Saatvik Green Energy IPO subscribed 26% so far on day 1: Check price band, objectives and more

Saatvik Green Energy IPO: The initial public offering of solar panel maker Saatvik Green Energy has been subscribed 26% so far on the first day of bidding on Friday, September 19.

It has secured bids for 37,02,592 shares as against 1,42,71,970 shares on offer, according to the NSE data until 12:13 pm.

The company's maiden public offering worth ₹900 crore is a combination of a fresh issuance of shares valued at ₹700 crore and an offer for sale (OFS) of ₹200 crore by promoters Parmod Kumar and Sunila Garg.

Proceeds from the fresh issue to the tune of ₹477.23 crore will be invested in Saatvik Solar Industries Pvt Ltd for establishing a 4 GW solar PV module manufacturing plant in Odisha, and ₹166.44 crore will be infused into the subsidiary for debt repayment.

The firm will also use ₹10.82 crore to clear certain borrowings at the parent level, while the remainder of funds will be used for general corporate purposes.

The IPO has a price band of ₹442 to ₹465 per share, and a lot consists of 32 shares.

Before the public offer, the company collected ₹269.4 crore from anchor investors, including HDFC Mutual Fund (MF), Bandhan MF, Nippon India MF, and SBI General Insurance Company, among others.

It allotted 57.93 lakh shares to nine funds at ₹465 apiece, which is the upper price band of the issue.

Saatvik Green Energy is a solar photovoltaic (PV) module manufacturer with an operational capacity of 3.8 GW (gigawatts) as of June 2025. The company offers end-to-end engineering, procurement and construction (EPC) services for solar projects, including rooftop solar installations and ground-mounted solar installations.

Dam Capital Advisors, Motilal Oswal Investment Advisors, and Ambit are the book-running lead managers to the issue, while KFin Technologies is the registrar.

Saatvik Green Energy IPO latest GMP

According to investorgain.com and media reports, unlisted shares of Saatvik Green Energy are trading at ₹530 per share, reflecting a grey market premium (GMP) of 13.98% over the upper price band of ₹465.