Maharashtra-based agri-solar solutions provider GK Energy’s initial public offering (IPO) was oversubscribed 89.62 times at the end of the bidding window on September 23, 2025.

The price band was set at ₹145 (~$1.64) to ₹153 (~$1.73) per equity share with a face value of ₹2 (~$0.022). The IPO saw bids for 1.98 billion shares, exceeding the 22.18 million shares on offer.

Qualified institutional buyers led the demand, with a subscription rate of 186.29 and followed by non-institutional investors at 122.72. The portion allocated to the retail individual investors was oversubscribed by 20.79 times.

The shares are expected to be listed on the BSE and NSE on September 26, 2025.

In December 2024, GK Energy filed the draft red herring prospectus (DRHP) to raise over ₹5.01 billion (~$60.02 million) through an IPO route.

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.

GK Energy provides engineering, procurement, and construction services for rooftop solar systems and solar water pumps under government programs, such as the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM KUSUM) program.

At the recent Mercom India Renewables Summit, Raj Prabhu, CEO at Mercom Capital, discussed how clean energy companies are aggressively accessing the capital markets. He said India had seen some 16 IPOs in 12 months, reflecting strong demand. He, however, cautioned that the IPO route can also be a risky proposition.

In 2025, five companies in the solar sector filed papers with the market regulators to raise funds through the IPO route.