Saatvik Green Energy IPO subscribed 39% 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 39% so far on the first day of bidding on Friday, September 19.

It has secured bids for 55,99,040 shares as against 1,42,71,970 shares on offer, according to the NSE data until 2:05 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.