GK Energy IPO Subscribed 90 Times On Final Day — Check Latest GMP
The company aims to raise up to Rs 464 crore via IPO, comprising a fresh issue of Rs 400 crore and an offer for sale of Rs 64.26 crore.
GK Energy Ltd.'s initial public offering was subscribed nearly 90 times on its third and final day of subscription on Tuesday, led by institutional and non-institutional investors.
The company aims to raise up to Rs 464 crore via IPO, comprising a fresh issue of Rs 400 crore and an offer for sale of Rs 64.26 crore.
On Sept. 18, the company raised Rs 139 crore from anchor investors, 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 fresh 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 allotment of shares to IPO investors will be done on Sept. 24 and the stock will list on both the NSE and the BSE on Sept. 26.
Maharashtra-based 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.
Subscription: Day Three Status
GK Energy IPO was subscribed 89.62 times as of 07:00 p.m. on Tuesday.
Institutional buyers: 186.29 times
Non-institutional investors: 122.73 times
Retail investors: 20.79 times
IPO GMP Today
The latest grey market premium for the GK Energy IPO was Rs 31 per share, as per Investorgain. The latest GMP indicates an estimated listing price of Rs 184 apiece at a premium of 20.26% 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.
