GK Energy IPO: GMP, Subscription, and Should You Apply?

Subscription Status – Day 1 Recap

By the end of Day 1, the IPO had already seen strong investor interest. The issue was subscribed to 2.69 times, with:

• Retail Investors: 2.83x subscribed

• NII (HNI) quota: 2.74x subscribed

• QIBs (institutional investors): 2.40x subscribed

👉 This early enthusiasm indicates healthy demand across categories.

Grey Market Premium (GMP) Today

The GK Energy IPO GMP is hovering around ₹22. That means shares are commanding a premium over the issue price and are expected to list around ₹175.

If this holds, investors could see a 14–15% listing gain compared to the upper price band of ₹153.

About GK Energy Limited

Founded in 2008, GK Energy operates in the renewable energy EPC space, focusing on solar-powered water pump systems under the government’s PM-KUSUM scheme.

• Business model: Asset-light – they source panels and components from vendors and market them under the “GK Energy” brand.

• Strengths: Strong order book, scalable operations, and alignment with India’s solar energy push.

• Use of funds: Out of the fresh issue, ₹322.5 crore will go into long-term working capital, while the rest will support general corporate purposes.

Key IPO Details

• Issue Size: ₹464.26 crore

• Fresh Issue: ₹400 crore

• Offer for Sale: ₹64.26 crore (by promoters)

• Lot Size: 98 shares (min investment: ₹14,994 at upper band)

• Allotment Date: September 24

• Listing Date: September 26 (NSE & BSE)

• Lead Manager: IIFL Capital Services Ltd.

• Registrar: MUFG Intime India Pvt. Ltd.

Should You Apply for GK Energy IPO?

Here’s where it gets interesting. Analysts are largely positive:

• Angel One: Subscribe – Citing strong revenue and PAT growth, attractive valuation (P/E ~23.3x), and robust demand from government-backed schemes.

• Geojit Investments: Subscribe (medium to long term) – They highlight GK’s execution strength and favorable industry outlook.

Our Take

If you’re an investor seeking listing gains, the GMP suggests a potential 14% upside.
For long-term investors, GK Energy is positioned in a sector where government policies (PM-KUSUM, state solar programs) are strong tailwinds. Valuation seems fair compared to peers, making it a reasonably priced bet on India’s renewable energy growth story.