Saatvik Green Energy was incorporated on May 29, 2015. The company is a leading solar PV module manufacturer in India. Recognised as one of the fastest-growing companies, it has supplied over 1.5 GW of high-efficiency solar PV modules globally
| Bidding Dates |
|---|
| 19 Sep 2025 - 23 Sep 2025 |
| Subscription |
|---|
| 6.57x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,144 | 1 | 13 | 32 | 19.4 M | ₹442 - ₹465 | 76 % | ₹8554.8 M - ₹9000.0 M | RHP DOC |
Saatvik Green Energy IPO SUBSCRIPTION STATUS
23 Sep '25Saatvik Green Energy IPO overall subscription rate was 6.57 times the total available shares
Saatvik Green Energy IPO retail subscription rate was 2.66 times in the retail segment
Saatvik Green Energy IPO non-institutional investor subscription rate was 10.04 times in the non-institutional investor category
Saatvik Green Energy IPO Qualified Institutional Bidder subscription rate was 10.84 times the available shares for Qualified Institutional Bidder
Saatvik Green Energy IPO Employees subscription rate was 5.29 times in the Employees category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees |
|---|---|---|---|---|
| Category Reservation | 35% | 15% | 50% | - |
23 Sep 2025 (Day 3) | 2.66x | 10.04x | 10.84x | 5.29x |
22 Sep 2025 (Day 2) | 1.56x | 1.38x | 0.01x | 3.34x |
19 Sep 2025 (Day 1) | 0.88x | 0.67x | 0.01x | 1.92x |
Saatvik Green Energy FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY25 | 2,158.4 | 213.9 | 42.6 | -126.5 | 16.4% |
| FY24 | 1,088.0 | 100.5 | 43.6 | -16.5 | 14.4% |
| FY23 | 608.6 | 4.7 | 5.0 | -18.4 | 3.9% |
Saatvik Green Energy IPO SUBSCRIPTION STATUS DETAILS
Saatvik Green Energy had 19.4 M shares on offer
Saatvik Green Energy IPO offer price was in the range ₹442 - ₹465
Saatvik Green Energy IPO minimum Investment was ₹14144
Saatvik Green Energy IPO issue size was ₹ 8554.8 M - ₹ 9000.0 M
Saatvik Green Energy had a minimum lot size of 32 Shares per application
Saatvik Green Energy NUMBER OF SHARES ON OFFER
Saatvik Green Energy IPO IMPORTANT DATES
| Issue Open Date | 19 Sep 2025 |
| Issue close Date | 23 Sep 2025 |
| Allotment Date | 24 Sep 2025 |
| Refund Date | 25 Sep 2025 |
| Demat Account Credit Date | 25 Sep 2025 |
| Listing Date | 26 Sep 2025 |
| Listing on Exchange(s) | NSE and BSE |
| Saatvik Green Energy Allotment Status | Exchange/ Registrar |
Saatvik Green Energy IPO subscription opened on 19 Sep 2025, and closed on 23 Sep 2025
IPO allotment for Saatvik Green Energy was finalized on Wednesday, 24 Sep 2025
IPO listing for Saatvik Green Energy was on NSE and BSE on Friday, 26 Sep 2025
Saatvik Green Energy IPO LISTING GAINS
| Issue Price (adjusted) | 465.0 |
| Listing Open Price | 465.0 |
| Listing Close Price | 440.7 |
| Listing Gain% | 0.0% |
| Current Gain% | -9.9% |
Saatvik Green Energy Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Saatvik Green Energy Ltd. | 418.9 | 5324.3 | 14.7 | 0.2 | 1.2 | 26.2 | 11.5 | 4588 | 109.3 | 357.3 | 66.9 | 28.4 | 68.8 |
| Havells India Ltd. | 1285 | 80562 | 49.3 | 3.1 | 3.4 | 17.9 | 11.5 | 23022.2 | 4.3 | 1690.6 | 14.8 | 26.1 | 15.7 |
| Waaree Energies Ltd. | 2701 | 77694.6 | 20.4 | 0.3 | 2.6 | 25.7 | 12.3 | 27244.9 | 83.5 | 3711.3 | 98.7 | 132.7 | 72 |
| Apar Industries Ltd. | 16448 | 66094.1 | 55.9 | 1.6 | 2.7 | 18.1 | 7.1 | 22966.9 | 22.9 | 976.9 | 18.9 | 294 | 34 |
| Premier Energies Ltd. | 1044.1 | 47397.1 | 28.5 | 0.5 | 5.6 | 35 | 13.9 | 8025.9 | 20.7 | 1509.8 | 61.1 | 36.7 | 59.1 |
| Honeywell Automation India Ltd. | 38035 | 33628.6 | 61 | 7.9 | 7.2 | 11.8 | 8.4 | 4860.9 | 11.2 | 525 | 0.3 | 623.3 | 7.7 |
Saatvik Green Energy INFORMATION ON IPO ISSUE
About Saatvik Green Energy
Saatvik Green Energy was incorporated on May 29, 2015. The company is a leading solar PV module manufacturer in India. Recognised as one of the fastest-growing companies, it has supplied over 1.5 GW of high-efficiency solar PV modules globally
Object of the Issue
