Saatvik Green Energy, a leading solar photovoltaic (PV) module manufacturer in India, made a modest debut on the Indian stock exchanges on Friday, September 26, 2025. Saatvik Green Energy shares opened at ₹460 on the Bombay Stock Exchange (BSE), reflecting a 1.07% discount to the issue price of ₹465. On the National Stock Exchange (NSE), the stock listed at par with the issue price.
Saatvik Green Energy IPO Performance
The ₹900 crore IPO received strong investor interest, closing with an overall subscription of 6.57 times during the three-day bidding period from September 19 to September 23, 2025. The issue combined a fresh issue of 1.51 crore shares aggregating ₹700 crore with an offer-for-sale of 0.43 crore shares aggregating ₹200 crore.
IPO Details
Saatvik Green Energy IPO was offered within a price range of ₹442 to ₹465 per share, with each lot comprising 32 shares. Ahead of the IPO opening, the company raised ₹269.4 crore from anchor investors, which included domestic institutional participants such as HDFC Mutual Fund, Nippon Life India, Bandhan Mutual Fund, SBI General Insurance Company, and 360 ONE.
Use of Proceeds
Saatvik Green Energy plans to utilise ₹177.3 crore of the net fresh issue proceeds to repay certain outstanding borrowings. Additionally, ₹477.2 crore will be allocated for setting up a 4 GW solar PV module manufacturing facility at Ganjam, Odisha, through its subsidiary Saatvik Solar Industries. The remaining proceeds are intended for general corporate purposes.
About Saatvik Green Energy
Saatvik Green Energy is among India’s leading solar PV module manufacturers, with an operational capacity of approximately 3.80 gigawatts (GW). The company also provides engineering, procurement, and construction (EPC) services, along with operations and maintenance (O&M) solutions. Through these offerings, Saatvik Green Energy caters to both domestic and institutional clients, playing a key role in India’s renewable energy sector.
Market Outlook and Conclusion
The IPO listing at a slight discount reflects a measured market response to Saatvik Green Energy’s offering. With plans to expand its manufacturing capacity and repay outstanding borrowings, the company is positioning itself for steady growth in the solar PV sector.
The IPO provides investors with an opportunity to engage with a prominent renewable energy enterprise, backed by a combination of operational capacity, financial stability, and strategic expansion plans.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO to stay updated on the latest market offerings.
