The initial public issue (IPO) of GK Energy Limited, a pioneer in the renewable energy sector in India, is completing the subscription on September 23, 2025 after opening on September 19. This book-Bilt Issue, which lasted for three days, received a tremendous response, subscribed to 15.86 times in total till late Monday night, and the final figures are close to 16 times as per the exchange data. Retail investors booked 11.54 times, non-institutional investors (NIIs) 42 times and qualified institutional buyers (QIB) booking 3.67 times, which reflects strong confidence in the development of solar power generation company amidst the green initiatives operated by the government.

Established in 2008, Pune-based GK Energy, under the PM-Kusum Yojana, is excellent in engineering, procurement and construction (EPC) for solar energy-powered agricultural water pumps. By July 2025, the company will set up more than 62,559 systems – which is 7.37% of the total program. Its asset-light model, obtaining parts from sellers and giving them “GK Energy” branding, ensures measurement without heavy capital expenditure, by rapping up with India’s rural beauty campaign. Revenue in FY 2025 reached ₹ 1,095 crore (above ₹ 285 crore in FY 2023), and the profit was ₹ 133 crore, which was strengthened by a strong order book.

There is a boom in brokerage. Angel advises to take membership, citing the boom in the solar pump market, as well as the execution capacity of GK energy and asset-light measurement through the Forest, PM-Kusum and state programs. Gejjated advised to ‘subscribe’ for moderate to long periods, and appreciate a proper assessment of FY25 compared to the government -backed demand and competitors.

At the price of ₹ 145–153 per share (marked price ₹ 2, lot size 98 shares, minimum ₹ 14,994), GK Energy has been judged at 23.3 times the P/E of the IPO Issue-at a priced at P/E-the Shakti pumps (24.1 times) and Oswal pumps (29 times) offer a price to bounce in competitions like pumps (24.1 times) and Oswal pumps (29 times). There will be a funding of ₹ 322.5 crore for working capital and general purposes from income.

The gray market premium (GMP) is ₹ 20, which means a listing price of ₹ 173 – 13% more than the Capital Price – which is promoting the discussion of listing, although it is unstable. This issue includes a new issue of ₹ 400 crore (2.61 crore shares) and ₹ 64.26 crore OFS (42 lakh shares) by promoters Gopal Rajaram Kabra and Mehul Ajit Shah. The allocation will be finalized on September 24 and will be listed on NSE/BSE on 26 September. It will be managed by IIFL Capital and HDFC Bank.

This IPO reflects India’s solar revolution and promises a stable growth for the concerned investors.