GK Energy' Rs 464-crore IPO garners 6.41 times subscription on 2nd day

New Delhi, Sep 22 (PTI) The initial public offering of GK Energy Ltd, a solar-powered agricultural water pump systems provider, garnered 6.41 times subscription on the second day of share sale on Monday.

The IPO received bids for 14,22,08,192 shares against 2,21,80,828 shares on offer, as per NSE data.

The portion for non-institutional investors fetched 10.05 times subscription while the quota for retail individual investors got subscribed 6.84 times. Qualified institutional buyers quota received 2.90 times subscription.

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

The Rs 464-crore IPO will conclude on Tuesday. 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. PTI SUM TRB