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01 Nov, 2025
GK Energy IPO
The GK Energy IPO is a book-built issue of ₹464.26 crore, ₹400 crore of which is a fresh issue and ₹64.26 crore is an offer for sale. Investors can apply for a minimum of 98 shares, with retail investors investing about ₹14,994 at the upper price band. The IPO opens on September 19 and closes on September 23, with listing on September 26, 2025. The issue allocation is not more than 50% for QIBs, 35% for retail investors and 15% for NIIs.
Company Background
GK Energy Ltd is India's largest pure-play EPC provider of solar-powered agricultural water pump systems under the Government’s PM-KUSUM scheme. Incorporated in 2013, the company is primarily present in the states of Maharashtra, Haryana, Rajasthan and Uttar Pradesh, which are the largest states in disbursing PM-KUSUM subsidies, where GK has a firm footing. GK Energy provides end-to-end solutions that include surveying, designing, installing, commissioning and maintaining solar-powered pumps, thereby helping farmers access reliable and sustainable energy for irrigation. GK Energy has installed more than 21,000 pumps under PM-KUSUM II and won about 30,000 pumps under PM-KUSUM III.
Operations & Product Range
Facility & Production
GK Energy is active in both EPC services and solar pump solutions, providing an end-to-end solution from primary survey and design to installation as well as after-sales maintenance. The team and operational base lie across key Indian agricultural states. They also undertake projects in solar fencing, streetlights and energy storage solutions, diversifying their renewable energy offering. GK Energy has a strong track record in installations and technologies for their services to get optimum performance and longevity from systems for rural and semi-urban clients.
Brands & Market Presence
GK Energy’s products hold a strong position under the PM-KUSUM Government initiative, leading to significant visibility and trust building with farmers and state agencies. It holds a considerable market share in major agricultural states of India and continues to grow its footprint in states such as Madhya Pradesh. GK Energy maintains good relationships with state nodal agencies and farmers, evidenced by a high volume of installed pumps and ongoing maintenance contracts. The brand is recognized for reliability and quality around solar agricultural pumps.
Revenue Channels
The primary source of income for GK Energy IPO comes from the Engineering, procurement and commissioning (EPC) of agricultural solar-powered water pumping systems.
Income from the sales and servicing of installed solar pumps, including maintenance and warranty services, generates recurring income.
Additional solar energy initiatives, such as solar fencing, street lighting and energy storage systems, will provide supplemental revenue.
The government's KUSUM transition plan facilitates direct use of funds, resulting in a large volume of funded projects, thereby creating opportunities for scaling and re-ordering.
Management & Shareholding
Promoters & shareholding
GK Energy IPO has been promoted by Gopal Rajaram Kabra and Mehul Ajit Shah, who will maintain a majority stake together after the IPO. The IPO includes the offer for sale from these promoters with shared ownership, along with the newer issue, which will share out with the capital infusion for growth. Together, the promoters will maintain significant control and directional ownership after listing.
Board members
The board of GK Energy IPO consists of experienced professionals who oversee financial performance, operational direction and governance. IIFL Capital Services Ltd and HDFC Bank Ltd will act as book-running lead managers and MUFG Intime India Pvt. Ltd. as registrar.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
GK Energy IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
GK Energy IPO Details
| Detail | Description |
|---|---|
| IPO Date | September 19, 2025 to September 23, 2025 |
| Listing Date | - |
| Face Value | ₹2 per share |
| Issue Price Band | ₹145 to ₹153 per share |
| Lot Size | 98 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 3,03,43,790 shares (aggregating up to ₹464.26 Cr) |
| Fresh Issue | 2,61,43,790 shares (aggregating up to ₹400.00 Cr) |
| Offer for Sale | 42,00,000 shares of ₹2 (aggregating up to ₹64.26 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 17,66,73,476 shares |
| Share Holding Post Issue | 20,28,17,266 shares |
GK Energy IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Fri, Sep 19, 2025 |
| IPO Close Date | Tue, Sep 23, 2025 |
| Tentative Allotment | Wed, Sep 24, 2025 |
| Initiation of Refunds | Thu, Sep 25, 2025 |
| Credit of Shares to Demat | Thu, Sep 25, 2025 |
| Tentative Listing Date | Fri, Sep 26, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Tue, Sep 23, 2025Retail (Min) |
GK Energy IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 98 | ₹14,994 |
| Retail (Max) | 13 | 1,274 | ₹1,94,922 |
| S-HNI (Min) | 14 | 1,372 | ₹2,09,916 |
| S-HNI (Max) | 66 | 6,468 | ₹9,89,604 |
| B-HNI (Min) | 67 | 6,566 | ₹10,04,598 |
GK Energy IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 93.29% |
| Promoter Holding Post Issue | 78.64% |
Competitive Strength:
- Market leader in EPC service execution with focus on solar agricultural pumps under PM-KUSUM, with good governmental support and subsidy provision.
- Large scale and reach with over 21,000 pumps installed under PM-KUSUM II and contractual agreements for over 30,000 pumps in PM-KUSUM III..
- Diversified product and service portfolio with solar pumps, fencing and street lighting and energy storage; this will support revenue diversification.
- Strong growth momentum with revenue CAGR greater than 140% in FY22 to FY24 and order book growth with a healthy order book above ₹750 crore.
GK Energy IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 583.62 | 1,099.18 | 133.21 | 209.09 | 217.79 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 63.71% |
| ROCE | 55.65% |
| Debt/Equity | 0.74 |
| RoNW | 63.71% |
| PAT Margin | 12.12% |
| EBITDA Margin | 18.24% |
| Price to Book Value | 12.39 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 7.54 | 7 |
| P/E (x) | 20.29 | 23 |
Objectives of GK Energy IPO
Raise long-term working capital needed to support the expansion of project executions and the delivery of services.
Fund general corporate purposes, inclusive of operational usage and investment for future business.
Enable promoter participation in the OFS component while attracting the minimum fresh capital to support the growth of the company.
Conclusion
GK Energy IPO presents a chance for investors to join India’s booming solar agricultural pump sector, benefiting from strong governmental support and subsidies. GK Energy is uniquely positioned as a leader in the sector, operating from a strong project portfolio with years of experience and an excellent opportunity to take advantage of the growth of renewable energy focused on growing agricultural productivity. This IPO, including fresh issue proceeds and promoter’s OFS component, provides an attractive investment option and is aligned with India’s green energy future.
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Frequently asked Questions (FAQs )
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What are the GK Energy IPO dates?
The IPO opens on September 19, 2025 and closes on September 23, 2025.
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What is the total issue size of the GK Energy IPO?
The IPO size is ₹464.26 crore, of which ₹400 crore is fresh issue and ₹64.26 crore is an offer for sale.
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What business does GK Energy operate?
GK Energy is India’s largest EPC service provider for solar-powered agricultural water pump systems, and is also involved in solar fencing, street lighting and energy storage projects.
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Who are the promoters of the GK Energy IPO?
Gopal Rajaram Kabra and Mehul Ajit Shah are the promoters who hold the majority of the post-IPO shareholding.
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