Maharashtra-based agri-solar solutions provider GK Energy has filed the draft red herring prospectus (DRHP) to raise over ₹5.01 billion (~$60.02 million) through an initial public offering (IPO).

The IPO consists of a fresh issue of equity shares with a face value of ₹2 (~$0.023) each, aggregating up to ₹5 billion (~$58.84 million), and an offer for sale of equity shares with a face value of ₹2 (~$0.023) each, aggregating up to ₹16.8 million (~$197,714).

The company will utilize the funds raised for its long-term working capital requirements of ₹4.22 billion (~$49.66 million) and the remaining towards its general corporate purposes.

The book-running lead managers will be IIFL Capital Services, HDFC Bank, and Link Intime India.

The company provides engineering, procurement, and construction services for rooftop solar systems and solar water pumps under government programs like PM KUSUM.

GK Energy has a total working capital requirement of ₹2.99 billion (~$35.18 million). The company’s working capital requirement rose 400.35% year-over-year in the second quarter of the financial year 2025 from ₹597.70 million (~$7.03 million).

The company has completed 24,545 installations as of 2024 and has an order book of ₹7.6 billion (~$89.44 million).

Recently, green power producer Continuum Green Energy filed a DRHP to raise over ₹36.5 billion (~$430.10 million) through an IPO. The IPO will consist of a fresh issue of equity shares with a face value of ₹10 (~$0.12) each, aggregating up to ₹12.5 billion (~$147.30 million).

In November 2024, Haryana-based solar module manufacturer Saatvik Green Energy filed its DRHP with the Securities and Exchange Board of India to raise ₹11.5 billion (~$136.26 million) through IPO. The IPO combines a fresh issue of shares worth ₹8.5 billion (~$100.71 million) and an offer for sale of ₹3 billion (~$35.54 million) by the promoters. The shares will have a face value of ₹2 (~$0.024).