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.