- Issue to fund 4 GW solar PV module facility in Odisha
- Price Band: ₹442–₹465 per equity share of face value ₹2 each
- Employee Discount: ₹44 per share under employee reservation
- Bid Lot: Minimum 32 equity shares and multiples of 32 thereafter
- The Anchor Investor Bidding Date is Thursday, September 18, 2025.
NE BUSINESS BUREAU
AHMEDABAD, SEPT 17
Haryana-based Saatvik Green Energy Limited, one of India’s fastest-growing renewable energy companies, on Wednesday announced it will launch its ₹900 crore Initial Public Offering (IPO) on Friday, September 19, 2025, closing on Tuesday, September 23, 2025. The Anchor Investor Bidding Date is fixed for Thursday, September 18, 2025.
IPO Structure
The public issue worth ₹900 crore comprises a fresh issue of 15.1 million equity shares amounting to ₹700 crore and an offer for sale (OFS) of 4.3 million equity shares amounting to ₹200 crore. The IPO is available at a price band of ₹442-465 per share, with a lot size of 32 shares. ₹44 per share discount will be given under employee reservation
The OFS includes equity shares worth ₹112 crore by Parmod Kumar and ₹88 crore by Sunila Garg (Promoter Selling Shareholder).
Utilisation of Proceeds
The company plans to utilise ₹10.8 crore from the fresh issue proceeds for repayment of debt, ₹166.43 crore for investment in its wholly owned Subsidiary, Saatvik Solar Industries, and ₹477.22 crore for setting up a 4 GW solar PV module manufacturing facility in Odisha. Further, the remaining funds will be used for general corporate purposes.
Key Financial Highlights (FY25)
- Revenue from Operations: ₹3,280 crore (up 24% YoY)
- EBITDA: ₹610 crore (EBITDA margin at 18.6%)
- Net Profit: ₹355 crore (PAT margin at 10.8%)
- Net Worth: ₹1,420 crore as of March 31, 2025
- Export Revenue: Contributed nearly 32% of total sales, primarily to Europe, Africa, and South-East Asia
Export Potential
With global demand for solar modules surging under energy transition commitments, Saatvik aims to expand its footprint in North America, the Middle East, and Eastern Europe. The planned 4 GW Odisha facility will significantly enhance scale and competitiveness, aligning with India’s “Make in India – Make for the World” vision.
Advantage of GST 2.0
The introduction of GST 2.0 has rationalised indirect taxation on renewable energy equipment and supply chains from 12 percent to 5 percent, reducing cascading taxes. Saatvik expects to benefit from:
- Improved input credit flow across states
- Lower working capital lock-ins
- Enhanced cost competitiveness in exports
Company Profile
Founded in 2016, Saatvik Green Energy Limited is engaged in the manufacturing of high-efficiency solar PV modules and solutions. The company operates modern production facilities in Haryana and Gujarat, with an aggregate installed capacity of 2.5 GW.
It serves leading IPPs, EPC players, and government solar missions, with marquee clients including state discoms, large PSUs, and private developers. Saatvik has built a reputation for cutting-edge R&D, product reliability, and cost efficiency, backed by a strong domestic and international distribution network.
The company relies heavily on a few key customers, with its top 10 clients accounting for 57.77 per cent, 63.86 per cent, and 79.38 per cent of operational revenue in Fiscals 2025, 2024, and 2023, respectively.
The company leverages advanced technologies such as half-cut, MBB, circular-ribbon, and N-TopCon modules with customisable dual-glass options. Its focus on innovation, quality testing, and sustainability ensures high efficiency and customer-specific solutions.
Issue allocation
In terms of issue allocation, 50 percent of the IPO is reserved for qualified institutional buyers (QIBs), 35 percent for retail investors, and the remaining 15 percent for non-institutional investors.
Listing Details
The equity shares are proposed to be listed on both the BSE and the NSE. Post-listing, Saatvik Green Energy is expected to join the ranks of India’s prominent renewable energy plays, alongside listed solar equipment and green energy companies.
Lead Managers
DAM Capital Advisors Limited, Ambit Private Limited, and Motilal Oswal Investment Advisors Limited are the Book Running Lead Managers (BRLMs) to the issue. Kfin Technologies is the registrar for the issue.
