Saatvik Green Energy IPO opens Sept 19; key risks, strengths you must know

Saatvik Green Energy IPO: The initial public offering (IPO) of the solar module manufacturer will open for bidding on Friday, September 19, 2025. The public issue worth ₹900 crore comprises a fresh issue of 15.1 million equity shares amounting to ₹700 crore and an offer for sale (OFS) of 4.3 million equity shares amounting to ₹200 crore.  

 

The three-day subscription window is scheduled to close on Tuesday, September 23, 2025. The basis of allotment of shares is likely to be finalised on Wednesday, September 24, 2025. The stock will be listed on the National Stock Exchange (NSE) and BSE, tentatively on Friday, September 26, 2025.

 

Saatvik Green Energy IPO is available at a price band of ₹442-465 per share, with a lot size of 32 shares. 

 

Kfin Technologies is the registrar for the issue. DAM Capital Advisors, Ambit Private Limited and Motilal Oswal Investment Advisors are the book-running lead managers.

 

According to RHP, the company plans to utilise ₹10.8 crore from the fresh issue proceeds for repayment of debt, ₹166.43 crore for investment in its wholly owned Subsidiary, Saatvik Solar Industries, and ₹477.22 crore for setting up a 4 GW solar PV module manufacturing facility in Odisha. Further, the remaining funds will be used for general corporate purposes. 

Here are the key risks associated with investing in the Saatvik Green Energy IPO:

Regulatory risks: The solar industry in India is heavily influenced by government policies and regulatory frameworks. Any changes in these policies, such as reductions in subsidies, incentives or alterations in tariffs, import duties and tax benefits, could adversely affect the demand for solar modules and cells. Additionally, delays in obtaining necessary government approvals and permits could impact our project timelines and costs. 

 

Competitive pressure: The solar manufacturing sector in India faces intense competition from both domestic and global players. This heightened competitive landscape may result in price pressures, shrinking profit margins, and potential loss of market share, which could adversely affect the company's profitability.

 

Customer concentration: The company relies heavily on a few key customers, with its top 10 clients accounting for 57.77 per cent, 63.86 per cent, and 79.38 per cent of operational revenue in Fiscals 2025, 2024, and 2023, respectively. A significant reduction or loss of business from any of these customers could materially impact the company’s financial health, operational performance, and cash flows.

 

Dependence on third-party suppliers: The company relies on third-party suppliers for sourcing the materials and components essential to its manufacturing processes. Any interruption in supply or volatility in input prices could negatively affect its business operations and overall financial performance.   Check Urban Company Share LIsting Gain

Here are the key competitive strengths of Saatvik Green Energy, as outlined in the RHP:

Diverse global customer base: The company offers competitive pricing, enabling it to maintain a broad and diverse customer base across sectors such as utilities, commercial, residential, and agriculture. Its clients are spread across India, North America, Africa, and South Asia, backed by strong relationships both globally and domestically.

 

Strong solar industry growth outlook: The company is well-positioned to benefit from robust growth in the solar sector, with only 15.4 per cent of India’s 750 GW solar potential tapped as of June 2025. Rising demand for high-efficiency technologies like bifacial modules and Mono PERC cells further supports future expansion.

 

Diverse sales and revenue streams: The company drives growth through multiple channels: direct sales to businesses, a strong network of channel partners across India, expanding international exports, and participation in government and institutional projects supported by renewable energy policies and incentives.

 

Cutting-edge solar technology: The company leverages advanced technologies such as half-cut, MBB, circular-ribbon, and N-TopCon modules with customisable dual-glass options. Its focus on innovation, quality testing, and sustainability ensures high efficiency and customer-specific solutions.