GK Energy raises Rs 100 crore in pre-IPO funding

GK Energy Ltd, a solar-powered agricultural water pump systems provider, has raised Rs 100 crore in a pre-initial public offering (IPO) funding round. The investment came from Valuequest, 360 One (formerly IIFL Wealth), and Kotak AIF, among others.

According to the company’s notice, 65.36 lakh equity shares were allotted at Rs 153 each through a private placement, representing 3.70 per cent of its pre-offer equity capital. Of this, Valuequest India G.I.F.T. Fund invested Rs 35 crore, VQ FasterCap Fund II Rs 30 crore, 360 One High Growth Companies Fund Rs 15 crore, 360 One Equity Opportunities Fund – Series 4 Rs 10 crore, Kotak Iconic Fund Rs 5 crore, and Kotak Iconic Fund II Rs 5 crore.

The company’s planned IPO will include a fresh issue of up to Rs 500 crore and an offer for sale of up to 84 lakh equity shares by existing shareholders. Out of the fresh issue, Rs 422.46 crore will be allocated for long-term working capital needs, while the remaining funds will go toward general corporate purposes.