Saatvik Green Energy's ₹900 crore IPO opened on September 19, 2025, and will be available to investors until September 23. The price band is ₹442-465, 1.935 crore shares will be issued, and ₹269 crore was raised from anchor investors.
IPO Update: Saatvik Green Energy's IPO opened for investors on Friday, September 19, 2025. This issue can be applied for until September 23. The company has set the price band for its IPO at ₹442 to ₹465 per share. Through this IPO, Saatvik Green Energy plans to raise ₹900 crore. A total of 1.935 crore new equity shares will be issued, comprising 1.50 crore shares as a fresh issue and 43 lakh shares through an Offer For Sale (OFS).
Saatvik Green Energy IPO's Grey Market Demand
Prior to the IPO's opening, Saatvik Green Energy's shares were seeing significant demand in the grey market. According to sources, the unlisted shares were trading at ₹530 on September 19. This indicates a Grey Market Premium (GMP) of 14 percent compared to the upper end of the IPO price band at ₹465. This suggests enthusiasm among investors for the IPO.
Amount Raised from Anchor Investors
Saatvik Green Energy had already raised ₹269 crore from anchor investors before the issue commenced. According to a circular available on the BSE website, 57.9 lakh equity shares were allotted to nine funds at a price of ₹465 per share. HDFC Mutual Fund, Nippon India MF, Bandhan MF, 360 One, 3P India, and SBI General Insurance Company participated in the anchor round.
Subscription to Saatvik Green Energy IPO
SBI Securities has advised investors to subscribe to Saatvik Green Energy at the cut-off price. According to the brokerage, the company has a total installed capacity of 4.8 GW. The company plans to establish an integrated cell and module manufacturing unit in Odisha. It targets a cell production capacity of 4.8 GW by FY27 and a module production capacity of 4 GW by FY26.
The brokerage noted a Compound Annual Growth Rate (CAGR) of 88%, 365%, and 572% in the company's revenue, EBITDA, and net profit, respectively, between FY23 and FY25. This indicates b financial performance. At the upper price band of ₹465, the company's P/E multiple for FY25 is 27.6x.
Saatvik Green Energy IPO Issue Size and Categories
- Fresh Issue: ₹700 crore (1.505 crore equity shares)
- Offer For Sale (OFS): ₹200 crore (43 lakh equity shares)
- Total Issue Size: ₹900 crore
- Price Band: ₹442 – ₹465 per share
- Lot Size: 32 shares
- Cost of one lot: ₹14,880 (at upper price of ₹465)
- Maximum Investment (Retail): ₹1,93,440 (13 lots / 416 shares)
50 percent of the total issue is reserved for Qualified Institutional Buyers (QIBs). 35 percent is reserved for retail investors, and 10 percent for Non-Institutional Investors (NIIs).
Utilization of IPO Proceeds
According to the company's Red Herring Prospectus (RHP), the proceeds from the IPO will be used for several purposes.
- ₹10.8 crore will be used for repayment or pre-payment of debt.
- ₹166.43 crore will be invested in its wholly-owned subsidiary, Saatvik Solar Industries.
- ₹477.22 crore will be spent on establishing a 4 GW solar PV module manufacturing facility in Odisha.
- The remaining amount will be utilized for general corporate purposes.
Saatvik Green Energy Company Profile
Saatvik Green Energy is among the leading manufacturers of solar panels and modules. The company has an annual production capacity of 4.8 GW. Its manufacturing unit is located in Ambala, Haryana.
The company supplies its products to both domestic and international markets. Its portfolio includes MonoPERC, Bifacial, and N-TopCon solar modules. These modules are designed for residential, commercial, and utility-scale projects. The company has supplied over 500 high-efficiency solar PV modules to date.
Saatvik Green Energy IPO Timeline
- IPO Opening Date: September 19, 2025
- IPO Closing Date: September 23, 2025
- Expected Date of Share Allotment Completion: September 24, 2025
- Expected Date of Shares Credit to Demat Account: September 25, 2025
- Tentative Listing Date: September 26, 2025 (NSE and BSE)
