GK Energy, a provider of engineering, procurement, and commissioning services for solar-powered agricultural water pumps, raised Rs 139.3 million from 12 anchor investors on 18 September, a day before its initial public offering (IPO) opened to the public.

The Rs 464.3 million IPO will open for all investors on 19 September at a price band of Rs 145–153 per share, with bidding closing on 23 September. The company plans to issue fresh shares worth Rs 400 million, while promoters will sell 4.2 million shares valued at Rs 64.26 million at the upper price band through an offer-for-sale.

In its filing to exchanges, GK Energy stated that 9.103 million shares were allocated to anchor investors at Rs 153 per share. Pinebridge Global Funds, 360 ONE MF, HSBC MF, and Prashant Jain's 3P India Equity Fund each invested Rs 22.5 million for 1.47 million shares in the anchor book. Motilal Oswal AMC, Bandhan MF, Edelweiss, Nuvama, Citigroup, and Societe Generale were among the other participants.

Of the total allocation to anchor investors, 4.271 million shares went to five domestic mutual funds, GK Energy noted.

The Pune-based company intends to use Rs 322.46 million from the fresh issue for long-term working capital requirements, with the remainder allocated to general corporate purposes. IIFL Capital Services and HDFC Bank are managing the IPO as merchant bankers.