Saatvik Green Energy Plans IPO Amid Robust Investor Backing
Solar panel manufacturer Saatvik Green Energy is set to launch its initial public offering (IPO) with a price range of ₹442 to ₹465 per share, starting Friday, September 22, and concluding on September 23. The IPO consists of a market lot of 32 shares, reserving up to 50% of the offering for qualified institutional buyers, 35% for retail investors, and the remaining 15% for non-institutional investors.
The IPO comprises a fresh issue of ₹700 crore and an offer for sale (OFS) amounting to ₹200 crore by the promoters. Proceeds from the fresh issue, totaling ₹477.23 crore, will be allocated for establishing a 4 GW solar photovoltaic (PV) module manufacturing facility at Gopalpur Industrial Park in Odisha. Furthermore, ₹166.44 crore is designated for the repayment or prepayment of outstanding borrowings of its subsidiary.
An additional ₹10.82 crore will be used to settle borrowings at the parent company level, with the remaining funds earmarked for general corporate purposes.
As part of the IPO process, Saatvik Green Energy raised over ₹269 crore from anchor investors by allocating 57.93 lakh shares at ₹465 each. Notable participants among the anchor investors include HDFC Mutual Fund, Nippon India Mutual Fund, Bandhan Mutual Fund, and SBI General Insurance Company.
Operationally, Saatvik Green Energy currently boasts a capacity of approximately 3.8 GW as of June 30, 2025. The company has supplied over 2.5 GW of high-efficiency modules to both domestic and international markets, gaining recognition for its integrated module manufacturing, engineering, procurement, and construction (EPC), as well as operation and maintenance (O&M) services. Its product portfolio features Mono PERC and N-TopCon modules, available in both monofacial and bifacial variants, catering to residential, commercial, and utility-scale projects.
Additionally, the company provides comprehensive EPC services for solar installations, including both ground-mounted and rooftop solutions.
Dam Capital Advisors, Ambit, and Motilal Oswal Investment Advisors act as the book-running lead managers for the issue. The shares are anticipated to be listed on the stock exchanges on September 26.
According to Choice International, at the upper band of the price range, Saatvik Green Energy has a price-to-earnings (P/E) ratio of 27.6x based on a forecasted EPS of ₹16.8 for FY25, which is competitive compared to its peers. With a diversified product portfolio, a growing order book, a proven execution track record, and alignment with India’s renewable energy goals, the company is viewed as a candidate for significant long-term growth potential, warranting a “Subscribe” rating from analysts.
Published on September 19, 2025
