GK Energy Ltd.

GK Energy Ltd is engaged in the business of engineering, procurement, and commissioning (EPC) for solar-powered agricultural water pump systems. It offers a full suite solution to farmers in terms of survey, design, supply, assembly, installation, testing and maintenance of solar-powered pump systems. Its business model is largely asset-light which helps them to maintain ROE ratios at robust levels. It operates 12 warehouses across India. 

The IPO is a combination of fresh issue and offer for sale (OFS) by early investors. GK Energy Ltd was promoted by Gopal Rajaram Kabra and Mehul Ajit Shah. The IPO will be lead-managed by IIFL Capital Services and HDFC Bank; while MUFG Intime India Private Ltd will be the IPO registrar. The company is headquartered in the city of Pune in Maharashtra. 

Highlights of the IPO Issue

Here are the key highlights of the public issue of GK Energy Ltd. 

1. The IPO of will be open from September 19th, 2025 to September 23rd, 2025. It has a face value of ₹2 per share and IPO price band is set in range of ₹145 to ₹153 per share.
2. The IPO of GK Energy Ltd is a combination of a fresh issue and an offer for sale (OFS) by some of the early investors in the company.
3. The fresh issue portion comprises the issue of 2,61,43,790 shares (261.44 lakh shares), which at the upper price band of ₹153 per share translates into ₹400 crore.
4. The OFS of the IPO comprises the sale of 42,00,008 shares (42.00 lakh shares), which at the upper price band of ₹153 per share translates into ₹64.26 crore.
5. The overall IPO will comprise of a fresh issue and an OFS of 3,03,43,790 shares (303.44 lakh shares) worth ₹464.26 crore at the upper band price of ₹153 per share. 

The IPO of GK Energy Ltd will be listed on the NSE and the BSE on the IPO mainboard. 

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of GK Energy Ltd 

Data Source: Company RHP 

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).  

The table below captures the gist of the allocation to various categories. 

Data Source: Security Parameters Filing (NSE) 

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of GK Energy Ltd for various categories of investors. 

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 98 shares) 

Financial Highlights

The table captures the key financials of GK Energy Ltd for last 3 financial years.  

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period) 

The company has shown sharp growth in sales and profits in the last 2 years and that is reflected in the growth in the net margins as well as in the return on equity. The asset-light model has also helped boost the ROE in this case. 

Valuation Metrics

At the current issue price of ₹153 per share, the valuation of the company is at a P/E ratio of 19.5X in terms of latest year EPS of ₹7.86. This is valuation is competitive compared to the industry averages, especially considering the ROE levels and the asset-light model of the company. The big advantage for the company is its robust order book position, which stands at over ₹1,030 Crore and growing at a rapid pace to keep the funnel going in future years. 

Apart from the asset-light model, the decentralized structure of the company also helps them to scale up rapidly in terms of order flows and execution. The EPC market is expected to grow at a rapid clip and the company is likely to benefit from the same. Investors can look at the IPO as a long-term participation in the green energy franchise that is taking off in a big way. Valuations are reasonable and the return ratios are also buoyant. 

A Brief on the Anchor Allocation

The anchor issue of GK Energy Ltd saw a relatively strong response on 18th September 2025 with 29.10% of the IPO size absorbed by anchors. Out of 3,12,83,964 shares (312.84 lakh shares) on offer, anchors picked up 91,03,136 shares (91.03 lakh shares) accounting for 29.10% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹153 per share. This includes the face value of ₹2 per share plus a share premium of ₹151 per share. The anchor bidding opened and closed on 18th September 2025.  

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of GK Energy Ltd 

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery. 

Anchor Allocation Investors

On 18th September 2025, GK Energy Ltd allotted 91,03,136 shares to 13 anchor investors. The allocation was done at the upper IPO price band of ₹153 per share which resulted in overall anchor allocation of ₹139.28 crore. The anchors have already absorbed 29.10% of the total issue size of ₹478.64 crore. Listed below are the 10 IPO anchor investors who accounted for anchor collection of ₹127.49 crores, or, 91.54% of overall anchor allocation. 

Data Source: BSE Filings (Value Allocated in ₹ in Crore) 

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below. 

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20250918-61&attachedId=dc1c08ba-602c-4b77-b715-800c9fe2ff67 

Out of the 91,03,136 shares allocated to the anchors in the IPO, there were a total of 42,71,731 shares allocated to domestic mutual funds regulated by SEBI. This allocation was done across 6 mutual fund Schemes of 5 AMCs in India. Mutual Funds accounted for 46.92% of the overall anchor allocation absorbed. Most of the other anchor shares were allocated to alternative investment funds (AIFs), FPIs, and P-Notes. 

Next Step in the IPO

Post the closure of the IPO subscription on 23rd September 2025, the basis of allotment will be finalized on 24th September 2025 and the refunds will be initiated on 25th September 2025. In addition, the demat credits are expected to also happen on 25th September 2025 and the stock will list on 26th September 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 25th September 2025 under ISIN (INE1AG301022). 

