GK Energy Sets IPO Price Band at ₹145-153, Aims to Raise ₹464 Crore
GK Energy Ltd., India's leading solar-powered agricultural water pump systems provider, is launching its IPO on September 19, 2023. The price band is set at ₹145-153 per share, with a minimum bid of 98 equity shares. The ₹464 crore issue includes a fresh issue of ₹400 crore and an offer for sale of ₹64 crore. The IPO will close on September 23, with listing expected on September 26 on BSE and NSE. The company has already secured ₹100 crore through a pre-IPO placement. Funds will be used primarily for long-term working capital requirements.
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GK Energy Ltd., India's leading provider of solar-powered agricultural water pump systems, is set to launch its Initial Public Offering (IPO) on September 19, 2023. The company has announced a price band of ₹145 to ₹153 per share for its upcoming public issue.
IPO Details
- Subscription Period: September 19 - September 23, 2023
- Price Band: ₹145 - ₹153 per share
- Minimum Bid: 98 equity shares (₹14,994 at upper price band)
- Issue Size: ₹464.00 crore
- Fresh Issue: ₹400.00 crore
- Offer for Sale: ₹64.00 crore (42 lakh shares by promoters)
- Listing Date: September 26, 2023 (Tentative)
- Exchanges: BSE and NSE
Pre-IPO Placement
GK Energy has already secured ₹100.00 crore through a pre-IPO placement. The company allotted 65.36 lakh equity shares at ₹153 each to the following investors:
- Valuequest
- 360 One
- Kotak AIF
Use of Proceeds
The company plans to utilize the funds raised from the fresh issue as follows:
- ₹422.40 crore for long-term working capital requirements
- Remaining amount for general corporate purposes
About GK Energy
GK Energy Ltd. holds a prominent position in India's renewable energy sector, specializing in engineering, procurement, and commissioning (EPC) services for solar-powered agricultural water pump systems. As the country's largest pure-play provider in this niche, the company is well-positioned to capitalize on the growing demand for sustainable agricultural solutions.
IPO Timeline
| Event | Date |
|---|---|
| IPO Opening | September 19, 2023 |
| IPO Closing | September 23, 2023 |
| Share Allotment | September 24, 2023 |
| Listing on BSE & NSE | September 26, 2023 |
Lead Managers
The book-running lead managers for GK Energy's IPO are:
- IIFL Capital Services
- HDFC Bank
Investors interested in participating in GK Energy's IPO should conduct thorough research and consider their financial goals before making an investment decision. As with any investment, it's advisable to read the company's prospectus and consult with a financial advisor to understand the potential risks and rewards associated with this offering.
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