The GK Energy IPO is a mainboard IPO by GK Energy Ltd., incorporated in 2008. The company provides EPC services for solar-powered agricultural water pump systems under the government’s PM-KUSUM Scheme. The IPO is a bookbuilt issue of Rs. 464.26 Cr (~3.03 Cr shares), including a fresh issue of 2.61 Cr shares (Rs. 400 Cr) and offer for sale of 0.42 Cr shares (Rs. 64.26 Cr).
GK Energy IPO Details
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IPO Opening Date: Sep 19, 2025
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IPO Closing Date: Sep 23, 2025
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IPO Allotment Date: Sep 24, 2025
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Refund Initiation: Sep 25, 2025
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Tentative Listing Date: Sep 26, 2025
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Issue Size: Rs. 464.26 Cr
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Price Band: Rs. 145 – Rs. 153 per share
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Lot Size: 98 Shares
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Listing: BSE & NSE
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Registrar: MUFG Intime India Pvt. Ltd.
GK Energy IPO - Hidden Facts
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Trademark Ownership Risk: The brand "GK Energy" is owned by promoter Gopal Rajaram Kabra, licensed to the company with 0.1% royalty on sales. Loss of agreement may result in branding rights loss.
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Pre-IPO Placement: Rs. 100 Cr raised via pre-IPO placement, giving early investors potential discount.
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Promoter Ultra-Low Cost: Promoters hold shares at Rs. 0.03–0.15 per share, ensuring unrealized profits if IPO opens at Rs. 150–200.
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Subsidiary Debt Risk: GK Energy Solar Pvt. Ltd. received Rs. 20.19 million unsecured loan from parent; parent is liable for defaults.
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Bonus & Split Strategy: 25:1 bonus issue and share split from Rs. 10 to Rs. 2 FV increases promoters’ proportional holdings at low cost.
Industry Outlook
The solar-powered agricultural pump market is projected to grow at CAGR >52% between FY24–29, reaching Rs. 300–320 Bn (Crisil Intelligence), indicating a strong sector potential.
Objectives of the Issue
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Long-term working capital needs (~Rs. 322.46 Cr)
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General corporate purposes
Valuation Metrics
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Price to Book Value: 12.39
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ROE: 63.71%
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ROCE: 55.65%
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PAT Margin: 12.12%
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Debt/Equity: 0.74
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EBITDA Margin: 18.24%
P/E Evaluation: FY25 EPS of Rs. 7.86 gives P/E of 19.46x, compared to industry average of 26.56x, indicating a fairly priced IPO.
IPO Strengths
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17% market participation in Maharashtra solar pump tenders.
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Strong revenue growth and high return ratios (ROE 63.71%, ROCE 55.65%).
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Support from government schemes ensures steady business.
IPO Weaknesses
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99% revenue depends on EPC of solar-powered agricultural pumps.
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Reliance on government subsidies for growth.
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Trademark owned by promoters, not the company.
GK Energy IPO GMP
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As of 16 Sep 2025, GMP not yet started.
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Listing price will depend on market response and subscription levels.
GK Energy IPO Lot Size & Reservation
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Retail Investors: 1 Lot (98 shares – Rs. 14,994) to 13 Lots (1,274 shares – Rs. 1,94,922)
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S-HNI Investors: 14 Lots (1,372 shares – Rs. 2,09,916) to 66 Lots
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Institutional Share Portion: 50%
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Retail Investors: 35%
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Non-Institutional Shares: 15%
IPO Allotment Status
Check allotment at:
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BSE IPO Allotment Status
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Registrar’s official portal (MUFG Intime India Pvt. Ltd.)
Promoters & Management
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Gopal Rajaram Kabra
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Mehul Ajit Shah
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Promoter Shareholding: Pre-Issue 93.29%, Post-Issue 78.64%
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Lead Manager: IIFL Capital Services Ltd.
Dividend Policy
No dividend declared in the last three fiscal years.
The GK Energy IPO provides investors exposure to India’s rapidly growing solar pump sector supported by government initiatives. Strong revenue growth, high returns, and reasonable valuation make it attractive. Risks include trademark licensing, subsidiary debt, and dependence on subsidies, which investors must consider.
FAQs
Q1. When will the GK Energy IPO be listed?
Tentative listing date is Sep 26, 2025 on BSE & NSE.
Q2. How to get the GK Energy IPO refund?
Refunds will be initiated on Sep 25, 2025 via your bank account linked to the IPO application.
Q3. How to apply for the GK Energy IPO?
Apply via your Demat account or ASBA facility during IPO dates.
Q4. What is the GK Energy IPO price band?
The price band is Rs. 145 – Rs. 153 per share.
Q5. What is the allotment date for GK Energy IPO?
Allotment will be on Sep 24, 2025.
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