Saatvik Green Energy IPO to open on Sept 19; check price band and other details

Solar panel maker Saatvik Green Energy on Tuesday, September 16, fixed a price band of ₹442 to ₹465 per share for its upcoming ₹900-crore initial public offering (IPO).

At the upper end, the company is valued at around ₹5,910 crore.

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, according to a public announcement.

The company's maiden public offering is a combination of a fresh issue of shares worth ₹700 crore and an offer-for-sale (OFS) of ₹200 crore by promoters.

Proceeds from the fresh issue worth ₹477.23 crore will be invested in Saatvik Solar Industries Pvt Ltd for setting up a 4 GW solar PV module manufacturing facility at Gopalpur Industrial Park in Odisha, and ₹166.44 crore will be infused into the subsidiary for repayment or prepayment of its outstanding borrowings.

Additionally, the company will use around ₹10.82 crore to repay certain borrowings at the parent level, while the remaining funds will be set aside for general corporate purposes.

Saatvik Green Energy is a solar photovoltaic module manufacturer with an operational capacity of about 3.8 GW as of June 30, 2025. The company provides end-to-end engineering, procurement and construction services for solar projects, including ground-mounted solar installations and rooftop solar installations.

In terms of issue allocation, 50% of the IPO is reserved for qualified institutional buyers (QIBs), 35% for retail investors, and the remaining 15 per cent for non-institutional investors.

Dam Capital Advisors, Ambit, and Motilal Oswal Investment Advisors are the book-running lead managers to the issue. Shares of the company are expected to be listed on September 26 on the bourses.

The equity shares of the company will be listed on both BSE and NSE.

Saatvik Green Energy is a solar photovoltaic module manufacturer with an operational capacity of approximately 3.80 GW as of June 30, 2025. The company offers a range of solar energy products, including Mono PERC and N-TopCon solar modules, available in both mono-facial and bifacial configurations. These modules are designed to cater to a wide range of applications across residential, commercial, and utility-scale solar projects.

In addition to manufacturing, Saatvik Green Energy provides comprehensive engineering, procurement, and construction (EPC) services for solar projects. Its solutions include ground-mounted and rooftop solar installations, supported by operations and maintenance services, ensuring end-to-end support for customers throughout the project lifecycle.