Pune-based solar solutions company GK Energy launched its initial public offering (IPO) today, September 19, after successfully raising ₹139.3 crore from 12 anchor investors on the previous day. The IPO, worth ₹464.3 crore, will remain open for bidding until September 23, with a price band fixed at ₹145–153 per share.
The company, engaged in engineering, procurement, and commissioning (EPC) services for solar-powered agricultural water pumps, plans to issue fresh equity shares worth ₹400 crore. In addition, promoters will offload 42 lakh shares valued at ₹64.26 crore through an offer-for-sale at the upper end of the price range.
As per its filing with stock exchanges, GK Energy allocated 91.03 lakh shares to anchor investors at ₹153 per share. Notable investors participating in the anchor book include Pinebridge Global Funds, 360 ONE Mutual Fund, HSBC Mutual Fund, and Prashant Jain’s 3P India Equity Fund, each investing ₹22.5 crore against 14.7 lakh shares.
The anchor investor list also featured Motilal Oswal Asset Management Company, Bandhan Mutual Fund, Edelweiss, Nuvama, Citigroup, and Societe Generale. Of the total allocation, 42.71 lakh shares were subscribed by five domestic mutual funds.
GK Energy intends to deploy ₹322.46 crore from the net proceeds of the fresh issue towards long-term working capital requirements, while the balance will be used for general corporate purposes.
The IPO is being managed by IIFL Capital Services and HDFC Bank, serving as the lead merchant bankers.
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