GK Energy IPO: GMP surges 24% as bidding opens; check price band, other details

The ₹464.26 crore initial public offering (IPO) of Pune-based GK Energy is opening for subscription on Friday, September 19, and the three-day bidding process will remain open until September 23.The company, which specialises in engineering, procurement, and construction (EPC) for renewable energy projects, will sell its shares in a fixed price band of ₹145-153, with a lot size of 98 shares.

Investor appetite is evident in the grey market, where the company’s shares are commanding a premium of 24% above the IPO price, signalling expectations of a healthy listing.

GMP is an unofficial price indicator in the grey market and may not always reflect the actual listing price on the stock exchange.GK Energy anchor book

Ahead of the IPO opening, the company raised ₹139 crore from anchor investors including Pinebridge, Prashant Jain’s 3P India Equity Fund. The company allotted 91.03 lakh shares at the upper price band to marquee domestic and global institutions.

Other big names that came in through the anchor book include HSBC Flexicap Fund, Citigroup Global Markets Mauritius, Motilal Oswal Large Cap Fund, Bandhan Small Cap Fund, 1M, Edelweiss Equity Savings Fund, among others.

GK Energy’s IPO comprises a fresh issue of ₹400 crore and an offer for sale of ₹64.26 crore by promoters.GK Energy IPO objective

The net proceeds from the IPO will primarily be used to meet long-term working capital requirements, estimated at around ₹322 crore. A portion of the funds will also be allocated for general corporate purposes.

GK Energy primarily operates as a focused EPC provider of solar-powered agricultural water pump systems. Its sales are divided into two main categories: direct-to-beneficiary sales and sales to other customers.

The company, one of the largest players in the government’s PM-Kusum solar water pump scheme, has installed more than 62,000 solar-powered pumps across five states and reported revenues of over ₹1,095 crore in FY25, up from ₹285 crore in FY23. Profits also grew sharply to ₹133 crore in FY25.

IIFL Capital Services, and HDFC Bank are managing the GK Energy IPO as merchant bankers.

Also Watch | Gopal Kabra, CMD & CEO of GK Energydiscussed the company’s upcoming IPO, aiming to raise ₹464.26 crore.

The tentative date for allotment of shares is September 24, while the tentative listing date, when the shares are expected to start trading on the stock exchange, is September 26, 2025.