GK Energy IPO fully subscribed within hours on opening day; check price band and lot size

GK Energy IPO: Solar-powered agricultural water pump systems provider GK Energy Ltd's initial public offering was fully subscribed within hous on the first day of bidding on Friday, September 19.

The issue has secured bids for 2,58,49,754 shares as against 2,21,80,828 shares on offer, as per the NSE data until 1:46 pm.

The initial share sale seeks to raise ₹464.26 crore by offering new equity shares valued at ₹400 crore and an offer for sale of ₹64.26 crore by promoters Mehul Ajit Shah and Gopal Rajaram Kabra.

Proceeds from the fresh issue to the tune of ₹322.5 crore will be used for funding long-term working capital requirements of the company, and the balance for corporate general purposes.

The issue, which has set a price band of ₹145 to 153 per share, will conclude on September 23. A lot consists of 98 shares.

Before the IPO, the company mobilised ₹139.27 crore from anchor investors, including HSBC Mutual Fund (MF), Motilal Oswal MF, Pinebridge Global Funds, Bandhan MF, Citigroup Global Markets Mauritius, and Societe Generale, among others.

GK Energy IPO timeline: Allotment and listing dates

• Finalisation of basis of allotment: September 24
• Refund initiation: September 25
• Credit of equity shares to Demat: September 25
• Listing on NSE and BSE: September 26

It is a vendor under the Ministry of New and Renewable Energy for the PM-KUSUM Scheme in Maharashtra, Haryana, Uttar Pradesh, Rajasthan, and Madhya Pradesh.

HDFC Bank Limited and IIFL Capital Services Limited are the IPO's bookrunning lead managers. MUFG Intime India Private Limited serves as the registrar.