GK Energy IPO Subscribed 89.62 Times

New Delhi, Sep 23 (PTI) The initial public offer of GK Energy Ltd, a solar-powered agricultural water pump systems provider, received a whopping 89.62 times subscription as it drew to a close on Tuesday.

The Rs 464-crore IPO got bids for 1,98,77,78,982 shares against 2,21,80,828 shares on offer, as per data available with the NSE.

The portion for Qualified Institutional Buyers (QIBs) got subscribed a huge 186.29 times. The component meant for non-institutional investors attracted 122.73 times subscription. Retail Individual Investors (RIIs) category received 20.79 times subscription.

GK Energy on Thursday said it has collected over Rs 139 crore from anchor investors.

The price band has been fixed at Rs 145-153 per share.

The Pune-based firm's offering is a combination of fresh issue of shares worth Rs 400 crore and an offer-for-sale (OFS) of 42 lakh equity shares, worth Rs 64.26 crore at the upper end, by selling shareholders.

Proceeds from the fresh issue to the extent of Rs 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.