GK Energy IPO listing: Shares off to decent start, list at 12% premium over issue price

GK Energy IPO listing: Following a solid demand and amid a steady trend in the grey market, shares of GK Energy were off to a firm start despite a tepid Indian stock market on Friday, September 26. GK Energy shares listed at ₹171 on the National Stock Exchange (NSE), a premium of 11.76% over the issue price of ₹153.

On BSE, GK Energy share price listed at ₹165.20, up 7.97% from the initial public offering (IPO) price.

The listing was in line with expectations, as signalled by the grey market premium (GMP). GK Energy IPO GMP today, ahead of listing, was ₹18 — up 11.76%.

GK Energy IPO Details

GK Energy IPO witnessed a massive demand for its public offer during the three-day bidding period between September 19 and September 23.

The ₹464.26 crore IPO was booked 93.58 times, as it received bids for 1,98,77,63,792 shares as against 2,12,40,655 shares on offer.

The retail portion of the IPO received 21.78 times bids, while the non-institutional investor (NII) quota was subscribed 128.56 times. The qualified institutional buyer (QIB) segment was the most subscribed at 103.01 times.

GK Energy's IPO was a mix of fresh issue worth ₹400 crore and an offer for sale to the tune of ₹64.26 crore.

Proceeds from the fresh issue, totalling ₹322.5 crore, will be used primarily to fund the company's long-term working capital needs, with the remaining amount allocated 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 a comprehensive, end-to-end solution that includes 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.

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