The IPO is open from September 19 to September 23. With a ₹65 grey market premium, investors are eyeing long-term clean energy opportunitie
Saatvik Green Energy’s initial public offering (IPO) opened for subscription on Friday and has seen a favorable response from investors.
In the grey market, Saatvik Green Energy’s IPO was trading at a ₹65 premium on Friday, according to reports.
IPO Subscription Details
The public issue has received bids for 68.07 lakh shares against 1.35 crore shares on offer, translating to a subscription of 0.48 times as per BSE data.
Among the investor categories, non-institutional investors (NIIs) bid for 14,81,504 shares, compared to 30,47,512 shares on offer. Qualified institutional buyers (QIBs) bid for 15,168 shares versus 40,63,347 shares on offer, and retail investors bid for 53,39,936 shares against 71,10,860 shares on offer.
The IPO has a price band of ₹442–₹465 per share. At the upper end, the company is valued at about ₹5,910 crore. The issue comprises a fresh share sale of ₹700 crore and an offer for sale (OFS) of ₹200 crore by promoters.
Of the proceeds, about ₹477.23 crore will be invested in its subsidiary, Saatvik Solar Industries, to set up a 4 GW solar PV module manufacturing plant at Gopalpur Industrial Park, Odisha. Another ₹166.44 crore will be used to repay or prepay borrowings of the subsidiary.
Around ₹10.82 crore is earmarked to settle certain loans at the parent company level, while the balance will go toward general corporate purposes.
Established in 2016, the company specializes in the manufacturing of high-efficiency solar modules and provides Engineering, Procurement, and Construction (EPC) solutions.
Analyst Take: Apply
With a robust and diversified order book, scalable operations, and strong promoter backing, Saatvik is well-positioned to benefit from India’s clean energy targets and the global transition toward renewable power, said SEBI-registered analyst Aditya Hujband.
However, the investment is not without its risks, he added.
Saatvik Green Energy is heavily reliant on Mono PERC modules for revenue, faces customer concentration, and depends on Chinese imports for key raw materials. Global price pressure and execution risks in ongoing projects also pose challenges. Monocrystalline Passivated Emitter and Rear Cell (Mono PERC) is an advanced form of solar panel technology.
Saatvik’s rapid scale-up, integrated offerings, and favorable industry tailwinds make the IPO an attractive opportunity for long-term investors, Hujband said.
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