Saatvik Green Energy IPO is a book-built issue worth ₹900.00 crore. The IPO is a combination of a fresh issue of 1.51 crore equity shares aggregating to ₹700.00 crore and an offer for sale of 0.43 crore shares aggregating to ₹200.00 crore. The IPO opens for subscription on September 19, 2025, and closes on September 23, 2025. The allotment is expected to be finalised on September 24, 2025, with tentative listing on BSE and NSE scheduled for September 26, 2025.
The IPO is priced in a band of ₹442 – ₹465 per share. Retail investors must apply for a minimum of 1 lot comprising 32 shares, requiring an investment of ₹14,880 at the cutoff price. sNII investors must apply for a minimum of 14 lots (448 shares), amounting to ₹2,08,320, while bNII investors must apply for a minimum of 68 lots (2,176 shares), amounting to ₹10,11,840.
Dam Capital Advisors Limited is the book-running lead manager to the issue, and KFin Technologies Limited is the registrar.
For detailed information on company financials, business operations, and associated risks, investors are advised to refer to the Saatvik Green Energy IPO RHP.
Industry Outlook
- India’s renewable energy landscape is undergoing a significant transformation, with solar power emerging as a cornerstone of the country’s clean energy ambitions. The sector has witnessed robust growth, adding approximately 84 GW of solar capacity between Fiscal 2018 and Fiscal 2025, reflecting a compound annual growth rate of nearly 26%. Despite this progress, only 15.4% of India’s estimated 750 GW solar potential has been harnessed, underscoring the vast untapped opportunity.
- Government initiatives such as the Production Linked Incentive (PLI) scheme for high-efficiency solar PV modules, preferential tariffs under long-term power purchase agreements (PPAs), and inclusion in the Approved List of Models and Manufacturers (ALMM) have provided strong policy support. These measures are complemented by favourable transmission, wheeling and banking charges, and accelerated depreciation benefits for solar assets.
- The regulatory environment continues to evolve. Revised guidelines issued by the Ministry of New and Renewable Energy (MNRE) in February 2025 introduced stricter performance benchmarks, streamlined project connectivity, and clarified the definition of “Change in Law” events. These changes aim to enhance investor confidence and improve project execution timelines.
- The competitive landscape is dynamic, with leading domestic players such as Waaree Energies, TATA Power Solar, Adani Solar, and ReNew Photovoltaic competing alongside global entities. EPC and O&M segments are equally competitive, with firms like L&T, Sterling & Wilson, and Jakson Green offering integrated solutions. Cost efficiency, backward integration, and technological innovation—particularly in bifacial and TOPCon modules—are emerging as key differentiators.
Saatvik Green Energy IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
- Establish a state-of-the-art solar module manufacturing facility through its wholly owned subsidiary, Saatvik Solar Industries Private Limited, at Gopalpur Industrial Park, Odisha. The facility, with a planned capacity of 4 GW, will be developed on a 14.12-acre sub-leased parcel and will include land development, civil works, and installation of advanced production equipment to support the company’s expansion into high-efficiency solar technologies.
- Strengthen its capital structure by prepaying or repaying, in full or in part, certain outstanding borrowings availed by the company and its subsidiary. This will enhance financial flexibility, reduce interest burden, and improve the company’s debt profile.
- Support general corporate purposes, including administrative expenses, brand development, and strategic initiatives aimed at expanding market presence, improving operational efficiency, and sustaining long-term growth.
- Enhance corporate visibility and governance standards through public listing on BSE and NSE, thereby fostering investor confidence, improving access to capital markets, and enabling future growth through strategic partnerships and backward integration initiatives.
About Saatvik Green Energy Limited
Saatvik Green Energy Limited was originally incorporated as Saatvik Green Energy Private Limited on May 29, 2015 under the Companies Act, 2013. The company was subsequently converted into a public limited entity and renamed Saatvik Green Energy Limited on October 3, 2024.
