GK Energy Raises Rs 139 Crore From Anchor Investors Prior To IPO Launch

GK Energy Ltd., has raised Rs 139 crore from anchor investors on Thursday, ahead of its initial public offering. The company allotted 91.03 lakh shares at Rs 153 apiece to 13 anchor investors.

Pinebridge Global Funds- Pinebridge India equity fund, 360 One FlexiCap Fund, HSBC Equity Fund and Prashant Jain's 3P India Equity Fund got the highest allocation of 16.16%.

Five domestic mutual funds have applied through six schemes, the energy company said in an exchange filing on Thursday. They have collectively netted 46.92% of the anchor portion. Motilal Oswal, Bandhan Bank, Edelweiss and HSBC were among the major fund houses in this category.

IIFL Capital Services Ltd. and HDFC Bank Ltd. are the book-running lead managers to the issue.

The company will launch its initial public offering on Friday to raise up to Rs 464 crore. The company has set a price band of Rs 145-153 per share for its three-day IPO. GK Energy aims to raise up to Rs 400 crore via a fresh issue, while existing shareholders will sell shares via an offer for sale aggregating up to Rs 64 crore. The minimum application lot size is 102 shares.

The offer, which concludes on Tuesday, is set to list on the BSE and the National Stock Exchange.

Funds worth Rs 422.4 crore from the fresh issue proceeds will be used for funding their long-term working capital requirements and the rest will be deployed for general corporate purposes.

GK Energy offers an end-to-end single-source solution for the survey, design, supply, assembly, installation, testing, commissioning, and maintenance of solar-powered pump systems. It is India’s largest pure-play provider of engineering, procurement and commissioning services for solar-powered agricultural water pump systems, according to its offer documents.

The company also offers other EPC services, comprising the erection and installation of water storage and distribution facilities under the Modi government's Jal Jeevan Mission.