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Saatvik Green Energy IPO
6.53xsubscribed

Saatvik Green Energy IPO

listed
₹14,144Min. investment

Saatvik Green Energy Limited IPO Details

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

Saatvik Green Energy IPO Subscription Status

Date
QIB
NII
Retail
Total
19-Sep-25
0.01 times (X)
0.66 times (X)
0.9 times (X)
0.59 times (X)
22-Sep-25
0.01X
1.36X
1.58X
1.09X
23-Sep-25
5.38X
9.9X
2.62X
6.53X

As on 19-Sep-25, 5:30 PM

Saatvik Green Energy IPO Timeline

  1. Pre-apply
    17 Sep 2025
  2. Bid start
    19 Sep 2025
  3. Bid end
    23 Sep 2025
  4. Allotment
    24 Sep 2025
  5. Release of funds
    25 Sep 2025
  6. Demat transfer
    25 Sep 2025
  7. Listing
    26 Sep 2025

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.

Saatvik Green Energy Limited IPO Analysis

IPO REVIEW

Saatvik Green Energy IPO | Analysis Video

Should you apply?

Watch our analysts break down the Saatvik Green Energy Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

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

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

Objectives of Saatvik Green Energy Limited IPO

Investment in wholly owned subsidiary
68.10%
The company will invest ₹477.23 crore in Saatvik Solar to set up a 4 GW solar PV module plant.
Investment in wholly owned subsidiary
23.70%
The company will invest ₹166.44 crore in Saatvik Solar Industries to repay its debt.
General corporate purposes
6.70%
Part of the IPO proceeds will be used for general corporate purposes.
Repayment of loans
1.50%
The company will utilise ₹10.82 crore towards funding long-term working capital requirements.

Saatvik Green Energy IPO Contact Details

Company NameSaatvik Green Energy Limited

How to apply for Saatvik Green Energy IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Saatvik Green Energy Limited IPO FAQs

Investors can apply for the Saatvik Green Energy IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Saatvik Green Energy IPO is 900 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
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.
Saatvik Green Energy IPO will be open between 2025-09-19 and 2025-09-23.
Saatvik Green Energy IPO allotment date is 2025-09-25. For Saatvik Green Energy IPO allotment status check, you can visit the website of the registrar of the IPO.
For Saatvik Green Energy IPO, the IPO registrar is Kfin Technologies Ltd.. You can check Saatvik Green Energy IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Saatvik Green Energy IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Saatvik Green Energy IPO lot size is 32 and minimum order quantity is 32.
Saatvik Green Energy IPO has set the price band for its IPO at 465 per equity share with a face value of 2.