IPO Details
| Key | Value |
|---|
| IPO Date | September 19, 2025 to September 23, 2025 |
| Listing Date | September 26, 2025 |
| Face Value | ₹2 per share |
| Issue Price Band | ₹442 to ₹465 per share |
| Issue Price Final | ₹465 per share |
| Lot Size | 32 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 1,93,59,079 shares (aggregating up to ₹900.20 Cr) |
| Fresh Issue | 1,50,58,004 shares (aggregating up to ₹700.20 Cr) |
| Offer for Sale | 43,01,075 shares of ₹2 (aggregating up to ₹200.00 Cr) |
| Employee Discount | ₹44.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 11,20,47,000 shares |
| Share Holding Post Issue | 12,71,05,004 shares |
IPO Subscription Details
| Key | Value |
|---|
| Anchor Investors | 1 |
| QIB (Ex Anchor) | 11.41 |
| Non-Institutional Buyers | 10.57 |
| bNII (bids above ₹10L) | 11.28 |
| sNII (bids below ₹10L) | 9.13 |
| Retail Investors | 2.81 |
| Employees | 5.59 |
| Total ** | 6.93 |
IPO Important Dates
| Key | Value |
|---|
| IPO Open Date | Fri, Sep 19, 2025 |
| IPO Close Date | Tue, Sep 23, 2025 |
| Tentative Allotment | Wed, Sep 24, 2025 |
| Initiation of Refunds | Thu, Sep 25, 2025 |
| Credit of Shares to Demat | Thu, Sep 25, 2025 |
| Tentative Listing Date | Fri, Sep 26, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Tue, Sep 23, 2025 |
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|
| Retail (Min) | 1 | 32 | ₹14,880 |
| Retail (Max) | 13 | 416 | ₹1,93,440 |
| S-HNI (Min) | 14 | 448 | ₹2,08,320 |
| S-HNI (Max) | 67 | 2,144 | ₹9,96,960 |
| B-HNI (Min) | 68 | 2,176 | ₹10,11,840 |
Financial Information
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 1,635.74 | 688.04 | 263.00 |
| Total Income | 2,192.47 | 1,097.18 | 617.63 |
| Profit After Tax | 213.93 | 100.47 | 4.75 |
| EBITDA | 353.93 | 156.84 | 23.87 |
| NET Worth | 337.66 | 120.67 | 20.27 |
| Reserves and Surplus | 315.25 | 117.36 | 16.89 |
| Total Borrowing | 458.10 | 263.42 | 144.49 |
Peers Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio |
|---|
| Saatvik Green Energy Limited | 19.09 | 19.07 | 30.14 | | 63.41 | |
| Waaree energies limited | 68.24 | 67.96 | 158.13 | 55.02 | 19.48 | 23.66 |
| R S premier energies limited | 21.35 | 21.35 | 15.33 | 49.96 | 33.14 | 71.07 |
Information about company
Incorporated in 2015, Saatvik Green Energy Limited is the manufacturer of modules and offers engineering, procurement and construction (“EPC”).
The company offer a comprehensive portfolio of solar module products that are currently manufactured using technologies that help reduce energy loss and enhance overall efficiency..
The company commenced their manufacturing operations in 2016 and have over the years expanded the annual installed capacity, from 125 MW as of March 31, 2017 to about 3.80 GW as of June 30, 2025.
The company operates two module manufacturing facilities in Ambala, Haryana (together, the “Ambala Facilities”) spread across a total land area of 724,225 square feet.
Products:
Monocrystalline passive emitter and rear cell (“Mono PERC”) modules.
N-TopCon solar modules, both types are offered in mono-facial and bifacial options, suitable for various applications, including residential, commercial and utility-scale solar projects.
As of June 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023, the company had 618, 566, 270 and 138 full-time employees.
Competitive Strengths:
Quality Customer Base and Large Order Book
Among the Leading Module Manufacturing Companies in India Offering Integrated Solutions to Independent Power Producers
Innovative Technology Solutions for the Solar Industry
Multiple Sales and Revenue Channels
Well-Positioned to Capture Favourable Industry Tailwinds
Objectives of IPO
The Company Saatvik Green Energy IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
S.No.
Objects of the Issue
Expected Amount (₹ in crores)
1
Prepayment or scheduled re-payment, in full or in part, of all or a portion of certain outstanding borrowings availed by the Company
10.82
2
Investment in the wholly owned Subsidiary, Saatvik Solar Industries Private Limited, in the form of debt or equity for repayment/prepayment of borrowings, in full or in part, of all or a portion of certain outstanding borrowings availed by such Subsidiary
166.44
3
Investment in the wholly owned Subsidiary, Saatvik Solar Industries Private Limited, for setting up of a 4 GW solar PV module manufacturing facility at National Highway – 16, Chamakhandi, Gopalpur Industrial Park, Gopalpur, Ganjam – 761 020, Odisha. (“Project Site”)
477.23
4
General corporate purposes
3.04
Disclaimer
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No financial information whatsoever published anywhere, within this application, should be considered as advice to buy or sell securities or invest in IPOs, or as a guide to doing so in any way whatsoever
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Day Wise Sub
| Day | QIB (Ex Anchor) | NII | NII (> ₹10L) | NII (< ₹10L) | Retail | EMP | Total |
|---|
| Day 1
Sep 19, 2025 | 0.01 | 0.70 | 0.47 | 1.16 | 0.93 | 2.03 | 0.62 |
| Day 2
Sep 22, 2025 | 0.01 | 1.45 | 1.05 | 2.25 | 1.65 | 3.54 | 1.15 |
| Day 3
Sep 23, 2025 | 11.41 | 10.57 | 11.28 | 9.13 | 2.81 | 5.59 | 6.93 |
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|
| 26-09-2025 | 465.00 | 10(2.15%) | 475 |
| 25-09-2025 | 465.00 | 10(2.15%) | 475 |
| 24-09-2025 | 465.00 | 7.5(1.61%) | 472.5 |
| 23-09-2025 | 465.00 | 13(2.80%) | 478 |
| 22-09-2025 | 465.00 | 9(1.94%) | 474 |
| 21-09-2025 | 465.00 | 18(3.87%) | 483 |
| 20-09-2025 | 465.00 | 18(3.87%) | 483 |
| 19-09-2025 | 465.00 | 32(6.88%) | 497 |
| 18-09-2025 | 465.00 | 65(13.98%) | 530 |
| 17-09-2025 | 465.00 | 78(16.77%) | 543 |
| 16-09-2025 | 465.00 | 71(15.27%) | 536 |
IPO Reservation
| Investor Category | Shares Offered | Maximum Allottees |
|---|
| QIB Shares Offered | 96,55,912 (49.88%) | NA |
| − Anchor Investor Shares Offered | 57,93,547 (29.93%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 38,62,365 (19.95%) | NA |
| NII (HNI) Shares Offered | 28,96,775 (14.96%) | NA |
| − bNII > ₹10L | 19,31,183 (9.98%) | 4,310 |
| − sNII < ₹10L | 9,65,592 (4.99%) | 2,155 |
| Retail Shares Offered | 67,59,140 (34.91%) | 2,11,223 |
| Employee Shares Offered | 47,505 (0.25%) | NA |
| Total Shares Offered | 1,93,59,332 (100.00%) | |
