The Saatvik Green Energy issue makes a muted debut on Dalal Street. The issue listed at Rs 460 per share. This is about 1% dscount to the issue price. The issue price was fixed at Rs 465 per share.
In fact the GMP over the last 7 sessions indicated the trend slipping lower and the overal expectation was that of a lacklustre listing.
Saatvik Green Energy: IPO subscription
That said, the Saatvik Green Energy IPO did garner reasonable subscription. Though no-where close to the highs seen so far this year. It was subscribed 6.93 times. The retail category saw 2.81 times subscription while QIB portion was subscribed 11.41 times. The NII subscription was at 10.57 times.
Saatvik Green Energy: IPO details
A little about the Saatvik Green Energy IPO. A book-built issue, it was a Rs 900 crore IPO. It was a combination of ‘offer for sale’ and a fresh issue. 1.51 crore shares amounting to Rs 700 crore comprised the fresh issuance. The offer for sale accounted for Rs 200 crore and comprised of 0.43 crore shares. The allotment for the issue was finalised on September 24.
Saatvik Green Energy: Analyst view
The Saatvik Green Energy is a renewable play and the sector has been seeing significant interest recently.
According to Anand Rathi, “The company is strategically enhancing its market position by focusing first on expanding module manufacturing capacity, then integrating solar cell production, and eventually moving into raw material manufacturing. On the valuation front, based on annualized FY25 earnings, the company is seeking a P/E of 27.4 times,, making the issue appears to be fully priced.”