The initial public offering of GK Energy Ltd, a solar-powered agricultural water pump systems provider, garnered 89.62 times subscription on the last day of share sale on Tuesday
The IPO received bids for 1,98,77,78,982 shares against 2,21,80,828 shares on offer, as per NSE data.
The portion for non-institutional investors fetched 122.72 times subscription while the quota for retail individual investors got subscribed 6.84 times. Qualified institutional buyers quota received 20.79 times subscription.
GK Energy on Thursday said it has collected over Rs 139 crore from anchor investors.
GK Energy IPO size
The Pune-based firm’s offering is a combination of fresh issue of shares worth Rs 400 crore and an offer-for-sale (OFS) of 42 lakh equity shares, worth Rs 64.26 crore at the upper end, by selling shareholders.
The price band has been fixed at Rs 145-153 per share.
Proceeds from the fresh issue to the extent of Rs 322.5 crore will be utilised for funding the company’s long-term working capital requirements, and the balance for general corporate purposes.
GK Energy businesses
The company is India’s largest pure play provider of engineering, procurement and commissioning (EPC) services for solar-powered agricultural water pump systems. It offers farmers an end-to-end single source solution for the survey, design, supply, assembly and installation, testing, commissioning and maintenance of solar-powered pump systems.
IIFL Capital Services and HDFC Bank are the book-running lead managers to the offer.