GK Energy Ltd to Illuminate Markets with Eco-Friendly IPO Launch

GK Energy Ltd, a leader in solar-powered agricultural water pump systems, plans an IPO to raise Rs 500 crore with an Offer-for-Sale of 84 lakh shares. Proceeds will support working capital requirements and general corporate needs. The company specializes in EPC services and offers solutions under government initiatives.

In a strategic move to bolster its financial standing, GK Energy Ltd, a prominent provider of solar-powered agricultural water pump systems, has submitted preliminary filings with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO). The Pune-based company's IPO will involve a fresh issuance of shares valued at Rs 500 crore, alongside an Offer-for-Sale of 84 lakh equity shares by existing stakeholders.

The draft red herring prospectus outlines plans for a pre-IPO share placement, potentially reducing the size of the fresh issue. Proceeds from the fresh share issue, totaling Rs 422.46 crore, are earmarked for enhancing the company's long-term working capital, while the remainder will address general corporate objectives.

Established as a leader in engineering, procurement, and commissioning (EPC) services specific to solar-powered water pump systems, GK Energy Ltd plays a significant role in the government's PM-KUSUM scheme and Jal Jeevan Mission. With an order book of Rs 759 crore and revenue growth of 44.23% in fiscal 2024, the firm is poised for expansion.

(With inputs from agencies.)