Two recent issues, the GK Energy IPO and the Saatvik Green Energy IPO, opened for subscription on September 19 and will close on September 23. The allotment is expected to be finalised on September 24 for both companies, while listing on the exchanges is likely on September 26. However, if you are still considering which is a better IPO to bet on, here is a quick comparison of the two IPOs –
GK Energy IPO Vs Saatvik Green Energy IPO: Issue details
A look now at the IPO, offer details and key structure of both the issue-
GK Energy will mop up Rs 464.26 crore through a combination of fresh issue and an offer for sale. The company set the price band between Rs 145 and Rs 153 per share. A retail application needs to apply for a minimum of 98 in a lump sum amounting to Rs 14,994. The lot size investment for a small NII is 14 lots of 1,372 shares, summing up to Rs 2 lakh, and for a big NII, it is 67 lots of 6,566 shares, aggregating to Rs 10 lakh. IIFL Capital Services is the book-running lead manager for the issue, and MUFG Intime India is the registrar of the IPO.
Meanwhile, the Saatvik Green Energy IPO is looking to raise Rs 900 crore via a mix of fresh issue and an OFS. The company set the price band in a range of Rs 442 to Rs 465 per equity share. The lot size for a retail application is 32, amounting to Rs 14,880. The lot size investment for small NII is 14 lots of 448 shares, totalling Rs 2 lakh, and for a big NII, it is 68 lots of 2,176 shares, totalling Rs 10 lakh. Dam Capital Advisors is the book-running lead manager of the IPO, and Kfin Technologies is the registrar of the issue.
GK Energy IPO Vs Saatvik Green Energy IPO: GMP
GK Energy was trading at a price of Rs 168 in the grey market, fetching a premium of 10% to its issue price. The GMP of the company has fallen as the listing is coming closer. On September 17, GK Energy’s shares had a GMP of 30%, which has consistently declined.
Similarly, the GMP of Saatvik Energy has also dropped. The company was attracting a GMP of almost 4% changing hands at Rs 483 in the grey market. This has declined from Rs 543 or 16.77%, which it was on September 17.
GK Energy IPO Vs Saatvik Green Energy IPO: Subscription so far
GK Energy saw a significant interest from investors across the board. The company’s subscription details for day 02 are as follows-
Total subscription- 6.58 times
Retail- 7.08 times
NII- 10.19 times
QIB- 3 times
On the other hand, the Saatvik Energy IPO saw a muted response as of day 02 of bidding. The details are –
Total subscription- 1.15 times
Retail- 1.65 times
Employee- 3.52 times
NII- 1.44 times
QIB- 0.01 times
GK Energy IPO Vs Saatvik Green Energy IPO: Analyst views
A look now at what analysts make of the two IPOs – Geojit Investments has a Subscribe on both, but a look at the pricing too-
Geojit Investments, in its IPO note, highlighted, “at the upper price band of Rs 153, GK Energy’s FY25 P/E ratio of 23.3x appears fairly priced compared to peers.” The company operates an asset-light, scalable EPC model, enabling rapid expansion without heavy capital investment.
Its leadership in solar pump installations under the PM-KUSUM scheme, combined with expansion into rooftop solar and water infrastructure projects, positions it well to benefit from India’s renewable energy push. They added that, “with strong execution capabilities and government-backed demand, GK Energy is poised for sustained growth. Therefore, we recommend a ‘Subscribe’ rating for investors with a medium- to long-term horizon.”
On the Saatvik Green Energy IPO, Geojit Investments pointed out that “at the upper price band of Rs 465, Saatvik Green Energy is valued at 27.6x FY25 P/E, which is reasonable Vs peers. With strong financials, expanding capacity, backward integration, and declining debt, it is well-positioned to benefit from India’s solar growth. Hence, we recommend a ‘Subscribe’ rating on a long-term basis.”
GK Energy IPO Vs Saatvik Green Energy IPO: Business fundamentals
A look now at the business fundamentals of both the companies – GK Energy is empanelled under the PM-KUSUM scheme in Maharashtra, which contributed 44% of the total project sanctions.
It is a pure-play engineering, procurement and commissioning (EPC) provider for solar-powered agricultural water pump systems. The company offers end-to-end solutions, covering survey, design, supply, installation, commissioning, and maintenance. The firm also undertakes rooftop solar and water infrastructure projects under the Jal Jeevan Mission and supplies solar products to government agencies.
Saatvik Green Energy, in comparison, is in the business of manufacturing modules and offers engineering, procurement and construction (EPC). The company offers a comprehensive portfolio of solar module products that are currently manufactured using technologies that help reduce energy loss and enhance overall efficiency.
On the expansion front, Saatvik Green Energy plans to further expand its manufacturing footprint with an integrated cell and module manufacturing facility in Odisha. This new facility will feature a solar cell production line with an annual capacity of 4.80 GW, expected to be operational by Fiscal 2027, and a module production capacity of 4.00 GW, expected by FY26.