The solar power play is back in focus on Dalal Street. Haryana-based Saatvik Green Energy has opened its Rs 900 crore initial public offering (IPO) today, September 19. With its IPO opened today, the company is aiming to capture investor attention in the booming renewable energy sector.
But with the issue now live and a modest grey market premium (GMP) at play, one of the big question is – should you subscribe? Let’s take a look at the 7 key things you need to know about this open IPO at the moment-
Saatvik Green Energy IPO: GMP – What does it indicate
As of the latest trend, Saatvik Green Energy IPO GMP stands at Rs 65. That means unlisted shares are trading at Rs 530. This translates to a premium of about 14% over the upper price band.
However, it is worth noting that GMP is highly sentiment-driven and can fluctuate sharply as the subscription figures roll in.
Saatvik Green Energy IPO: Subscription trend on Day 1
The IPO saw 0.19 times subscription on Day 1 so far. The retail quota was booked 0.30 times, while HNIs bid 0.16 times. Institutional investors were yet to make their move, leaving the QIB portion unsubscribed at that time.
Saatvik Green Energy IPO: Fresh issue and OFS
The public offer is a mix of fresh equity and an offer for sale. Saatvik will issue 15.05 million fresh shares worth Rs 700 crore, while existing promoters will offload 4.3 million shares worth Rs 200 crore.
The price band is set between Rs 442 – 465 per share, valuing the company at around Rs 5,910 crore at the upper end.
Investor allocation follows the usual split, that is, 50% for institutional buyers, 35% for retail, and 10% for high-net-worth individuals (HNIs).
Saatvik Green Energy IPO: Anchor investors
Ahead of the IPO, the company raised Rs 269 crore from anchor investors, allotting 5.79 million shares at Rs 465 each.
Big names like HDFC MF, Nippon India MF, Bandhan MF, SBI General Insurance, and 360 One participated.
Saatvik Green Energy IPO: Where the money will go
The fresh issue proceeds are placed for expansion. A big chunk around Rs 477.23 crore will flow into Saatvik Solar Industries to set up a 4 GW solar PV module plant in Odisha.
Another Rs 166.44 crore will be used to reduce subsidiary debt, while Rs 10.82 crore will go toward parent-level loan repayments. The balance will support general corporate purposes.
Saatvik Green Energy IPO: Analyst view
“Saatvik Green Energy’s initial issue is priced at 20.0x TTM EV/EBITDA, compared to peer average of 28.0x TTM EV/BITDA, which appears to be fairly priced in, on comparing its financial performance with its domestic listed peers. Moreover, we expect the Company to perform better led by its proposed module and cell capacity at Odisha, which will drive improvement in overall margins. We assign “SUBSCRIBE” rating to the issue,” said Deven Choksey Research in its IPO note.
Another brokerage house, SBI Securities added, “Going forward, the company will set up an integrated cell and module manufacturing facility in Odisha with cell line manufacturing capacity of 4.8 GW (expected to be operational by FY27) and a module production capacity of 4 GW (expected to be operational by FY26). Historically, SGEL recorded a CAGR of 88%/365%/572% in Revenue/EBITDA/PAT, respectively, during the FY23-FY25 period, showcasing the company’s robust financial performance. We recommend investors to SUBSCRIBE to the issue at cut-off price.”
Saatvik Green Energy IPO: Business snapshot
Saatvik Green Energy is among the larger domestic manufacturers of solar photovoltaic modules, with an operational capacity of 3.8 GW as of June 2025. Beyond manufacturing, the company also provides EPC services for both ground-mounted and rooftop solar projects.