GK Power recordsdata DRHP with Sebi, plans to lift Rs 500 crore through recent problem, ETCFO
GK Power, India’s largest pure play supplier of engineering, procurement and commissioning for solar-powered agricultural water pump programs, has filed its draft crimson herring prospectus (DRHP) with market regulator Securities and Trade Board of India (Sebi), to lift funds by an preliminary public providing (IPO).
The IPO is meant to be a mixture of recent problem of shares as much as Rs 500 crore with a face worth of Rs 2 and a proposal on the market (OFS) of as much as 84 lakh fairness shares by promoting shareholders, the DRHP submitting confirmed.
The OFS consists of the sale of as much as 80 lakh fairness shares by Gopal Rajaram Kabra, and as much as 4 lakh by Mehul Ajit Shah.
GK Power intends to think about, in session with the book- operating lead managers (BRLMs), a pre-IPO placement of specified securities, aggregating as much as Rs 100 crore, the DRHP submitting confirmed. In case the pre-IPO placement is accomplished, the mentioned quantity raised pursuant to the pre-IPO placement can be diminished from the recent problem, the corporate said.
The web proceeds from the recent problem to the extent of Rs 422.46 crore can be used to fund the corporate’s long-term working capital necessities and basic company functions, GK Power mentioned in its DRHP submitting.
The problem will probably be made by the book-building course of, whereby no more than 50% is reserved for certified institutional patrons (QIBs), and a minimum of 15% and 35% of the online supply will probably be reserved for non-institutional buyers (NIIs) and retail particular person buyers, respectively.
The fairness shares of the corporate are proposed to be listed on the Nationwide Inventory Trade (NSE) and BSE.
GK Power specialises within the EPC of solar-powered pump programs, catering to each direct beneficiaries and different prospects. The corporate additionally delivers a spread of further EPC companies, such because the setup and set up of water storage and distribution programs underneath the Jal Jeevan Mission, a central authorities initiative carried out through city native our bodies.
The corporate can also be engaged in buying and selling actions, promoting photovoltaic (PV) cells, photo voltaic modules manufactured by third events, and different associated merchandise. As of November 30, GK Power leases 13 warehouses unfold throughout three states.
GK Power’s order e-book was Rs 759.18 crore as of October 1. The corporate’s income from operations elevated by 44.23% year-on-year to Rs 411.09 crore in FY24. Revenue after tax elevated by 258.04% year-over-year to Rs 36.09 crore in FY24.
The corporate has appointed IIFL Capital Providers and HDFC Financial institution as its book-running lead managers, whereas Hyperlink Intime India Non-public Ltd is the registrar of the difficulty.
Additionally learn | Wockhardt shares rise 10% after Zaynich aids profitable liver transplant trial
(Disclaimer: Suggestions, options, views and opinions given by the specialists are their very own. These don’t signify the views of Financial Occasions)
