Saatvik Green Energy's IPO listed flat on the domestic market, with shares opening at ₹465. The company's profit is rapidly increasing, reaching ₹213.93 crore in FY2025. Through the ₹700 crore raised from the IPO via new shares, the company will reduce debt and establish a 4 GW solar module factory.
Saatvik Green Energy's IPO listed on the stock market on September 26, with a flat entry at ₹465. The company manufactures solar modules and provides EPC services. A total of ₹900 crore was raised in the IPO, of which ₹700 crore, through new shares, will be used to reduce debt, invest in a subsidiary, and establish a 4 GW solar factory in Odisha. The company's profit increased to ₹213.93 crore in FY2025, while total income grew at an 88% CAGR annually to ₹2,192.47 crore.
IPO Entry and Initial Trading
Saatvik Green Energy's shares were issued at a price of ₹465 in the IPO. Today, they opened at ₹460.00 on BSE and ₹465.00 on NSE. In early trading, the shares rose slightly to ₹460.55 on BSE. This indicates that IPO investors are neither in profit nor in loss. Meanwhile, the company's employees received each share at a discount of ₹44.00, which benefited them.
IPO Subscription
Saatvik Green Energy's ₹900 crore IPO was open for subscription from September 19 to 23. It received a good response from investors, being overall subscribed 6.93 times. The Qualified Institutional Buyers (QIBs) portion was subscribed 11.41 times, Non-Institutional Investors (NIIs) 10.57 times, retail investors 2.81 times, and employees 5.59 times.
Utilization of IPO Proceeds
Under this IPO, new shares worth ₹700 crore were issued. Additionally, 4,301,075 shares were sold through an Offer For Sale (OFS). The proceeds from the OFS went to the selling shareholders. Of the funds raised through new shares, ₹10.82 crore will be used to reduce the company's debt, ₹166.44 crore to reduce the debt of its subsidiary Saatvik Solar Industries, and ₹477.23 crore will be invested in setting up a 4 GW solar PV module manufacturing facility in Gopalpur, Odisha. The remaining funds will be allocated for general corporate purposes.
Company Business and Technology
Saatvik Green Energy was established in 2015. The company manufactures solar modules and provides EPC services. The company's technology helps reduce energy loss and increase efficiency. Manufacturing commenced in 2016. Its installed capacity was 125 MW in March 2017, which grew to approximately 3.80 GW by June 2025. The company has two manufacturing facilities in Ambala, Haryana.
Rapid Financial Growth
The company's profit is consistently growing. Net profit was ₹4.75 crore in FY2023, reaching ₹100.47 crore in FY2024, and further increasing to ₹213.93 crore in FY2025. During the same period, the company's total income grew at a compounded annual rate of over 88 percent to ₹2,192.47 crore.
Debt and Reserves Status
The company's debt also increased over time. At the end of FY2023, debt was ₹144.49 crore, reaching ₹263.42 crore in FY2024 and ₹458.10 crore in FY2025. Reserves and surplus also grew during the same period. It was ₹16.89 crore at the end of FY2023, ₹263.42 crore in FY2024, and ₹458.10 crore in FY2025.
Investor response to the IPO listing on the stock market was mixed. No significant surge in share prices was observed during initial trading. Given the company's b financial performance and future plans, investors may keep a close watch on the shares for the long term.