The company is engaged in the manufacturing of solar photovoltaic (PV) modules, offering a range of high-efficiency products including Mono PERC and N-TopCon modules in both mono-facial and bifacial configurations. These modules cater to residential, commercial, and utility-scale solar projects across India and select international markets.
Saatvik operates one of India’s largest single-location module manufacturing facilities in Ambala, Haryana, with an installed capacity of 3.80 GW as of June 30, 2025. The company is in the process of expanding this capacity to 4.80 GW. Additionally, it is developing a new 4 GW module manufacturing facility in Odisha, supported by favourable state incentives and strategic locational advantages.
The company’s operations are supported by a network of 53 selling partners, including resellers, distributors, and channel partners. Its customer base includes prominent names such as JSW Neo Energy, Shree Cement, SJVN Green Energy, and Megha Engineering & Infrastructure.
How To Check the Allotment Status of the Saatvik Green Energy IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Saatvik Green Energy IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Saatvik Green Energy IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Saatvik Green Energy IPO
Registered Office: Vill. Dubli, V.P.O Bihta Tehsil, Ambala – 133 101, Haryana, India.
Phone: +91 124 3626755
E-mail: investors@saatvikgroup.com
Saatvik Green Energy IPO Reservation
|
Investor Category |
Shares Offered |
|
QIB Shares Offered |
Not more than 50% of the Net Offer |
|
Retail Shares Offered |
Not less than 35% of the Net Offer |
|
NII Shares Offered |
Not less than 15% of the Net Offer |
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 |
2144 |
₹9,96,960 |
|
B-HNI (Min) |
68 |
2176 |
₹10,11,840 |
Saatvik Green Energy IPO Promoter Holding
The promoters of the company are Neelesh Garg, Manik Garg, Manavika Garg and SPG Trust.
|
Share Holding Pre-Issue |
90.05% |
|
Share Holding Post Issue |
- |
Key Performance Indicators for Saatvik Green Energy IPO
The market capitalisation of Saatvik Green Energy IPO is ₹5910.19 Cr. Here are the KPIs of Saatvik Green Energy:
|
KPI |
Value |
|
EBITDA Margin (%) |
16.40 |
|
PAT Margin (%) |
9.76 |
|
Return on Equity (RoE) (%) |
63.41 |
|
Return on Capital Employed (ROCE) (%) |
60.45 |
Saatvik Green Energy IPO Prospectus
Saatvik Green Energy IPO Registrar and Lead Managers
Saatvik Green Energy IPO Lead Managers
- DAM Capital Advisors Limited
- Ambit Private Limited
- Motilal Oswal Investment Advisors Limited
Registrar for Saatvik Green Energy IPO
Cameo Corporate Services Limited
- Contact Number: +91 40 6716 2222
- Email Address: ipo@kfintech.com
Saatvik Green Energy IPO Registrar
Know before investing
Strengths
83.80 GW operational module capacity, among the largest in India.
Confirmed orders of 4.01 GW as of June 30, 2025, ensuring revenue visibility.
Upcoming solar cell facility in Odisha to reduce dependency on imports.
Offering Mono PERC and N-TopCon modules with up to 25.20% efficiency.
Includes JSW Neo Energy, SJVN Green Energy, and Shree Cement as customers.
Benefiting from PLI schemes and favourable state subsidies.
Entry into international markets via Saatvik Green Energy USA Inc.
In-house R&D team focused on innovation and performance enhancement.
Risks
8Top 10 clients contributed over 57% of revenue in FY25, posing dependency risk.
Fluctuations in solar PV cell prices may impact margins and cost structure.
Delay or cost overruns in the Odisha facility could affect expansion plans.
Subsidiary handling the new plant has minimal operational history in solar manufacturing.
Odisha project land is sub-leased; future extension is not guaranteed.
Changes in ALMM, BCD, and GST policies may affect operations and pricing.
Being a first-time public issue, post-listing share performance is uncertain.
Ongoing indirect tax cases and customs disputes may impact financials.
