EPC services provider GK Energy made its entry on Dalal Street today, with its shares listing at a 12% premium over the issue price of Rs 153 per share. The listing comes after a successful IPO that saw overwhelming investor demand across categories.
GK Energy shares opened at Rs 171 on the NSE, about 11.76% higher than the IPO price of Rs 153. On the BSE, the stock started at Rs 165, marking a 7.8% premium over the issue price.
GK Energy IPO subscription: Nearly 90 times demand
The public issue of GK Energy opened between September 19 and 23 and turned out to be one of the most sought-after offerings in recent times. Against 2.21 crore shares available, bids poured in for nearly 199 crore shares, taking the overall subscription to 89.62 times.
Qualified Institutional Buyers (QIBs): 186.29 times
Non-Institutional Investors (NIIs): 122.73 times
Retail Investors: 20.79 times
GK Energy IPO subscription: Grey market trend ahead of listing
In the run-up to its debut, GK Energy was active in the grey market, where its shares commanded a premium of around Rs 18. This indicated that the stock was likely to list near Rs 171 per share.
GK Energy IPO IPO details: Fundraise of Rs 464 crore
Through this IPO, GK Energy raised about Rs 464 crore. The issue included a fresh share sale worth Rs 400 crore and an offer-for-sale (OFS) of shares worth Rs 64.26 crore. The price band for the issue was fixed between Rs 145 to 153 per share.
IIFL Capital Services acted as the book-running lead manager, while MUFG Intime India was the registrar of the issue.
About the company
GK Energy is India’s largest pure-play EPC (engineering, procurement, and commissioning) provider for solar-powered agricultural water pump systems, with operations linked to the government’s PM-KUSUM scheme in states such as Maharashtra, Haryana, Rajasthan, and Uttar Pradesh.
The company follows an asset-light model, sourcing solar panels, pumps, and related equipment from vendors and executing projects through third-party service providers. Th company’s activities include survey, design, installation, commissioning, and maintenance. It accounts for about 8.5% of the market share in solar-powered pump systems as of August 2025.