Saatvik Green Energy IPO

Saatvik Green Energy IPO

open
₹14,144Min. investment
  1. Pre-apply
    17 Sep
  2. Bid start
    19 Sep
  3. Bid end
    23 Sep
  4. Allotment
    24 Sep
  5. Release of funds
    25 Sep
  6. Demat transfer
    25 Sep
  7. Listing
    26 Sep

About Saatvik Green Energy Limited

Price range₹442 – ₹465
IPO type
Regular
Lot size32 shares
Issue size₹900Cr
Red Herring Prospectus
Read

Saatvik Green Energy Limited IPO Overview

### Saatvik Green Energy Limited IPO date

Saatvik Green Energy Limited IPO will be open for subscription on September 19, 2025, and the closing date of the IPO is September 23, 2025. Investors are likely to receive an update regarding the allotment status on September 24, 2025. Investors who have been allotted shares can expect them to be credited to their demat account as of September 25, 2025. The company's shares will be listed on the BSE and the NSE on Friday, September 26, 2025.

### Saatvik Green Energy Limited IPO price band

The IPO includes a fresh issue and an offer for sale. The IPO price band has been set between ₹442 to ₹465 per share. Interested investors can choose a price within this band to apply for the IPO. The IPO is a book-building issue, comprising a fresh issue of ₹700 crore and an offer for sale of ₹200 crore only. Saatvik Green Energy Limited's IPO listing price will be decided on September 26, 2025. The listing price is the price at which a company's shares are first listed on a stock exchange.

### Saatvik Green Energy Limited IPO lot size

Saatvik Green Energy Limited IPO details have been declared. The minimum lot size for an application is 32 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹ 900 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Objectives

Investment in wholly owned subsidiary
68.10%
Investment in wholly owned subsidiary
23.70%
General corporate purposes
6.70%
Repayment of loans
1.50%

Strength and Weakness

Quality customer base and order book

The company serves a diversified client base with a presence in various segments, including large utilities, commercial and industrial open access, and across geographies such as India, North America, Africa, and South Asia. The customer base grew at a CAGR of 42.76% from March 31, 2023, to March 31, 2025.

Leading module manufacturing company

The company is recognised as one of the few companies with capabilities in module manufacturing as well as EPC and O&M services. As of FY25, it had an installed EPC base of 69.12 MW. Its in-house capabilities include manufacturing, private labelling, and scale production, among others. The company’s integrated approach enables it to provide end-to-end solutions that meet the diverse needs of its customer base. As of March 31, 2025, it has completed 12 solar power projects with a cumulative capacity of 69.12 MW.

Innovative technology solutions

The company uses a combination of advanced technologies, including half-cut, MBB and circular-ribbon modules within N-TopCon technology. Additionally, for N-TopCon modules, it offers dual glass modules with customizable options ranging from 2.00 mm to 2.50 mm, ensuring high durability and efficiency.

Diversified sales and revenue channel

It primarily focuses on selling products directly to businesses. It has also established a network of channel partners and authorised distributors across India and participates in various government tenders and projects. As of June 30, 2025, its network comprises 53 selling partners, which include 23 resellers, 19 distributors and 11 channel partners across various states in

About Saatvik Green Energy Limited

Saatvik Green Energy is one of the key players in India’s solar energy market, manufactures solar photovoltaic (PV) modules. Since its incorporation, it has supplied more than 2.50 GW of high-efficiency solar PV modules in domestic and international markets, including North America, Africa, and South Asia.
The company provides comprehensive services, including engineering, project construction, and maintenance, with a production capacity of 3.8 GW as of March 2025. The company’s main products are Mono PERC and N-TopCon panels, which are available in single-sided and double-sided. The market for these solar panels is from home rooftops to big solar parks.
The company has three factories in Ambala, operating at 84% capacity, and it is planning to add another 1 GW capacity at Ambala by FY26, which takes the total capacity to 4.8 GW. It is also plan to set up an integrated plant in Odisha (4.8 GW cell line + 4 GW modules) and another for wafers, cells, and ingots in Madhya Pradesh.
The company has worked on some of the largest solar projects in India, including supplying panels to the largest floating solar plant (61 MW) in Telangana and large utility projects in Gujarat. Installation of rooftop and ground-mounted projects for big names like Jindal Steel, Dalmia Group, and others via solar EPC solutions. The company is also taking on projects in battery energy storage.
The firm distributes its products to large developers and through a partner network to small customers. Some of its major clients are JSW Neo Energy, Shree Cement, SJVN, and Megha Engineering. As of June 2025, it had 53 partners consisting of resellers, distributors, and channel partners all over the country. Technologies such as M10, G12, M10R, and G12R cells are used to enhance efficiency and performance. As of March 2025, the order book stood at ₹5,076.8 crore, which was 10x of last year.
The firm generates its revenue from various sources such as product sales, EPC services, and O&M solutions. During FY25, revenue from operations stood at ₹2,158 crore as compared to ₹608.59 crore in FY23. Of this, 70.5% comprised manufactured modules, 26.1% comprised traded goods, and 3.3% comprised EPC projects. The EPC success is in the form of large-scale projects such as Jindal Steel's rooftop installation of 12 MW, Dalmia Bharat's ground-mounted plant of 16 MW, and contributions from floating solar sources of Telangana and Gujarat.
The solar industry is witnessing robust growth, with policy-driven rooftop installations and untapped capacity. It has contributed ~84 GW in FY18–25 at a CAGR of 26%, with only 15.4% of its 750 GW potential harnessed. The company is riding this growth with its 3.80 GW operational capacity (3.68 GW ALMM-approved), up to 625 Wp modules, and expanding EPC base of 69.12 MW to capture increasing demand, including 28–30 GW of rooftop additions by FY26–30.
The company plans to achieve backward integration through its upcoming facility in Odisha and Madhya Pradesh. It will grow export sales and EPC services overseas, expand the domestic customer base, and develop technology with modules up to 720 Wp. In addition, it is making investments in a larger distribution network, retail solar brand creation, and financing partnership arrangements to speed up rooftop uptake.
Now, Saatvik Green Energy Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹400 crore and an offer for sale of ₹64.26. The total issue size of the IPO is ₹464.26 crore. Its shares will be listed on the NSE and BSE.

Latest News on IPO

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Saatvik Green Energy has filed preliminary papers with the capital markets regulator SEBI as it plans to raise Rs 1,150 crore through its initial share sale for the expansion of solar photovoltaic module manufacturing facility. The IPO is a combination of fresh issuance of equity shares worth Rs 850 crore, and an offer-for-sale of Rs 300 crore worth shares by the existing shareholding.
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The Haryana-based company's IPO would open for public subscription on September 19 and conclude on September 23. The bidding for anchor investors will open for a day on September 18

3 min read

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Saatvik Green Energy filed the draft papers for its initial public offer (IPO) with the market regulator SEBI on Monday, November 18. The company’s public offer consists of a fresh issuance of shares worth ₹850 crore and an offer-for-sale (OFS) component, aimed at raising ₹300 crore.

2 min read

Frequently asked questions

How to invest in the IPO?

Investors can apply for the IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Saatvik Green Energy IPO ?

The issue size of the Saatvik Green Energy IPO is 900 Cr.

What is 'pre-apply' for Saatvik Green Energy IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Saatvik Green Energy IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Ipo opens on 19 Sep 2025, 10:00 AM