Saatvik Green Energy’s initial public offer (IPO), which opened for biding on Friday, September 19, witnessed a slow demand for its share sale. Barring the employee portion, no other category managed to be fully subscribed by the end of the first day of the bidding process.
The issue closes for bidding on Tuesday, September 23, giving investors two more days to place their bids.
Ahead of the share sale, ₹269 crore”>Saatvik Green Energy on Thursday said it has mobilised over ₹269 crore from anchor investors.
Saatvik Green Energy IPO Subscription
According to BSE data, Saatvik Green Energy IPO received bids for 84,11,136 shares as against 1,42,71,970 shares on offer, resulting in a subscription status of 0.59 times.
The retail portion of the IPO was booked 0.88 times, the non-institutional investor (NII) quota was subscribed 0.67 times and the qualified institutional buyer (QIB) part received just 0.01 times bids.
Saatvik Green Energy IPO
The grey market premium for Saatvik Green Energy IPO declined from a day ago. As of September 19, Saatvik Green Energy IPO GMP was ₹38.
Based on the price band of ₹465, the estimated listing price for Saatvik Green Energy IPO shares is ₹503, indicating an expected gain of approximately 8.17% per share.
Saatvik Green Energy IPO Details
Saatvik Green Energy IPO is priced in the range of ₹442 to ₹465 per share, with the company looking to raise ₹900 crore at the upper price band.
The company’s public offering is a combination of a fresh issue of shares worth ₹700 crore and an offer for sale (OFS) of ₹200 crore by promoters.
Proceeds from the fresh issue, worth ₹477.23 crore, will be invested in Saatvik Solar Industries Private Limited for setting up a 4 GW solar PV module manufacturing facility at Gopalpur Industrial Park in Odisha, and ₹166.44 crore will be infused into the subsidiary for repayment or prepayment of its outstanding borrowings.
Additionally, the company will use around ₹10.82 crore to repay certain borrowings at the parent level, while the remaining funds will be set aside for general corporate purposes.
Saatvik Green Energy is a solar photovoltaic (PV) module manufacturer with an operational capacity of approximately 3.8 GW as of June 30, 2025. The company offers end-to-end engineering, procurement, and construction (EPC) services for solar energy projects, covering both ground-mounted and rooftop solar installations.
Dam Capital Advisors, Ambit, and Motilal Oswal Investment Advisors are the book-running lead managers to the issue, and KFin Technologies is the registrar.
Shares of Saatvik Green Energy are expected to be listed on September 26 on the bourses.
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