- Prepayment or scheduled re-payment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company
- Investment in their wholly owned subsidiary, Saatvik Solar Industries, in the form of debt or equity for repayment/prepayment of borrowings, in full or in part, of all or a portion of certain outstanding borrowings availed by such subsidiary
- Investment in their wholly owned subsidiary, Saatvik Solar Industries, for setting up a 4 GW solar PV module manufacturing facility in Ganjam, Odisha
- General corporate purposes
Saatvik Green Energy - PROMOTERS
| Name |
|---|
| Neelesh Garg |
| Manik Garg |
| Manavika Garg |
| SPG Trust |
Saatvik Green Energy - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Neelesh Garg | Chairman & Managing Director |
| Manik Garg | Managing Director |
| Manavika Garg | Non-Executive Director |
| Sarita Rajesh Zele | Independent Director |
| Sudhir Kumar Bassi | Independent Director |
| Narendra Mairpady | Independent Director |
Saatvik Green Energy Book Running Lead Manager
DAM Capital Advisors Limited
saatvik.ipo@damcapital.in
Ambit Private Limited
saatvik.ipo@ambit.co
Motilal Oswal Investment Advisors Limited
saatvik.ipo@motilaloswal.com
Saatvik Green Energy Registrar to the Offer
KFin Technologies Limited
saatvik.ipo@kfintech.com
Saatvik Green Energy Strengths
Diverse customer base
The company has one of the most diversified client bases in the industry, with a presence in various segments like large utility, commercial and industrial open access, residential rooftop, and solar pumps, across geographies, including India, North America, Africa, and South Asia
Innovative technology solutions
The company's strength lies in its flexibility in adopting advanced technologies within the solar industry. They utilize a combination of technologies like half-cut, MBB, and circular-ribbon modules with N-TopCon, offering dual glass modules with customizable thickness options from 2.00 mm to 2.50 mm for enhanced durability and efficiency
Multiple sales and revenue channels
The company focuses on catering to various market segments, from individual consumers to large-scale industrial and utility clients. It drives business growth through multiple sales and revenue channels, including direct sales, channel partners, and government and institutional projects
Saatvik Green Energy Risks
Dependent on Mono PERC module sales
The company's business prospects are significantly dependent on a limited number of products, with income from the sale of Mono PERC modules accounting for 78.31% & 86.72% of revenue in the Q1FY25 & FY24, respectively
Price fluctuations
Fluctuations in the price of solar PV cells and other raw materials could negatively impact the manufacturing of solar PV modules
Dependent on third party vendors
The company relies on third-party suppliers for materials and components needed to manufacture its products. Disruptions in supply, availability, or price fluctuations of these materials could negatively affect business operations, cash flows, and financial performance
IPO FAQs
This IPO consists of an offer for sale of up to Rs 200.0 crore, of 4,301,075 shares. It also consists of a fresh issue of Rs 700.0 crore.
The promoters of the company are Neelesh Garg, Manik Garg, Manavika Garg and SPG Trust.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 442.0 - 465.0.
The IPO application opens on Sep 19, 2025 and closes on Sep 23, 2025.
The minimum lot size for the IPO is 32. The maximum lot size for the IPO is 416.
For all category investors, the minimum application amount for this IPO is Rs. 14,144.0, the maximum value for this IPO is Rs 193,440.0.
This IPO will be allotted on Sep 24, 2025.
The refund will be credited to your account on Sep 25, 2025.
The allotted shares will be credited to your demat on Sep 25, 2025.
Saatvik Green Energy Ltd.’s shares listed on the stock exchanges on Sep 26, 2025.