling shareholders.

Proceeds from the fresh issue to the extent of Rs 322.5 crore will be utilised for funding the company's long-term working capital requirements, and the balance for general corporate purposes.

The company is India's largest pure play provider of engineering, procurement and commissioning (EPC) services for solar-powered agricultural water pump systems. It offers farmers an end-to-end single source solution for the survey, design, supply, assembly and installation, testing, commissioning and maintenance of solar-powered pump systems.

IIFL Capital Services and HDFC Bank are the book running lead managers to the offer.

GK Energy IPO GMP

According to InvestorGain, the Grey Market Potential (GMP) of GK Energy stood at Rs 22 as of September 22, 6:25 pm. The estimated listing price is expected to be Rs 175 based on the upper price band of Rs 153. The expected percentage gain per share is 14.38%.