GK Energy shares jump nearly 10 pc in market debut trade

New Delhi, Sep 26 (PTI) Shares of GK Energy Ltd, a solar-powered agricultural water pump systems provider, on Friday ended with a premium of nearly 10 per cent against the issue price of Rs 153.

The stock started trading at Rs 165, a jump of 7.84 per cent from the issue price on the BSE. During the day, it surged 15 per cent to Rs 175.95. Shares of the firm finally ended at Rs 167.75 apiece, up 9.64 per cent.

On the NSE, the stock got listed at Rs 171, a premium of 11.76 per cent. It ended at Rs 167.74 per share, a jump of 9.63 per cent.

The company's market valuation stood at Rs 3,402.26 crore.

The initial public offer of GK Energy Ltd received a whopping 89.62 times subscription as it drew to a close on Tuesday.

The Rs 464 crore IPO had a price band of Rs 145-153 per share.

The Pune-based firm's offering was 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. PTI SUM SUM SHW