In key IPOs to track, the GK Energy issue will be opening on September 19. The company will be raising Rs 464.26 crore via this issue. Bidding for the IPO will be open between September 19 and 23, but the GMP is surging even before the opening. As per the last updated data at 4 pm on September 18, the GMP for the GK Energy issue jumped nearly 30%. The shares were changing hands at a price of Rs 198 in the grey market.
GK Energy IPO: Issue size and price band
The IPO is a combination of fresh issue of 2.61 crore shares aggregating to Rs 400 crore and offer for sale of 0.42 crore shares amounting to Rs 64.26 crore. The company has kept the bidding price in a range of Rs 145-153 per equity share. Post the issue, the promoter holding will reduce to 78.64% from 93.29%. The GMP has been trending higher ahead of the issue opening and is currently up almost 30%.
GK Energy IPO: Allotment and listing
GK Energy IPO’s share allotment is expected to be finalised on September 24, while the listing on the exchange, BSE and NSE, is likely to be on September 26, as per a tentative schedule.
GK Energy IPO: Lot size
A retail buyers need to apply for a minimum of 98 shares in a lot, which amounts to Rs 14,994. The lot size investment for a small NII is 14 lots of 1,372 shares, summing to Rs 2 lakh and for a big NII, it is 67 lots of 6,566 shares, totalling Rs 10 lakh.
GK Energy IPO: BRLM and registrar
IIFL Capital Services is the book-running lead manager of the issue, and MUFG Intime India is working as the registrar for the IPO.
About GK Energy
GK Energy specialises in delivering engineering, procurement, and commissioning (EPC) services for solar-powered agricultural water pumping systems as part of Component B of the Central Government’s Pradhan Mantri Kisan Urja Suraksha Evam Utthan Mahabhiyan scheme (PM-KUSUM Yojna). This is evaluated based on the number of solar-powered pumping systems set up under the PM-KUSUM Scheme from January 1, 2022, to July 31, 2025.
The company offer farmers an end-to-end single-source solution for the survey, design, supply, assembly, installation, testing, commissioning and maintenance of solar-powered pump systems.