SINGAPORE, 29 September 2025 — 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.
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.
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.
"We are proud to have played a key role in GK Energy Limited's IPO and delighted to see the huge interest of investors in the IPO" said Benson.
AZB & Partners acted as Indian legal counsel to GK Energy Limited and the selling shareholders and JSA Advocates & Solicitors acted as Indian legal counsel to the Book Running Lead Managers.
About Duane Morris & Selvam LLP India Capital
Markets Practice
Duane Morris & Selvam acted as the international
legal counsel on 13 IPOs and 22 QIPs by Indian issuers that closed
in the year ended December 31, 2024, representing a market share of
approximately 17% and 23% in terms of number of deals,
respectively. As per Bloomberg Global Legal Adviser League Tables
for the year ended December 31, 2024, Duane Morris & Selvam was
the 2nd ranked international law firm in terms of the number of
deals advising the lead managers on equity offerings by Indian
issuers.
About Duane Morris & Selvam LLP
Duane Morris & Selvam LLP is the joint law venture
between Duane Morris LLP and Selvam LLC, with its headquarters in
Singapore. By way of its global platform and extensive range of
legal services, the firm helps companies conduct business in and
out of Asia, the United States, Latin America, the United Kingdom
and beyond. In addition to the excellent skills of its lawyers,
clients benefit from the cultural fluency and key relationships
that the firm has developed over many years of practising law
throughout the region. The firm has a presence in the key markets
of Southeast Asia, including Singapore, Hanoi, Ho Chi Minh City and
Yangon, as well as an office in Shanghai. Supporting these regional
offices, the firm operates a series of country desks for India,
Indonesia, Korea and Japan. It is regularly ranked among the
region's leading law firms by Chambers & Partners, The
Legal 500 and IFLR1000.