LIVE: GK Energy IPO GMP cools off ahead of listing – What’s the big worry for investors now?

The market size of the domestic solar-powered pump systems increased at a compound annual growth rate (CAGR) of 15% from Rs 1,930 crore in FY19 to approximately Rs 3,900 crore in FY24 and is forecast to reach Rs 30,000-32,000 crore by FY29, witnessing a significant CAGR of 52% between FY24 and FY29. Close to 84% of the additions are expected to be under the PM-KUSUM Scheme components B and C.

Gopal Rajaram Kabra – He is the Chairman, Managing Director and Chief Executive Officer of the company.

Mehul Ajit Shah- He is the Whole-time Director and Chief Operating Officer of the company.

Navaniit Mandhaani – He is a Non-Executive Director of the company.

Chandra Iyengar – He is an Independent Director of the company.

Susheel Bhandari – He is an Independent Director of the company.

Pooja Pawan Chandak – He is an Independent Director of the company.

The allotment of GK Energy IPO is likely to be finalised on September 25. The investors can check the share allotment for their application on BSE. Go to the BSE IPO allotment status page. Select ‘Equity’ as the issue type. From the dropdown, choose Atlanta Electricals. Enter your application number or PAN. Complete the captcha by ticking ‘I’m not a robot’ and click on Search.

GK Energy is the leading pure play provider of the EPC of solar-powered pump systems in Maharashtra under the PM-KUSUM Scheme. The company has a robust order book and a growing addressable market for solar-powered pump systems. Decentralised infrastructure and localised workforce enable to operate across broad geographic areas in five states. Track record of profitable financial performance and rapidly increasing growth. Well-positioned to seize opportunities in the rooftop solar market

The PM-KUSUM Scheme reflects the Central Government’s commitment to provide energy and water security to farmers through the installation of solar-powered water pump systems for irrigation as an alternative to diesel-powered or electric grid-connected pump systems. The price of solar-powered pump systems is set through government tendering pursuant to a bidding process by empaneled vendors (with the lowest bid becoming the price all empaneled vendors must accept), with different prices depending on the size of the pump.

The market size of the domestic solar-powered pump systems increased at a compound annual growth rate (CAGR) of 15% from Rs 1,930 crore in FY19 to approximately Rs 3,900 crore in FY24 and is forecast to reach Rs 30,000-32,000 crore by FY29, witnessing a significant CAGR of 52% between FY24 and FY29. Close to 84% of the additions are expected to be under the PM-KUSUM Scheme components B and C.

Gk Energy will be listing on the exchanges, NSE and BSE, on September 26. The allotment of the share were finalsed to the eligible bidders on September 24. The company raised a sum of Rs 464.26 crore from the primary markets. The investors showed enthusiasm in the IPO, booking the issue to a total of 93.58 times.

Gk energy currently operate an asset-light business model. The company source solar panels, pumps and various other components of solar-powered pump systems under the ‘GK Energy’ brand from different specialised vendors. As of August 2025, the company rented, leased and/or licensed 12 warehouses located in three states. The company had 90 employees as of March 2025. The company conducted EPC projects by engaging third-party installation and commissioning service providers. As of March 2025, GK Energy’s third party installation and commissioning service providers comprised 709 workmen, which enables us to operate across broad geographic areas in five states and soon six states.

As of August 2025, the company had an order book of Rs 1,028.96 crore consisting of an SPPS order book of Rs 1,008.88 crore and orders for rooftop solar systems of Rs 20.08 crore. Before entering into providing EPC services for solar-powered pump systems, GK had been providing EPC services for rooftop solar powered solutions, solar fencing, solar water heaters and solar-powered street lights.

GK Energy is raising approximately Rs 464.26 crore through its IPO, comprising a fresh issue of Rs 400 crore and an Offer for Sale of Rs 64.26 crore, with proceeds primarily allocated to long-term working capital requirements of RS 322.46 crore and the balance for general corporate purposes, to support its operational expansion and growth plans.

As of July 2025, GK Energy had successfully installed 97,098 solar pump systems across Maharashtra, Haryana, Rajasthan, Uttar Pradesh, Chhattisgarh, and Madhya Pradesh. It commands a 15% market share in Maharashtra under PM-KUSUM and has completed 62,559 systems nationwide under the scheme, representing a 7.4% share of total installations.

Gopal Rajaram Kabra and Mehul Ajit Shah are the company promoters.

GK Energy IPO opened for subscription on September 19, 2025, and will close on September 23, 2025. The allotment for the IPO is expected to be finalized on September 24, 2025. GK Energy’s shares are scheduled to be listed on the BSE and NSE with a tentative listing date of September 26, 2025.

As of 5:04:34 PM on September 23, 2025 (Day 3), the GK Energy IPO has been subscribed 93.58 times. The public offering saw strong demand across categories: 21.78 times in the retail category, 193.01 times in the Qualified Institutional Buyers (QIB) category, and 128.56 times in the Non-Institutional Investors (NII) category.

