Solar panel manufacturer Saatvik Green Energy announced on Tuesday that it has set a price band of ₹442 to ₹465 per share for its upcoming ₹900-crore initial public offering (IPO). At the higher end of the price range, the company is estimated to be valued at approximately ₹5,910 crore.
The IPO is scheduled to open for public subscription from September 19 to September 23, with bidding for anchor investors set to begin for a single day on September 18, according to the company’s announcement.
This inaugural public offering comprises a fresh issue of equity shares worth ₹700 crore and an offer-for-sale (OFS) of ₹200 crore from the promoters. Of the funds raised through the fresh issue, ₹477.23 crore will be allocated to Saatvik Solar Industries Pvt Ltd for establishing a 4 GW solar photovoltaic (PV) module manufacturing facility at the Gopalpur Industrial Park in Odisha. Additionally, ₹166.44 crore will be directed towards the repayment or prepayment of existing borrowings within the subsidiary.
The parent company will utilize approximately ₹10.82 crore to settle certain borrowings, with the remaining proceeds earmarked for general corporate purposes.
As of June 30, 2025, Saatvik Green Energy operates a solar photovoltaic module manufacturing capacity of around 3.8 GW. The company offers comprehensive engineering, procurement, and construction services for solar projects, including both ground-mounted and rooftop solar installations.
Regarding the IPO allocation, 50% is designated for qualified institutional buyers (QIBs), 35% for retail investors, and the remaining 15% for non-institutional investors.
Dam Capital Advisors, Ambit, and Motilal Oswal Investment Advisors have been appointed as the lead managers for the issue. The company’s shares are anticipated to be listed on the stock exchanges on September 26.
Published on September 16, 2025.
