GK Energy IPO Fully Subscribed on Day 1 with Strong QIB and Retail Support

Mumbai, 19 September 2025: GK Energy Limited’s ₹464 crore Initial Public Offering (IPO) saw overwhelming demand on its first day, closing 2.66 times subscribed by 4:49 PM. The strong bidding highlights robust participation across all investor categories and reflects the company’s position in India’s renewable energy sector.

Founded in 2008 and headquartered in Pune, GK Energy operates as a prominent Engineering, Procurement, and Construction (EPC) service provider in India’s renewable energy sector. The company has completed over 42,000 solar water pump installations under PM-KUSUM and various state schemes, holding a strong national market share of 8.56% as of September 2024. Its comprehensive network positions the firm as a key player in India’s solar agricultural infrastructure.

QIBs and NIIs Drive Early Momentum with 2.40x and 2.72x Subscriptions

Qualified Institutional Buyers (QIBs) led the IPO surge with bids 2.40 times their allotted shares, signalling strong institutional confidence. Non-Institutional Investors (NIIs) contributed significantly as well, subscribing for 301,834 shares, 2.72 times their allocation. Detailed trends show smaller NIIs bidding 4.69 times their allotted shares, while larger NIIs placed bids 1.74 times their allocation, demonstrating diverse investor interest across ticket sizes.

Retail Investors Fuel Record Demand, Subscribing 2.80 Times Allocation

Retail participation remained particularly strong, with investors subscribing 2.80 times their allotted shares and placing bids nearly three times the allocated quantity. The activity suggests broad appeal among individual investors, attracted by GK Energy’s focus on solar agricultural water pump systems and a growing national market presence.

IPO Price Band ₹145–₹153 Per Share Attracts Maximum Bids at Upper Limit

The IPO’s price band of ₹145 to ₹153 per share generated significant interest towards the upper end. Bids at ₹153 surged to 4.61 crore shares, while cut-off bids represented 2.00 crore shares, indicating strong conviction, especially from retail investors. The high demand at the upper price point reflects the market’s perception of GK Energy’s offerings as competitively priced with growth potential in renewable energy infrastructure.

Ahead of the public subscription, GK Energy raised ₹139.28 crore through its anchor book, allocating over 91 lakh shares at ₹153 each. The anchor book included major domestic and global institutions such as Pinebridge India, HSBC Flexi Cap, Motilal Oswal Large Cap, Bandhan Small Cap, Citigroup, and Société Générale. This early backing played a pivotal role in creating momentum and reinforcing confidence prior to the IPO launch.

The day-one success of GK Energy’s IPO underscores the company’s strong market positioning, effective anchor investor participation, and broad-based investor engagement. The allocation patterns and subscription trends provide insight into active investor segments and the attractiveness of well-structured public offerings in the renewable energy sector.

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