 "GK Energy IPO worth ₹464 cr sees 6.41 times subscription on day two")
The initial public offering of GK Energy Ltd, a solar-powered agricultural water pump systems provider, garnered 6.41 times subscription on the second day of share sale on Monday.
The IPO received bids for 14,22,08,192 shares against 2,21,80,828 shares on offer, as per NSE data.
The portion for non-institutional investors fetched 10.05 times subscription while the quota for retail individual investors got subscribed 6.84 times. Qualified institutional buyers quota received 2.90 times subscription.
GK Energy on Thursday said it has collected over Rs 139 crore from anchor investors.
The Rs 464-crore IPO will conclude on Tuesday. The price band has been fixed at Rs 145-153 per share.
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.
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.
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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app