Pune-based renewable energy solutions provider GK Energy has successfully raised ₹100 crore through a pre-IPO placement ahead of its planned stock market debut. The company, which specializes in EPC services for solar-powered pump systems, issued 65.35 lakh shares at ₹153 per share, translating to a valuation of just over ₹3,100 crore.
The fundraising, completed on August 26, drew participation from three institutional investors. Valuequest India GIFT Fund and VQ Fastercap Fund II led the round, acquiring a 2.4% stake for ₹65 crore. Meanwhile, 360 ONE High Growth Companies Fund and 360 ONE Equity Opportunity Fund – Series 4 invested ₹25 crore for a 0.92% stake. Additionally, Kotak Alternate Asset Managers, via its Kotak Iconic Fund and Kotak Iconic Fund II, contributed ₹10 crore to secure a 0.36% shareholding.
The company’s Board of Directors approved the pre-IPO placement on August 21, followed by shareholder approval on August 25, with allotments finalized the next day. Following the placement, GK Energy has revised its fresh issue size to ₹400 crore, down from the earlier planned ₹500 crore.
GK Energy had filed draft IPO papers with SEBI on December 13, 2023, proposing a ₹500-crore fresh issue and an offer-for-sale of 84 lakh shares by promoters Gopal Rajaram Kabra and Mehul Ajit Shah.
The company plans to allocate ₹422.5 crore of the IPO proceeds toward long-term working capital requirements, with the balance earmarked for general corporate purposes. Competing with listed peer Shakti Pumps, GK Energy also undertakes EPC contracts under the Jal Jeevan Mission, solar rooftop solutions, and supply projects for government agencies. IIFL Capital Services and HDFC Bank are acting as the book-running lead managers for the IPO.
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