IPO
Farm sector-focused EPC firm GK Energy's Rs.464-Cr IPO gets 90 times subscription
The initial public offering (IPO) of Pune-based GK Energy Ltd , a solar-powered agricultural water pump systems provider, received 89.62 times subscription. The INR 464-crore IPO got bids for 1,98,77,78,982 shares against 2,21,80,828 shares on offer.The portion for Qualified Institutional Buyers (QIBs) got subscribed 186.29 times. The component meant for non-institutional investors attracted 122.73 times subscription. The Retail Individual Investors (RIIs) category received 20.79 times subscription. The price band has been fixed at INR 145-153 per share.The firm's offering is a combination of a fresh issue of shares for INR 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. IIFL Capital Services and HDFC Bank are the book-running lead managers to the offer.The company is a pure-play provider of engineering, procurement and commissioning (EPC) services for solar-powered agricultural water pump systems. Proceeds from the fresh issue to the extent of INR 322.5 crore will be used for funding the company's long-term working capital requirements.
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