GK Energy IPO Closes with Record 89.6 Times Oversubscription Fueled by QIB Frenzy

New Delhi, Sep 23, 2025: GK Energy Limited’s ₹464 crore Initial Public Offering (IPO) closed on a record note today, garnering bids worth almost ₹30,000 crore. The issue got oversubscribed 89.6 times, with strong demand from Qualified Institutional Buyers (QIBs) accompanied by robust demand from retail and non-institutional investors.

Incorporated in 2008 and headquartered in Pune, GK Energy Limited is a renewable energy EPC player dealing in solar-powered agriculture water pump systems. The company had installed 42,778 solar pump systems under the government’s PM-KUSUM scheme up to September 2024, and it has achieved an 8.56 percent market share in this niche segment.

Final Subscription Status

The IPO saw record demand across segments. QIBs were at the forefront, bidding for 117 crore shares against the 62.8 lakh shares available for them, registering an oversubscription of 186.29 times. Of these, domestic financial institutions, banks and insurance firms were the most aggressive, and FIIs and mutual funds also participated heavily.

Non-Institutional Investors (NIIs) also demonstrated a strong appetite, subscribing 122.7 times. The category of high-net-worth investors with bids over ₹10 lakh was especially strong at 137.54 times. Retail investors also applied in huge numbers, offering bids for more than 23 crore shares against the available 1.1 crore shares, resulting in a subscription of 20.71 times.

In aggregate, bids for almost 199 crore shares were made against the issue size of 2.22 crore shares. Importantly, cut-off bids themselves covered 18.53 crore shares, demonstrating high faith among retail investors.

Price-Wise Demand

Investor demand was uniform across the whole price band of ₹145–₹153. On the higher side of ₹153, bids reached 198.65 crore shares, marking high conviction regarding the valuation and growth prospects of the company.

Anchor Investor Participation

Before the IPO opened, GK Energy had raised ₹139.28 crore from its anchor book on September 18. Over 91 lakh shares at ₹153 per share were subscribed by a mix of marquee investors. Domestic funds like Pinebridge India, 360 ONE Flexicap, HSBC Flexi Cap, Motilal Oswal Large Cap, Bandhan Small Cap and Edelweiss subscribed to the issue. Foreign names such as Citigroup Global Markets Mauritius, Société Générale and AAA India Equity Fund – Scheme I also supported the issue, giving it a global image.

IPO Details

The ₹464 crore IPO was available for subscription between September 19 and September 23, priced in the range of ₹145 to ₹153 per share. The minimum lot size was 98 shares for ₹14,994 at the top band. The listing date is September 26, 2025. The issue was handled by IIFL Securities Limited and HDFC Bank Limited, who were the book-running lead managers.

The IPO proceeds will be utilized for working capital needs and growth projects so that the company can consolidate its business and reinforce its position in the renewable energy space.

Disclaimer:  At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.

If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.

Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations