Mon Sep 22 04:40:00 UTC 2025: ## GK Energy IPO Sees Strong Investor Interest, Subscribed 2.69 Times on Day 1

**Mumbai, India** – The Initial Public Offering (IPO) of GK Energy, a leading provider of EPC services for solar-powered agricultural water pump systems, has garnered significant investor interest, being subscribed 2.69 times on the first day of bidding, September 19. The IPO, aiming to raise ₹464.26 crore, is priced between ₹145-153 per share and will remain open for subscription until September 23.

Data from the market indicates strong demand across all investor categories. The retail portion of the IPO was subscribed 2.83 times, while the non-institutional investors (NII) and qualified institutional buyers (QIBs) categories were subscribed 2.74 and 2.40 times respectively.

The IPO comprises a fresh issue of 2.61 crore shares, worth ₹400 crore, and an offer for sale of 42 lakh shares by promoters Gopal Rajaram Kabra and Mehul Ajit Shah, amounting to ₹64.26 crore.

The grey market is reflecting positive sentiment, with a grey market premium (GMP) of ₹22, suggesting the shares are trading above the issue price. This indicates a potential listing price near ₹175, approximately 14.38 percent higher than the upper end of the price band.

GK Energy plans to utilize ₹322.5 crore from the fresh issue proceeds to fund long-term working capital requirements, while the remaining funds will be allocated to general corporate purposes.

Analysts are largely positive on the IPO. Angel One recommends a “Subscribe” rating, citing the strong growth potential of the Indian solar pump industry driven by government initiatives like the PM-KUSUM scheme. They also highlight the company’s robust financial performance and strong order book. Geojit Investments also recommends a “Subscribe” rating for investors with a medium- to long-term view, noting the company’s fair valuation compared to its peers and its strong execution capabilities.

The basis of allotment is expected to be finalised on September 24, with the stock slated to list on both the NSE and BSE on September 26. IIFL Capital Services Ltd. is the book-running lead manager, and MUFG Intime India Pvt. Ltd. is the registrar for the IPO.

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