GK Energy raises Rs 139 cr from anchor investors ahead of IPO

New Delhi, Sep 18 (PTI) Solar-powered agricultural water pump systems provider GK Energy on Thursday said it has collected over Rs 139 crore from anchor investors, a day before its initial share-sale opening for public subscription.

Some of the institutions that participated in the anchor round included HSBC Mutual Fund (MF), Citigroup Global Markets Mauritius, Motilal Oswal MF, Bandhan MF, Pinebridge Global Funds, Societe Generale, according to a circular uploaded on the BSE website.

The company has allotted 91.03 lakh equity shares to 13 funds at Rs 153 apiece, aggregating the transaction size to Rs 139.27 crore, it added.

The Rs 465-crore IPO will be open for public subscription from September 19 to 23. 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 65 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. PTI SP TRB