GK Energy IPO has raised Rs. 139.28 crore from anchor investors, with the anchor bid date set for September 18, 2025.

The Indian solar pump industry is expected to witness robust growth, driven by supportive government policies such as the PM-KUSUM scheme and various state-level solar initiatives. As of July, 2025, the five states of Maharashtra, Haryana, Rajasthan, Uttar Pradesh, and Madhya Pradesh accounted for 86% of approved solar pump systems, reflecting the strong concentration of opportunities in GK Energy’s core markets.

Gopal Rajaram Kabra and Mehul Ajit Shah are the company promoters.

The last GMP for the GK Energy IPO is RS 28, as of the latest update on September 24, 2025, at 4:11 PM. With the price band set at RS 153.00, the estimated listing price for the GK Energy IPO is RS 181.

GK Energy IPO opened for subscription on September 19, 2025, and will close on September 23, 2025. The allotment for the IPO is expected to be finalized on September 24, 2025. GK Energy’s shares are scheduled to be listed on the BSE and NSE with a tentative listing date of September 26, 2025.

Founded in 2008, GK Energy specializes in providing engineering, procurement, and commissioning (EPC) services for solar-powered agricultural water pump systems. These projects are part of Component B of the Central Government’s Pradhan Mantri Kisan Urja Suraksha Evam Utthan Mahabhiyan (PM-KUSUM) scheme. From January 1, 2022, to July 31, 2025, the company has been actively involved in installing a significant number of solar-powered pump systems. GK Energy manages the entire process for farmers, including survey and design, supply, assembly, installation, testing, commissioning, and ongoing maintenance of the solar pump systems.

India’s broader renewable energy push, including the target of 500 GW of non-fossil fuel capacity by 2030, coupled with programs like the Jal Jeevan Mission, is expected to accelerate adoption of decentralized solar solutions for agriculture and rural water supply. This creates a favorable long-term growth environment for EPC providers like GK Energy.

The Indian solar pump industry is expected to witness robust growth, driven by supportive government policies such as the PM-KUSUM scheme and various state-level solar initiatives. As of July, 2025, the five states of Maharashtra, Haryana, Rajasthan, Uttar Pradesh, and Madhya Pradesh accounted for 86% of approved solar pump systems, reflecting the strong concentration of opportunities in GK Energy’s core markets.

GK Energy is raising approximately Rs 464.26 crore through its IPO, comprising a fresh issue of Rs 400 crore and an offer for sale of Rs 64.26 crore, with proceeds primarily allocated to long-term working capital requirements of Rs 322.46 crore and the balance for general corporate purposes, to support its operational expansion and growth plans.

In FY 2024–25, GK Energy delivered robust financial performance, reporting revenue of Rs 1,094.8 crore, EBITDA of Rs 199.7 crore (18.2% margin), ner profit of Rs 133.2 crore (12.1% margin), RoE of 63.7%, RoCE of 55.7%, and a debt-to-equity ratio of 0.74, underscoring strong growth, healthy profitability, and operational efficiency.

GK Energy’s solar-powered pump systems market grew from about Rs 19.3 billion in FY19 to nearly Rs 39 billion in FY24. Industry estimates suggest the market may touch Rs 300–320 billion by FY29.

To check your GK Energy IPO allotment on NSE, Visit the NSE IPO application tracking page. Next, navigate to the section titled ‘Equity and SME IPO Bid Details’ and select ‘GK Energy’ from the dropdown list. Enter your application number and PAN, then submit the details to see your allotment status.

GK Energy is empanelled under the PM-KUSUM scheme in states such as Maharashtra, Rajasthan, Haryana, Uttar Pradesh, and Madhya Pradesh. According to company data, Maharashtra contributed 44% of project sanctions, Rajasthan 13%, Haryana 16%, Uttar Pradesh 8%, and Madhya Pradesh 5%.

Want to know if you got shares in the GK Energy IPO? Follow these simple steps on the BSE website:

Visit the BSE IPO allotment status page.

Under Issue Type, select Equity.

From the dropdown menu, pick GK Energy.

Enter your application number or PAN.

Tick the “I’m not a robot” box and hit Search.

GK Energy’s revenue grew at a CAGR of 96% reaching Rs 1,094.8 crore between FY23 and FY25m while the EBITDA grew at 241% to Rs 200 crore, and net profit at 264% to Rs 133.2 crore during the same time frame, supported by government-backed solar projects, efficient execution, and geographic expansion.

As of August 15, GK Energy’s order book stood at Rs 1,029 crore. Out of this, Rs 1,008.9 crore was linked to solar-powered agricultural water pump systems and Rs 20.1 crore to rooftop solar projects. GK Energy’s order book to sales ratio was reported at 0.93x, providing near-term visibility.