Saatvik Green Energy IPO listing: Stock makes flat debut; quick overview

Saatvik Green Energy IPO listing today, Saatvik Green Energy share price: Shares of solar modules manufacturer Saatvik Green Energy posted a flat debut on the bourses today, September 26, 2025, following the completion of its initial public offering (IPO).

 

Saatvik Green Energy shares listed at ₹465 per share, the IPO issue price, on the National Stock Exchange (NSE). Post-listing, the stock was trading at ₹450, down 3 per cent from the listing price

 

On the BSE, the company’s shares began trading at a discount of ₹5 per share, or 1 per cent lower, at ₹460 per share.

 

The listing of Saatvik Green Energy IPO was below the street expectations. Ahead of the official debut, its unlisted shares were trading at a premium of ₹10 per share, or 2.15 per cent above the issue price, according to sources tracking grey market activity.

 

Saatvik Green Energy IPO details

The ₹900-crore public offering comprised a fresh issue of 15.1 million equity shares and an offer for sale (OFS) of 4.3 million equity shares. The IPO was offered at a price band of ₹442 to ₹465, with a minimum application size of 32 shares. The subscription window remained open from September 19 to September 22.

 

Saatvik Green Energy received a favourable response from investors, with the issue being oversubscribed 6.57 times, as per NSE data. The basis of allotment was finalised on September 24, and the issue price was set at ₹465 per share — the upper end of the price band.

 

From the net fresh issue proceeds, the company intends to use ₹10.8 crore for repayment or prepayment of debt, ₹166.4 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. The remaining funds will be used for general corporate purposes. 

 

Kfin Technologies is the registrar of the IPO. DAM Capital Advisors, Ambit, and Motilal Oswal Investment Advisors are the book-running lead managers. 

About Saatvik Green Energy

Incorporated in 2015, 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. The company operates two facilities in Ambala, Haryana. It offers Mono PERC and N-TopCon modules in mono-facial and bifacial variants, catering to residential, commercial, and utility-scale solar projects.  

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Saatvik Green Energy manufactures products through the use of M10 technology for Mono PERC modules and M10, G12, M10R and G12R technologies for N-TopCon modules. As part of its EPC portfolio, the company executed notable projects including a 12 MW rooftop installation for Jindal Steel and Power (FY2024), ground-mounted plants of 16 MW for Dalmia Bharat Green Vision (Tamil Nadu), and 8.08 MW for Dalmia Cement (Karnataka).