The initial public offering (IPO) of GK Energy Ltd, solar-powered agricultural water pump systems provider, got subscribed 2.57 times on the first day of bidding on Friday. The IPO received bids for 5,70,51,092 shares against 2,21,80,828 shares on offer, according to NSE data. Retail individual investors part received 2.70 times subscription while the category for non-institutional investors got subscribed 2.61 times. The portion meant for qualified institutional buyers attracted 2.32 times subscription. GK Energy on Thursday said it has collected over ` 139 crore from anchor investors. The `464-crore IPO will conclude on September 23. The price band has been fixed at `145-153 per share. The Pune-based firm's offering is a combination of fresh issue of shares worth `400 crore and an offer-for-sale (OFS) of 42 lakh equity shares, worth `65 crore at the upper end, by selling shareholders. Proceeds from the fresh issue to the extent of `322.5 crore will be utilised for funding the company's long-term working capital requirements, and the balance for general corporate purposes. The company is India's largest pure play provider of engineering, procurement and commissioning (EPC) services for solar-powered agricultural water pump systems. It offers farmers an end-to-end single source solution for the survey, design, supply, assembly and installation, testing, commissioning and maintenance of solar-powered pump systems. IIFL Capital Services and HDFC Bank are the book running lead managers to the offer.
