GK Energy IPO: Check Day 2 Subscription Status, GMP, Other Details

Maharashtra-based GK Energy Ltd.'s initial public offering to open for its second day of subscription on Monday. The IPO was subscribed 2.57 times on its first day on Friday. The company has fixed the price band in the range of Rs 145 to Rs 153 per equity share.

GK Energy aims to raise up to Rs 464 crore via IPO that, comprises a fresh issue of Rs 400 crore and an offer for sale of Rs 64.26 crore.

On Sept. 18, the company 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.

The proceeds from the issue are primarily allocated to long-term working capital requirements of Rs 322.46 crore and the balance for general corporate purposes, to support its operational expansion and growth plans.

The shares will be listed on both the NSE and the BSE on Sept. 26.

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 grey market premium (GMP) for the GK Energy IPO was Rs 22 per share on Sept. 22, as of 8:53 a.m. The latest GMP indicates an estimated listing price of Rs 178 apiece at a premium of 14.38% over the upper limit of the IPO price band.

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.