Saatvik Green Energy IPO
Bookbuilding IPO | ₹900.00 Cr | Listing at BSE, NSE
IPO Open
Fri, Sep 19, 2025
IPO Close
Tue, Sep 23, 2025
Price Band
₹442.00 to ₹465.00
Market Cap (Pre-IPO)
₹5,910.19 Cr
IPO Details
| IPO Date | Sep 19, 2025 to Sep 23, 2025 |
| Listing Date | Tentative: Sep 26, 2025 |
| Face Value | ₹2.00 per share |
| Price Band | ₹442.00 to ₹465.00 |
| Lot Size | 32 Shares (Minimum: ₹14,880.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹900.00 Crores |
| Total Shares Offered | 19,359,079 shares |
| Fresh Issue | 15,058,004 shares |
| Offer For Sale | 4,301,075 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 11.41x |
| NII | 10.57x |
| RII | 2.81x |
| Total | 6.93x |
Saatvik Green Energy IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 96,55,912 (49.88%) |
| Retail Shares Offered | 67,59,140 (34.91%) |
| NII Shares Offered | 28,96,775 (14.96%) |
Saatvik Green Energy IPO Lot Size
Investors can bid for a minimum of 32 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 32 | ₹14,880 |
| Retail (Max) | 13 | 416 | ₹193,440 |
| S-HNI (Min) | 14 | 448 | ₹208,320 |
| S-HNI (Max) | 67 | 2,144 | ₹996,960 |
| B-HNI (Min) | 68 | 2,176 | ₹1,011,840 |
Saatvik Green Energy Financial Information (Restated Consolidated)
Saatvik Green Energy Ltd.'s revenue increased by 100% and profit after tax (PAT) rose by 113% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 1,635.74 | 688.04 | 263.00 |
| Total Income | 2,192.47 | 1,097.18 | 617.63 |
| Profit After Tax | 213.93 | 100.47 | 4.75 |
| EBITDA | 353.93 | 156.84 | 23.87 |
| NET Worth | 337.66 | 120.67 | 20.27 |
| Reserves and Surplus | 315.25 | 117.36 | 16.89 |
| Total Borrowing | 458.10 | 263.42 | 144.49 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 63.41% |
| ROCE (Return on Capital Employed) | 60.45% |
| Debt/Equity | 1.36 |
| RoNW (Return on Net Worth) | 63.41% |
| PAT Margin (Profit After Tax Margin) | 9.76% |
| EBITDA Margin | 16.40% |
| Price to Book Value | 43.18 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 19.09 | 16.83 |
| P/E (x) | 24.35 | 27.63 |
| Promoter Holding | 90.05% | 75.99% |
Company Promoters
- Neelesh Garg
- Manik Garg
- Manavika Garg and SPG Trust are the company promoters.
Company Overview
Incorporated in 2015, Saatvik Green Energy Limited is the manufacturer of modules and offers engineering, procurement and construction (“EPC”).
The company offer a comprehensive portfolio of solar module products that are currently manufactured using technologies that help reduce energy loss and enhance overall efficiency..
The company commenced their manufacturing operations in 2016 and have over the years expanded the annual installed capacity, from 125 MW as of March 31, 2017 to about 3.80 GW as of June 30, 2025.
The company operates two module manufacturing facilities in Ambala, Haryana (together, the “Ambala Facilities”) spread across a total land area of 724,225 square feet.
Products:
- Monocrystalline passive emitter and rear cell (“Mono PERC”) modules.
- N-TopCon solar modules, both types are offered in mono-facial and bifacial options, suitable for various applications, including residential, commercial and utility-scale solar projects.
As of June 30, 2025, March 31, 2025, March 31, 2024 and March 31, 2023, the company had 618, 566, 270 and 138 full-time employees.
Company Strengths
- Quality Customer Base and Large Order Book
- Among the Leading Module Manufacturing Companies in India Offering Integrated Solutions to Independent Power Producers
- Innovative Technology Solutions for the Solar Industry
- Multiple Sales and Revenue Channels
- Well-Positioned to Capture Favourable Industry Tailwinds
Use of Proceeds
| 1) | Prepayment or scheduled re-payment, in full or in part, of all or a portion of certain outstanding borrowings availed by the Company | 10.82 |
| 2) | Investment in the wholly owned Subsidiary, Saatvik Solar Industries Private Limited, 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 | 166.44 |
| 3) | Investment in the wholly owned Subsidiary, Saatvik Solar Industries Private Limited, for setting up of a 4 GW solar PV module manufacturing facility at National Highway – 16, Chamakhandi, Gopalpur Industrial Park, Gopalpur, Ganjam – 761 020, Odisha. (“Project Site”) | 477.23 |
| 4) | General corporate purposes | 3.04 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Saatvik Green Energy IPO Peer Comparison
Saatvik Green Energy peer comparison with similar listed entities. (As on March 31, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Saatvik Green Energy Limited | 19.09 | 19.07 | 30.14 | 0.00 | 63.41 | 0.00 | Consolidated |
| Waaree energies limited | 68.24 | 67.96 | 158.13 | 55.02 | 19.48 | 23.66 | Consolidated |
| R S premier energies limited | 21.35 | 21.35 | 15.33 | 49.96 | 33.14 | 71.07 | Consolidated |
Quick Info
| Sector | Saatvik Green Energy |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹5,910.19 Cr |
| GMP | 0.00 |
Important Dates
| IPO Open | Sep 19, 2025 |
| IPO Close | Sep 23, 2025 |
| Allotment Date | Sep 24, 2025 |
| Credit to Demat | Sep 25, 2025 |
| Listing Date | Tentative: Sep 26, 2025 |
Lead Manager(s)
Dam Capital Advisors Ltd.
Registrar
Kfin Technologies Ltd. i
04067162222, 04079611000
Description
- Saatvik Green Energy Ltd. is a book build issue of ₹900.20 crores. The issue is a combination of fresh issue of 1.51 crore shares aggregating to ₹700.20 crores and offer for sale of 0.43 crore shares aggregating to ₹200.00 crores.
- Saatvik Green Energy IPO bidding started from Sep 19, 2025 and ended on Sep 23, 2025. The allotment for Saatvik Green Energy IPO was finalized on Sep 24, 2025. The shares got listed on BSE, NSE on Sep 26, 2025.
- Saatvik Green Energy IPO price band is set at ₹465.00 per share . The lot size for an application is 32. The minimum amount of investment required by an retail is ₹14,880 (32 shares) (based on upper price). The lot size investment for sNII is 14 lots (448 shares), amounting to ₹2,08,320, and for bNII, it is 68 lots (2,176 shares), amounting to ₹10,11,840.
- The issue includes a reservation of up to 47,505 shares for employees offered at a discount of ₹44.00 to the issue price.