Two new companies- GK Energy and Saatvik Green Energy- are set to make their Dalal Street debut on Friday, September 26 and both the companies are likely to deliver positive returns for the investors, if one goes by the latest grey market premium (GMP) signals for the issues.
Both the issues were open for bidding between September 19-22 and will be listed on both BSE and NSE.
GK Energy
Shares of GK Energy are likely to deliver a listing pop of 11-12 per cent for the investors considering its latest grey market premium of Rs 18 per share. However, the grey market premium stood around Rs 25-30 per share, when the issue was running for the bidding.
GK Energy offered its shares in the price band of Rs 145-153 per share with a lot size of 98 shares. The company raised a total of Rs 464.26 crore from its IPO, which included a fresh share sale of Rs 400 crore and an offer-for-sale (OFS) of up to 42,00,000 shares. The issue was overall subscribed a solid 89.62 times, fetching more than 22.02 lakh applications and bids worth Rs 30,400 crore.
Incorporated in 2008, Pune-based GK Energy provides engineering, procurement and commissioning (EPC) services for solar-powered agricultural water pump systems. IIFL Capital Services and HDFC Bank were the book running lead manager and MUFG Intime India was the registrar of the issue.
Saatvik Green Energy
The grey market premium (GMP) of Saatvik Green Energy has dropped sharply, following a muted bidding and volatile market sentiments. Last heard, the company was commanding a premium of only Rs 10-13 in the unofficial market, suggesting flat listing gains of 2-3 per cent for the investors. The GMP stood at Rs 30-35 when the issue had opened for bidding.
The IPO of Ambala-based Saatvik Green Energy was sold in the range Rs 442-465 apiece with a lot size of 32 shares. It raised a total of Rs 900 crore via IPO, which included a fresh share sale of 700 crore and offer-for-sale (OFS) of up to Rs 200 crore. The issue was overall subscribed only 6.57 times fetching nearly 5.27 lakh applications, fetching bids for over Rs 4,365 crore.
Incorporated in 2015, Saatvik Green Energy is the manufacturer of modules and offers engineering, procurement and construction (EPC). DAM Capital Advisors, Motilal Oswal Investment Advisor and Ambit were the book running lead managers for the Saatvik Green Energy IPO and Kfin Technologies served as the registrar of the issue.