GK Energy files draft IPO: Pune-based GK Energy, a provider of solar-powered agricultural water pump systems, has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
The IPO consists of a fresh issue of shares worth Rs 500 crore and an Offer-for-Sale (OFS) of 84 lakh equity shares by existing shareholders, as per the draft red herring prospectus (DRHP). The company also plans a pre-IPO placement of shares aggregating Rs 100 crore, which, if completed, will reduce the size of the fresh issue.
Of the proceeds from the fresh issue, Rs 422.46 crore will be allocated for long-term working capital requirements, while the remaining amount will be used for general corporate purposes.
GK Energy specializes in engineering, procurement, and commissioning (EPC) services for solar-powered agricultural water pump systems, offered under the Central Government’s PM-KUSUM scheme. Additionally, the company provides EPC services for water storage and distribution systems under the Jal Jeevan Mission and rooftop solar solutions. It also engages in trading photovoltaic (PV) cells, solar modules, and other solar products.
The company’s order book stood at Rs 759 crore as of October 2024. Financially, GK Energy reported robust growth, with revenue from operations rising 44.23% to Rs 411.09 crore in FY24 from Rs 285.03 crore in FY23. Profit after tax increased sharply to Rs 36 crore in FY24, up from Rs 10 crore in FY23. For the first half of FY25, revenue reached Rs 422 crore, and profit after tax stood at Rs 51 crore.
IIFL Capital Services and HDFC Bank are the book-running lead managers for the issue. The equity shares are set to be listed on the BSE and NSE.