The initial public offer of GK Energy received bids for 1,98,77,70,946 shares as against 2,21,80,828 shares on offer, according to stock exchange data at 17:30 IST on Tuesday (23 September 2025). The issue was subscribed 89.62 times.
The issue opened for bidding on 19 September 2025 and it will close on 23 September 2025. The price band of the IPO is fixed between Rs 145 and 153 per share. An investor can bid for a minimum of 98 equity shares and in multiples thereof.
The issue comprises both a fresh issue of equity shares upto Rs 400 crore and an OFS of up to 42,00,000 equity shares. The OFS comprises the sale of 4,000,000 equity shares by Gopal Rajaram Kabra and 2,00,000 equity shares by Mehul Ajit Shah.
Of the net proceeds from the fresh issue, Rs 322.458 crore will be used for funding long-term working capital requirements and the balance for general corporate purposes.
The aggregate outstanding total consolidated borrowings were Rs 488.872 crore as of July 31, 2025.
GK Energy, promoted by Gopal Rajaram Kabra and Mehul Ajit Shah, is India’s largest pure-play EPC provider of solar-powered agricultural water pump systems under the PM-KUSUM scheme (Component B), with over 62,500 installations completed till December 2024. The company also undertakes EPC projects for water storage and distribution facilities, rooftop solar, and other solar solutions for government agencies.
It operates an asset-light model, sourcing components under the GK Energy brand, and plans backward integration with a proposed 1GW solar module manufacturing plant in Maharashtra. GK Energy is empanelled with the Ministry of New and Renewable Energy in multiple states, with a strong presence in Maharashtra, Haryana, Rajasthan, and Uttar Pradesh.
Ahead of the IPO, GK Energy on Thursday, 18 September 2025, raised Rs 139.27 crore from anchor investors. The board allotted 98.03 lakh shares at Rs 153 each to 13 anchor investors.
The firm reported a consolidated net profit of Rs 133.21 crore and a total income of Rs 1,094.83 crore for the twelve months ended on 31 March 2025.