GK Energy Vs Saatvik Green Energy IPO GMP Today; Check Latest Grey Market Premium Trends

The initial public offerings (IPOs) of Saatvik Green Energy and GK Energy that opened for subscription on Friday, September 19, will conclude their subscription on September 23.

The mainboard issue of GK Energy recieved a strong response from the investors with the IPO getting fully subscribed on the first day. The IPO recieved bids for 5,70,79,120 shares against the 2,21,80,828 shares on offer. GK Energy offers engineering, procurement and commissioning (EPC) services for solar-powered agricultural water pump systems.

The mainboard issue of Saatvik Green Energy recieved a muted response from the investors as it was booked over 0.5 times on the first day. The IPO recieved bids for 84,11,136 shares against the 1,42,71,970 shares on offer. Saatvik Green Energy is one of the leading manufacturers of solar photovoltaic modules in India and integrated solar project solution provider. It has an annual production capacity of 4.8 GW.

As subscription enters its second day, here’s a look at what the latest grey market premium (GMP) indicates for these mainboard issues.

The GMP for the GK Energy IPO was Rs 22 per share as of 9 a.m. on September 22. The latest GMP indicates an estimated listing price of Rs 175 apiece, at a premium of 14.38% compared to the upper limit of the IPO price band. The GMP for the mainboard issue has shown a decline despite the strong interest in the IPO among investors. The highest GMP recorded for the GK Energy IPO was Rs 45; this indicates that the unlisted shares of the company were trading at Rs 198 (around 30% gain) on the grey market.

The GK Energy IPO is a book build issue worth Rs 464.26 crore. It comprises a fresh issue of 2.61 crore shares worth Rs 400 crore and an OFS of 42 lakh shares aggregating to Rs 64.26 crore.

The price band for the IPO has been fixed between Rs 145 and Rs 153 per share.

The GK Energy IPO was booked 2.57 times on Day 1. Qualified Institutional Buyers subscribed the issue 2.32 times, Non-Institutional Investors 2.61 times and Retail Individual Investors 2.70 times.

The allotment of shares is proposed to be finalised on September 24. Shares of GK Energy are expected to be listed on the BSE and NSE on September 26.

The GMP for the Saatvik Green Energy IPO was Rs 18 per share as of 9:00 a.m. on September 22. The latest GMP indicates a potential listing price of Rs 483 apiece at a premium of 3.87% over the upper limit of the IPO price band. The GMP for the mainboard issue has shown a significant decline, considering the highest GMP recorded for the IPO was Rs 65; this indicates that the unlisted shares of the company were trading at Rs 530 (around 14% gain) on the grey market.

The Saatvik Green Energy IPO is a book-building issue of Rs 900 crore. It comprises a fresh issue of 1.51 crore shares worth Rs 700 crore and an offer-for-sale (OFS) of 43 lakh shares amounting to Rs 200 crore.

The price band for the IPO has been fixed between Rs 442 and Rs 465 per share.

The Saatvik Green Energy IPO was booked 0.59 times on Day 1. Qualified Institutional Buyers subscribed the issue 0.01 times, Non-Institutional Investors 0.67 times, Retail Individual Investors 0.88 times and the Employee Reserved category subscribed 1.92 times.

The IPO share allotment status is expected to be finalised on September 24. Shares of Saatvik Green Energy are tentatively scheduled to be listed on the BSE and NSE on September 26.

Note: GMP does not represent official data and is based on speculation. GMP data sourced from investorgain.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.