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Saatvik Green Energy IPO
The Saatvik Green Energy IPO will be open from September 19 to September 23, 2025, with an intention of raising ₹900 crore through a fresh issue of ₹700 crore and an offer for sale (OFS) of approximately ₹200 crore. The price band has been set at ₹442–₹465 per equity share with a minimum market lot of 32 shares. The minimum application will be 32 shares, which is around ₹14,944 at the upper end of the price band. The allotment of shares is expected on September 24, and listing on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will take place on September 26, 2025.
Company Background
Founded in 2015 and based in Ambala, Haryana, Saatvik Green Energy is one of the leading solar photovoltaic (PV) module manufacturers in India that produces high-efficiency Mono PERC, Bifacial and N-type TOPCon solar modules. The company sold its products in a number of residential, commercial, and utility-scale solar projects in India and abroad, with a production capacity of 3.8 GW as of March 2025. The company was established in 2015 and it engages in Engineering, Procurement and Construction (EPC) and Operation & Maintenance (O&M) services. Saatvik Green Energy is focused on advancements in solar technology, innovation, and quality assurance to assist India's clean energy objectives.
Operations & Product Range
Facility & Production
The Saatvik Green Energy IPO has a highly advanced manufacturing plant in Ambala, Haryana, with a planned annual production capacity of approximately 4.8 GW, including solar PV modules and PV cells. Saatvik produces MonoPERC monofacial, bifacial, and N-type TOPCon bifacial modules using technologies such as 10BB cell design and half-cut PERC cells, achieving efficiencies over 21%. The company plans myriad expansions, which include a new 4 GW solar PV module facility and a brand new 4.8 GW cell manufacturing facility in Odisha, anticipated to be operational very close to fiscal year 2026 and 2027, respectively.
Brands & Market Presence
Saatvik Green Energy’s brand is established and continuously gaining recognition in both Indian and international solar markets, having supplied more than 500 high-efficiency solar PV modules worldwide. The comprehensive portfolio of products covers the residential roofing, commercial rooftop, and utility-scale solar farm segments. The company has built an established and growing presence in key markets with a developed portfolio of relationships, assuring its competitive position as a credible solar module manufacturer focused on emerging technologies and quality.
Revenue Channels
The primary source of revenue is derived from sales of high-efficiency solar photovoltaic modules, comprising MonoPERC, bifacial, and N-type TOPCon modules for various applications.
Revenue from engineering, procurement and construction services, in addition to operation and maintenance, supplements revenue and assists in maximizing a project through the entire development process and ongoing lifecycle of the asset.
Expansion plans and investments in solar cell production and module manufacturing enable increased vertical integration, improving margins and supply chain stability.
The company benefits from increased demand for renewable energy in India and internationally, which bolsters existing recurring order pipelines from established customers and diversified geographies.
Management & Shareholding
Promoters & Shareholding
Saatvik Green Energy IPO is promoted by Pramod Kumar and Sunila Garg, who together own a substantial initial equity position before the Initial Public Offering. This offering includes a fresh issue for the purpose of raising capital for growth and an offering of shares by promoters in part to monetize existing ownership. Post-IPO, the promoters continue to hold influence while allowing public participation through the listing.
Board Members
The members of the Saatvik Green Energy IPO have considerable experience from the energy and manufacturing sectors and provide oversight of the Company's operations, strategy, and compliance to ensure sound governance practices associated with a public company. Key intermediaries include lead managers DAM Capital Advisors Ltd, Ambit Pvt Ltd, and Motilal Oswal Investment Advisors Ltd, with KFin Technologies Ltd acting as the registrar.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Saatvik Green Energy IPO
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Saatvik Green Energy IPO Details
| Detail | Description |
|---|---|
| IPO Date | September 19, 2025 to September 23, 2025 |
| Listing Date | - |
| Face Value | ₹2 per share |
| Issue Price Band | ₹442 to ₹465 per share |
| Lot Size | 32 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Fresh Issue | 1,50,53,763 shares (aggregating up to ₹700.00 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 | 12,71,00,763 shares |
Saatvik Green Energy IPO Timeline
| Detail | Description |
|---|---|
| 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 |
Saatvik Green Energy 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 |
Saatvik Green Energy IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 90.05% |
| Promoter Holding Post Issue | - |
Competitive Strength:
- Among the leading solar module manufacturers in India, with a product offering of technologically advanced and high-efficiency products.
- Holistic approach, as the integrated company has demonstrated production of solar modules and the associated EPC and O&M, providing a truly end-to-end solution.
- High level of manufacturing capacity and plans for ongoing expansion into producing solar cells, providing vertical integration.
- Strong National and International presence with a broad customer base and multisectoral certifications.
Saatvik Green Energy IPO Financial Information
| Period Ended | Assets | Revenue | Profit After Tax | Net Worth | Total Borrowing | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 1,635.74 | 2,192.47 | 213.93 | 337.66 | 458.1 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 688 | 1,097 | 100 | 121 | 263 | |||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 263.00 | 617.63 | 4.75 | 20.27 | 144.49 | |||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 63.41% |
| ROCE | 60.45% |
| Debt/Equity | 1.36 |
| RoNW | 63.41% |
| PAT Margin | 9.76% |
| EBITDA Margin | 16.40% |
| Price to Book Value | 43.18 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 19.09 | 17 |
| P/E (x) | 24.35 | 28 |
Objectives of Saatvik Green Energy IPO
Utilize the fresh issue proceeds to repay certain borrowings in the amount of ₹177.3 crore, to reduce the Company's financial costs and strengthen the balance sheet.
Invest the net proceeds of ₹477.23 crore in setting up a 4 GW solar PV module manufacturing facility in Odisha, to increase the Company's overall production capacity and rate of technology adoption.
Invest the remaining amount for general corporate purposes such as overall growth, working capital and improving operational activities.
Conclusion
Saatvik Green Energy IPO provides an opportunity to invest in a growing solar PV module manufacturer with a technical base and a focus on the industry's highest quality manufacturing. The company has a strong growth record, its manufacturing capacity is expanding and the company has developed a clear roadmap for production upgrade in the future. The market is moving in alignment with India's transition to renewable energy sources, and the IPO reflects a combination of new growth expansion capital with a partial exit by the promoters, indicating optimism regarding sustainable growth and innovation in solar.
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Frequently asked Questions (FAQs )
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What are theSaatvik Green Energy IPO dates and price band?
The IPO opens on September 19, 2025, and closes on September 23, 2025, with a price band set between ₹442 and ₹465 per share.
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Where will the IPO be listed?
The shares will be listed on both the BSE and NSE, expected around September 26, 2025.
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What products does the company make?
Saatvik manufactures MonoPERC, bifacial, and N-type TOPCon solar photovoltaic modules of high efficiency.
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How much is the Saatvik Green Energy IPO size and structure?
The total issue size is approximately ₹900 crore, including a fresh issue of ₹700 crore and an offer for sale of ₹200 crore.
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