Saatvik Green Energy is set to open its initial public offering (IPO) on September 19, 2025, with the subscription window closing on September 23, 2025. The IPO, priced between ₹442 and ₹465 per share, seeks to raise ₹900 crore. The issue is a combination of fresh issue of 1.51 crore shares aggregating to ₹700.00 crore and offer for sale of 0.43 crore shares aggregating to ₹200.00 crore.
The IPO has been structured with a lot size of 58 shares, requiring retail investors to make a minimum investment of ₹13,746 for one application.
Here are the 10 most important things to know from the company’s Red Herring Prospectus (RHP):
1) About the Firm: Saatvik Green Energy Limited, incorporated in 2015, is a solar module manufacturer and EPC service provider offering a wide portfolio of products built on advanced technologies that reduce energy loss and enhance efficiency. The company began manufacturing in 2016 with an installed capacity of 125 MW, which has since expanded significantly to around 3.80 GW as of June 30, 2025.
2) IPO Objectives: Saatvik Green Energy Limited plans to utilise the net proceeds from its IPO for multiple purposes. The company has earmarked ₹10.82 crore for prepayment or scheduled repayment of certain outstanding borrowings. A significant portion, ₹166.44 crore, will be invested in its wholly owned subsidiary, Saatvik Solar Industries Private Limited, in the form of debt or equity to help repay or prepay its borrowings. Additionally, ₹477.23 crore will be invested in the same subsidiary for setting up a 4 GW solar PV module manufacturing facility at Gopalpur Industrial Park in Odisha. The remaining funds will be allocated towards general corporate purposes.
Basis of allotment: September 24, 2025
Refund initiation: September 25, 2025
Demat credit: September 25, 2025
Listing date (tentative): September 26, on BSE and NSE
4) Promoters: The firm stated that the Selling Shareholders in the Offer for Sale (OFS) and their respective proportions are as follows: Parmod Kumar, a member of the Promoter Group, is offering equity shares aggregating to ₹1,120 million, representing up to 56 percent of the OFS. Sunila Garg, also from the Promoter Group, is offering equity shares aggregating to ₹880 million, accounting for up to 44 percent of the OFS.
5) Peers: Peers include Waaree Energies and Premier Energies, as per RHP.
The IPO allocation is as follows-
QIBs: Not more than 50 percent
NIIs: Not less than 15 percent
Retail investors: Not less than 35 percent
7) Financial Performance: On the financial front, Saatvik Green Energy has recorded healthy numbers in the recent past years. Profit soared 113 percent to ₹213.9 crore in FY25, up from ₹100.5 crore in previous year. Revenue during the same period jumped 98.4 percent to ₹2,158.4 crore, increasing from ₹1,088 crore.
The firm stated that its ongoing focus on efficiency and productivity enhancements has helped manage operating costs and boost profitability. In Fiscal 2025, the company reported a year-on-year revenue growth of 98.39 percent, supported by a strong recovery in volumes and favorable changes in product mix, achieving a robust return on capital employed (ROCE) of 60.45 percent, according to a CRISIL report. Its restated profit after tax rose significantly from ₹47.45 million in Fiscal 2023 to ₹2,139.30 million in Fiscal 2025. The company’s operating margin improved to approximately 14.72 percent in Fiscal 2025, up from around 13.32 percent in Fiscal 2024.
8) Orderbook and customers: The firm stated that some of its key customers include Solarcraft Power India 21 Private Limited, Enrich Energy Private Limited, Shree Cement Limited, Solarcraft Power India 9 Private Limited, Kiana Energy Solutions LLP, SJVN Green Energy Limited, Prozeal Green Energy Limited, Amplus KN One Power Private Limited, JSW Neo Energy Limited, Stockwell Solar Services Private Limited, and Megha Engineering and Infrastructure Private Limited. The company noted that its large and diversified customer base contributes to a substantial order book, which stood at approximately 4.05 GW of solar modules as of June 30, 2025.
9) Industry Outlook: The firm noted that the solar power sector in India has experienced robust growth over the past five years, with approximately 84 GW of capacity added between Fiscals 2018 and 2025, reflecting a compound annual growth rate of around 26 percent, according to a CRISIL report. Despite this significant expansion, considerable potential remains for renewable energy development, with solar energy offering the highest potential of 750 GW, of which only 15.4 percent had been utilized as of June 2025.
The firm highlighted that the rising popularity of solar power has led developers to increasingly prefer bifacial modules, which offer higher efficiency compared to mono-facial modules and are compatible with tracker technology. Additionally, the solar PV market continues to be dominated by monocrystalline silicon technology, with Mono PERC representing an advanced version that uses a dielectric passivation film on the rear surface of the cells to enhance efficiency levels, as per the CRISIL report.
10) Book-running managers: Dam Capital Advisors Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
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