GK Energy Ltd.’s initial public offering entered its third and final day of subscription on Tuesday. The bidding so far has been led by non-institutional and retail 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.
