Saatvik Green Energy IPO ends with subscription of 6.57 times

The offer received bids for 9.38 crore shares as against 1.42 crore shares on offer.

The initial public offer of Saatvik Green Energy received bids for 9,38,08,672 shares as against 1,42,71,970 shares on offer. The issue was subscribed 6.57 times.

The Qualified Institutional Buyers (QIB) category was subscribed 10.84 times, the Non-Institutional Investors category was subscribed 10.04 times and the Retail Individual Investors category was subscribed 2.66 times.

The issue opened for bidding on 19 September 2025 and it closed on 23 September 2025. The price band of the IPO is fixed between Rs 442 and 465 per share.

The IPO comprised an offer for sale (OFS) of equity shares aggregating to Rs 200 crore and a fresh issue of equity shares aggregating to Rs 700 crore.

Of the net proceeds from the fresh issue, about Rs 10.819 crore had been used for payment/prepayment of certain outstanding borrowings; Rs 166.436 crore had been used for investment in Saatvik Solar Industries, a wholly owned subsidiary, for repayment and prepayment of certain borrowings availed by the subsidiary; Rs 477.227 crore had been used towards investment in Saatvik Solar Industries, a WOS of the company, for setting up a 4 GW solar PV module manufacturing facility at Gopalpur (Odisha); and the balance had been used for general corporate purposes.

Saatvik Green Energy is among the leading module manufacturers in India in terms of operational solar photovoltaic (PV) module manufacturing capacity, with an operational capacity of about 3.80 gigawatt (GW) modules as of March 31, 2025. It is recognized as one of the few companies with capabilities in module manufacturing as well as engineering, procurement and construction (EPC), and operations and maintenance (O&M) services.

The EPC vertical provides comprehensive solar solutions, managing projects from concept through to execution. The offerings of this vertical include ground-mounted solar installations and rooftop solar installations. It also provides O&M services to customers, primarily for EPC projects undertaken by the company.

Ahead of the IPO, Saatvik Green Energy on Thursday, 18 September 2025, raised Rs 269.39 crore from anchor investors. The board allotted 57.93 lakh shares at Rs 465 each to 9 anchor investors.

The firm reported a consolidated net profit of Rs 213.93 crore and sales of Rs 2,158.39 crore for the three months ended on 31st March 2025.

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