Saatvik Green Energy’s initial public offering (IPO), which opened for bidding last week, closed with decent subscription, led by strong demand from qualified institutional buyers (QIBs) and non-institutional investors (NIIs).
Saatvik Green Energy IPO was off to a slow start on Friday, September 19, and only sailed through on Monday, September 22.
Saatvik Green Energy IPO Subscription Status
At the end of the third and final day of bidding, Saatvik Green Energy IPO was booked 6.57 times. The QIB segment was booked 10.84 times, the NII portion was booked 10.04 times, the retail quota received 2.66 times bids and the employee portion saw 5.29 times subscription.
Overall, the IPO received bids for 9,38,08,544 shares as against 1,42,71,970 shares on offer.
Saatvik Green Energy IPO GMP
Saatvik Green Energy IPO grey market premium (GMP) saw an uptick compared to last day. Saatvik Green Energy IPO GMP was ₹15. At the prevailing GMP and issue price, Saatvik Green Energy IPO listing could occur at ₹480, a premium of just 3%.
Grey market premium signals an investor’s willingness to pay over and above the issue price.
Saatvik Green Energy IPO Details
The ₹900 crore IPO was a combination of a fresh issue of shares worth ₹700 crore and an offer for sale (OFS) of ₹200 crore by promoters.
The issue was priced in the range of ₹442 to ₹465 per share, with the Haryana-based company valued at ₹5,910 crore at the upper price band.
Proceeds from the fresh issue, totalling ₹477.23 crore, will be invested in Saatvik Solar Industries Private Limited to establish a 4 GW solar PV module manufacturing facility at Gopalpur Industrial Park in Odisha. A further ₹166.44 crore will be infused into the subsidiary for repayment or prepayment of its outstanding borrowings. In addition, the parent company will allocate about ₹10.82 crore towards repayment of certain borrowings, while the balance will be earmarked for general corporate purposes.
Saatvik Green Energy, a solar photovoltaic module manufacturer with an operational capacity of nearly 3.8 GW as of June 30, 2025, also provides comprehensive engineering, procurement, and construction (EPC) services for solar projects, including both ground-mounted and rooftop installations.
DAM Capital Advisors, Ambit, and Motilal Oswal Investment Advisors are the book-running lead managers.
Shares of the company are slated to list on BSE and NSE on September 26.
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