Solar module maker Saatvik Green Energy share price opened on September 26, 2025, at ₹465 per unit on the NSE, matching the issue price. On the BSE, the stock opened slightly lower at ₹460, down 1.08% from the issue price. Investors who received allotments in the IPO saw no immediate listing gains.
The ₹900 crore initial public offering comprised a fresh issue of ₹700 crore and an offer for sale of ₹200 crore by promoters Parmod Kumar and Sunila Garg. From the proceeds of the fresh issue, ₹477.23 crore will be used by its subsidiary, Saatvik Solar Industries Pvt Ltd, to set up a 4 GW solar PV module manufacturing facility.
Another ₹166.44 crore will go towards clearing debt of the subsidiary, while nearly ₹11 crore will be used to repay loans at the parent company level. The remaining funds are earmarked for general corporate purposes.
The public issue received a robust subscription of 6.57 times. It attracted bids for 9.38 crore equity shares against 1.42 crore shares on offer, according to NSE data. The quota reserved for qualified institutional buyers (QIBs) was subscribed 10.84 times, while the non-institutional investor category was subscribed 10.04 times. Retail investors subscribed 2.66 times, reflecting strong participation across segments.
Saatvik Green Energy manufactures solar photovoltaic (PV) modules and had an operational capacity of 3.8 GW as of June 2025. It also provides engineering, procurement and construction (EPC) services for rooftop and ground-mounted solar projects.
Ahead of the IPO, the company raised ₹269.4 crore through an anchor placement to investors such as HDFC Mutual Fund, Bandhan Mutual Fund, Nippon India Mutual Fund and SBI General Insurance Company. Dam Capital Advisors, Motilal Oswal Investment Advisors and Ambit acted as the book-running lead managers to the issue.
Read More: Best Solar Stocks in September 2025
Saatvik Green Energy’s flat market debut follows a strong subscription and interest from institutional investors. With fresh capital being deployed into capacity expansion and debt reduction, the company is positioned to strengthen its presence in the renewable energy space.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Sep 26, 2025, 10:27 AM IST
Akshay Shivalkar
Akshay Shivalkar is a financial content specialist who strategises and creates SEO-optimised content on the stock market, mutual funds, and other investment products. With experience in fintech and mutual funds, he simplifies complex financial concepts to help investors make informed decisions through his writing.
Know MoreWe're Live on WhatsApp! Join our channel for market insights & updates
Get the link to download the App
