GK Energy & Saatvik Green Energy IPOs enter day 2, GK Energy leads subscription

The IPOs of GK Energy and Saatvik Green Energy entered their second day of bidding on September 22, 2025, attracting significant attention from retail and institutional investors.

GK Energy IPO

GK Energy’s ₹465-crore IPO, priced in the range of ₹145‑153 per share, received robust response so far on Day 2 with 4.18 times subscription. The non‑institutional investors subscribed 5.41 times, retail investors contributed about 4.69 times and QIBs 2.33 times (at 12 noon). 

The Pune-based firm garnered ₹139 crore from anchor investors. The IPO comprises of fresh issue of shares worth ₹400 crore and an offer-for-sale (OFS) of 42 lakh equity shares, worth ₹65 crore at the upper end. The minimum lot size is 98 shares. IIFL Capital Services and HDFC Bank are the book-running lead managers to the offer.

Proceeds from the fresh issue will be utilised for funding the company’s long-term working capital requirements and for general corporate purposes.

Brokerages, including Angel One and Geojit, generally recommend subscribing for long-term investors, citing growth prospects in solar pumps and government-led PM-KUSUM schemes, though they cautioned about high valuations, negative operating cash flows, and competitive pressures. Some analysts cited attractive valuation and strong growth prospects amid India’s clean energy push.

Saatvik Green Energy IPO

Saatvik Green Energy IPO, having price band of ₹442‑465 per share with a total issue size of ₹900 crore, recorded a modest subscription of 86 per cent. Retail investors led with 1.27 times subscription, non-institutional investors 0.99 times, and QIBs saw tepid subscription of 0.01 times at 12.06 pm on September 22. 

Ahead of the IPO, the company mobilised ₹269 crore from anchor investors. The IPO is a combination of fresh issue of shares worth ₹700 crore and an offer for sale (OFS) of ₹200 crore by promoters. The minimum lot size is 32.

Proceeds will be invested in Saatvik Solar Industries Private Limited for setting up a 4 GW solar PV module manufacturing facility at Gopalpur Industrial Park in Odisha, infused into the subsidiary for repayment or prepayment of its outstanding borrowings, and for general corporate purposes.

Dam Capital Advisors, Ambit, and Motilal Oswal Investment Advisors are the book-running lead managers to the issue. 

Analysts recommend a cautious subscribe, highlighting strong revenue and profit growth in solar module manufacturing but pointing out high customer concentration, dependence on government policies, and relatively rich valuations.

The IPOs allotment is scheduled for September 24, 2025, following the conclusion on September 23, 2025, with listing on NSE and BSE expected on September 26, 2025.

While GK Energy shows consistent demand and strong investor confidence, Saatvik Green Energy’s slower subscription, especially among institutional investors, signals potential risks.

For long-term investors willing to take on sector-specific exposure, both IPOs remain attractive in the renewable energy segment, with GK Energy appearing slightly safer in terms of subscription and market sentiment.

Published on September 22, 2025