Mumbai, September 16, 2025 (TGN ): GK Energy Limited (the “Company”) has fixed the price band of ₹ 145/- to ₹153/- per Equity Share of face value ₹ 2/- each for its initial public offer (“IPO” or “Offer”). The Offer is a combination of a fresh issue of Equity Shares of up to Rs. 400 crore (the “Fresh Issue”) and an offer for sale of 42,00,000 equity shares.
The Offer will open on Friday, September 19, 2025, for subscription and close on Tuesday, September 23, 2025. Investors can bid for a minimum of 98 Equity Shares and in multiples of 98 Equity Shares thereafter.
The proceeds from the Fresh Issue, after meeting issue related expenses, to the extent of Rs 322.5 crore will be utilised for funding the Company’s long term working capital requirements, and 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 (which are also referred to as solar-powered pump systems) under Component B of the Central Government’s Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan scheme (the “PM-KUSUM Scheme”) as measured by the number of solar-powered pump systems installed under the PM-KUSUM Scheme in the period from January 1, 2022 to July 31, 2025 (source: CRISIL Report).
The Company 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. The Company has been empanelled as a vendor under the Ministry of New and Renewable Energy for the PM-KUSUM Scheme in Maharashtra, Haryana, Rajasthan, Uttar Pradesh and Madhya Pradesh.
As at July 31, 2025, Maharashtra, Haryana, Rajasthan, Uttar Pradesh and Madhya Pradesh comprised 86% of the total number of solar-powered pump systems approved for subsidies under Component B of the PM-KUSUM Scheme (source: CRISIL Report).
The Company is also empanelled under various state government schemes such as Maharashtra’s Magel Tyala Saur Krushi Pump Yojana, Madhya Pradesh’s Pradhan Mantri Krishak Mitra Surya Yojana and Chhattisgarh’s Saur Sujala Yojana.
The Company currently primarily provides the EPC for solar-powered pump systems, which comprises direct-to-beneficiary sales and sales to others. Direct-to-beneficiary sales comprise the EPC of GK Energy brand solar-powered pump systems to farmers who chose the Company as their vendor on portals of agencies appointed by state governments (known as state nodal agencies or state implementing agencies (SNAs/SIAs) wherein the orders are placed with the Company by SNAs/SIAs under the PM-KUSUM Scheme and similar state government schemes, and the EPC of GK Energy brand solar dual water pump systems (solar-powered pump systems that include water storage) to local government bodies.
Sales to others comprise the EPC of solar-powered pump systems under orders placed by customers directly with the Company. The Company also offers other EPC services, comprising the erection and installation of water storage and distribution facilities under Jal Jeevan Mission, a central government scheme operated through urban local bodies, supply and installation of various solar products for government agencies and rooftop solar solutions (together, other EPC services). In addition, the Company also sells photovoltaic (PV) cells and solar modules manufactured by third parties and other miscellaneous products (trading activities).
IIFL Capital Services Limited (formerly known as IIFL Securities Limited) and HDFC Bank Limited are the book-running lead managers to the Offer. MUFG Intime India Private Limited is the registrar of the Offer.
The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the offer is assigned to non-institutional bidders and retail individual bidders respectively.
