AZB & Partners, Duane Morris & Selvam and JSA Advocates & Solicitors advised on GK Energy’s Rs.564 Crore (approx.) IPO.

The IPO garnered remarkable interest from investors, with a QIB subscription of approximately 186.29 times, NII subscription of around 122.73 times, retail subscription of approximately 20.79 times, and an overall subscription of approximately 89.62 times.

GK Energy is a pure play engineering, procurement and commissioning (EPC) provider of solar-powered agricultural water pump systems, which comprises (i) direct-to-beneficiary sales; and (ii) sales to others. Direct-to-beneficiary sales comprise (i) the EPC of GK Energy brand solar-powered pump systems to farmers who chose us as their vendor on portals of agencies appointed by state governments (known as state nodal agencies or state implementing agencies (“SNAs/SIAs”)) wherein the orders are placed with us by SNAs/SIAs under the PM-KUSUM Scheme and similar state government schemes, and (ii) the EPC of GK Energy brand solar dual water pump systems (solar-powered pump systems that include water storage) to local government bodies. Sales to others comprise the EPC of solar-powered pump systems under orders placed by customers directly with the company.

AZB & Partners advised and represented GK Energy Limited on its initial public offering of equity shares (IPO), which was undertaken by way of fresh issue and offer for sale, for an amount aggregating to INR 4,642.60 million.

The book running lead managers to the IPO were IIFL Capital Services Limited and HDFC Bank Limited.

The deal team comprised senior Partners Varoon Chandra, Lionel D’Almeida and Rahul Aggarwal; Senior Associate Anusha Mehta along with Associates Tanaiy Tewari, Yagnesh Sharma, Shivani Singh, Saket Pathak and Khushi Lunawat.

Duane Morris & Selvam LLP acted as the international legal counsel to IIFL Capital Services Limited and HDFC Bank Limited in their capacity as the book running lead managers on the recent sale of INR 5,642.59 million (US$64 million) of shares in GK Energy Limited in a pre-IPO and IPO in India and concurrent private placements outside India. The shares were listed on the NSE and BSE on 26 September 2025.

Duane Morris & Selvam’s team was led by Jamie Benson, the head of the U.S. capital markets, U.S. venture capital and India practices. The deal team also included Paul Marks, a Special Counsel in the Hanoi office, Priya Selvam, a Senior Associate in the Singapore office, Colette Tan, an Associate in the Singapore office, and Faiz Jugari, an Associate in the Singapore office.

JSA Advocates & Solicitors advised IIFL Capital Services Limited and HDFC Bank Limited, the Book Running Lead Managers, in relation to the initial public offering of equity shares of GK Energy Limited (IPO), which comprised a fresh issue and an offer for sale by the Promoter Selling Shareholders. The total IPO size, including a pre-IPO placement, aggregated to Rs. 5,642.60 million.

The JSA team was led by Partner Madhurima Mukherjee Saha, with support from the Capital Markets team including Partner Sagar Batra, and Associates Nidhi Prakriti, Aryaman Singh, Shashwat Sharma, and Tisa Padhy.