IPO Subscription Status on Day-1

As of 5.20 pm on 19th September 2025, out of the 221.81 lakh shares on offer in the IPO (excluding anchor portion), GK Energy Ltd saw bids for 570.79 lakh shares. This implies an overall subscription of 2.57X at a macro level. The granular break-up of subscriptions as of the close of Day-1 of the IPO of GK Energy Ltd was as under: 

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-1 of the IPO) 

The IPO is open up to September 23, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status on Day-2

As of 5.20 pm on 22nd September 2025, out of the 221.81 lakh shares on offer in the IPO (excluding anchor portion), GK Energy Ltd saw bids for 1,422.48 lakh shares. This implies an overall subscription of 6.41X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of GK Energy Ltd was as under: 

The subscriptions were led by the HNI / NII Investors followed by the Retail investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-2 of the IPO) 

The IPO is open up to September 23, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status on Day-3

As of 7.10 pm on 23rd September 2025, out of the 221.81 lakh shares on offer in the IPO (excluding anchor portion), GK Energy Ltd saw bids for 19,877.79 lakh shares. This implies an overall subscription of 89.62X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the IPO of GK Energy Ltd was as under: 

The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also. Both the QIB and the NII bids picked up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-3 of the IPO) 

The IPO was open up to September 23, 2025. As of the close of market hours on September 23, 2025, the IPO of GK Energy Ltd has closed for subscription. The updated subscription status that you see above represents the final subscription status at close. This status is after 7.00 pm on the closing day, when the IPO subscription status is finalized. 

About the GK Energy Ltd.

The IPO of GK Energy Ltd opened on September 19th, 2025 and closed on September 23rd, 2025. The overall IPO comprised of a fresh issue and an OFS of 3,12,83,964 shares (312.84 lakh shares) worth ₹478.64 crore at the upper price band of ₹153 per share. The allotment status will be finalized by end of day (EOD) of September 24, 2025. Here is how to check your allotment status for the IPO of GK Energy Ltd. You can check IPO status on the BSE website or on the NSE website or on the IPO Registrar website (MUFG Intime India Private Ltd). 

Checking The Allotment Status of IPO on BSE Website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.  

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity Option 
2. Under Issue Name – Select GK Energy Ltd   from the drop-down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip .OR. 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once this is done, you need to click on the Captcha to verify you are not a robot 
6. Finally click on the Search Button 

You can use either of the parameters to query; Application / CAF number or Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of GK Energy Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits. 

Checking The Allotment Status of IPO on NSE Website

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.  

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity & SME IPO Details Option 
2. Under SELECT SYMBOL – Select GKENERGY from the dropdown box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip .AND. 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once both are entered, click on the Submit Button 

You must input the Application / CAF number and the Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of GK Energy Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits. 

Checking Allotment Status of IPO on MUFG Intime India Private Limited

Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below: 

https://in.mpms.mufg.com/Initial_Offer/public-issues.html 

There are 4 options available to you to access the allotment status, and you can use any of these options to query.   

1. You can use PAN access. Enter the 10-character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.
2. The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
3. You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.
4. You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book. 

Finally, click on the SUBMIT button.  

In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to [email protected] or you can call on (0)-81081-14949 for voice call. 

Smart Listing For Gk Energy Ltd

GK Energy Ltd had a smart listing on 26th September 2025. On the NSE, the stock of GK Energy Ltd listed at ₹171, a smart premium of 11.76% to the IPO issue price of ₹153 per share. The issue was subscribed just 89.62 times overall at the close of the IPO, so opening sentiments being robust was along expected lines. However, had the market sentiments been stronger, even the post listing performance could have been better. 

On the BSE also, the listing of GK Energy Ltd was at a robust premium. Against the issue price of ₹153 per share, the stock listed at ₹165, a premium of 7.84% to the issue price. The stock of GK Energy Ltd is on T+1 rolling settlement system. 

How The Stock of Gk Energy Ltd Moved During the Day?

After opening higher at ₹171 per share on the NSE, the stock traded above the listing price only briefly before giving up listing gains. During the day, the stock of GK Energy Ltd touched a high of ₹174.70 and an intraday low of ₹165. On the NSE, the upper circuit band of the stock is set at ₹188.10 while the lower circuit band is set at ₹153.90 per share. Effectively, the stock remained in a range with a downward bias. 

What about the BSE? After opening higher at ₹165 per share on the BSE, the stock hovered in a broad range on both sides of the listing price. During the day, the stock of GK Energy Ltd touched a high of ₹175.95 and an intraday low of ₹165. On the BSE, the upper circuit band of the stock is set at ₹181.45 while the lower circuit band is set at ₹148.50 per share. Even on BSE, the stock remained in a range with downward bias.

How Did the Stock of Gk Energy Ltd Close on Listing Day?

Here is how the stock of GK Energy Ltd closed on the NSE. The closing price of ₹166.95 per share is at a premium of 9.12% to the IPO issue price but at a discount of -2.37% to the listing price of ₹171 per share on the NSE. The company had a market cap of ₹3,386 crore at close. During the day, the stock of GK Energy Ltd traded 294.53 lakh shares on the NSE, with total traded value of ₹502.73 crore. Deliveries were 49.67% of the total volumes on NSE. 

Here is how the stock of GK Energy Ltd closed on the BSE. The closing price of ₹167.75 per share is at a premium of 9.64% to the IPO issue price and a premium of 1.67% to the listing price of ͭ₹165 on the BSE. The company had a market cap of ₹3,402 crore as of close. During the day, the stock of GK Energy Ltd traded 32.81 lakh shares on the BSE, having a total traded value of ₹55.90 crore. Deliveries were 43.98% on the BSE. 

The stock trades under the codes: NSE (GKENERGY), BSE (544525), ISIN (INE1AG301022).