Saatvik Green Energy files draft papers with SEBI for ₹1,150-crore IPO; check key details

The initial public offerings (IPOs) of renewable energy focused companies, such as Premier Energies, ACME Solar Holdings and Waaree Energies, have kept the primary markets abuzz in 2024. The success of these newly listed companies has made the primary market investors to keep a close watch on the new players in the segment going public.

The much anticipated ₹10,000-crore NTPC Green Energy IPO also opened for subscription on November 19.

Meanwhile, another solar panel producer, Saatvik Green Energy Limited, has initiated the process to tap the primary market for funds.

Saatvik Green Energy filed the draft papers for its IPO with the market regulator Securities and Exchange Board of India (SEBI) on Monday, November 18.

Saatvik Green Energy IPO issue size

The company plans to raise ₹1,150 crore through its IPO. 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. The promoters of Satvik Green Energy currently hold a 90% stake in the company.

Saatvik Green Energy plans to use funds to set up solar module facility

Saatvik Green Energy plans to use the IPO proceeds to set up a 4 GW solar photovoltaic module-making facility in Odisha. It also plans to use the money raised via the public issue to pay debt and invest in its subsidiary Saatvik Solar Industries through debt or equity. The remaining portion of the funds will also be used for general corporate purposes.

About Saatvik Green Energy Ltd

Saatvik Green Energy provides end-to-end engineering, procurement, and construction (EPC) services for solar projects, including ground-mounted and rooftop installations.

As of June 30, 2024, the company’s photovoltaic module manufacturing facilities had an operational capacity of about 1.8 GW. Dam Capital Advisors, Ambit, and Motilal Oswal Investment Advisors are the book-running lead managers for the public issue.