New Delhi, Sept. 1 -- IPO bound solar agri pump maker GK Energy Ltd has raised Rs.100 (around $11.3 million) crore from three institutional investors. The pre-IPO round values the company at Rs. 3,100 crore (around $351 million).
Following this, GK Energy reportedly will trim the size of its fresh issue from the initially planned Rs. 500 crore to Rs. 400 crore. The offer for sale will fetch its promoters Gopal Rajaram Kabra and Mehul Ajit Shah Rs. 528.52 crore.
The company raised fresh funding from ValueQuest, 360 ONE WAM (formerly IIFL Wealth) and Kotak Alternate Asset Managers. Of this, ValueQuest invested Rs. 65 crore via two funds for a 2.4% stake, 360 ONE WAM invested Rs. 25 crore in lieu of a 0.9% stake and Kotak AIF invested Rs. 10 crore for a 0.36% stake.
ValueQuest invested via the ValueQuest India GIFT Fund (Rs. 35 crore) and the VQ Fastercap Fund II (Rs. 30 crore). 360 ONE WAM invested via 360 ONE High Growth Companies Fund (Rs. 15 crore) and 360 ONE Equity Opportunities Fund - Series 4 (Rs. 10 crore). Kotak infused money via the Kotak Iconic Fund and Kotak Iconic Fund II (Rs. 5 crore each).
Founded in 2008 as GK Energy Marketers, the company was converted into a public limited company in 2024. GK Energy provides engineering, procurement, and commissioning (EPC) services for solar-powered agricultural water pump systems.
The company filed its draft red herring prospectus in December 2024 and was granted permission to go in for a pre-IPO round in August. The company's revenue from operations jumped from Rs. 285 crore in FY23 to Rs. 1,094 crore in FY25, a CAGR of 96%. In the same period its net profit also rose from just over Rs. 10 crore to Rs. 133 crore.
Published by HT Digital Content Services with permission from VC Circle.