Fresh Issue of Rs 700 crore & OFS of Rs 200 crore: Solar stock-Saatvik Green Energy Get Listed on BSE & NSE Below Issue Price
DSIJ Intelligence-1 / 26 Sep 2025/ Categories: IPO, Mindshare, Trending
The QIB portion saw the highest subscription at 11.41 times, followed by retail investors at 2.81 times and Non-Institutional Buyers (NIIs) at 10.57 times.
On Friday, shares of Saatvik Green Energy Limited marked their debut on the stock exchanges, namely BSE and NSE. On BSE, the stock is listed at Rs 460 per share and on NSE, the stock is listed at Rs 464.95 per share. The IPO was oversubscribed 6.93 times overall. The QIB portion saw the highest subscription at 11.41 times, followed by retail investors at 2.81 times and Non-Institutional Buyers (NIIs) at 10.57 times.
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The issue is sizable at Rs 900 crore, which includes a fresh issue of Rs 700 crore and an Offer for Sale (OFS) of Rs 200 crore. The Price Band for the IPO was fixed between Rs 442 and Rs 465 per share, with a lot size of 32 shares. The company plans to use the fresh issue proceeds primarily for capital expenditure—specifically, investing in its subsidiary (SSIPL) to set up a new 4 GW module facility in Gopalpur, Odisha (Rs 477.23 crore), and repaying certain borrowings of both the company and its subsidiary.
Saatvik Green Energy is a prominent integrated player in the Indian solar sector, specialising in manufacturing high-efficiency solar PV modules with an operational capacity of 3.80 GW as of March 31, 2025. It serves residential, commercial, and utility segments with products like Mono PERC and N-TOPCon modules. The company has demonstrated rapid financial growth across the last three fiscals, with revenue growing at a 52.50 per cent CAGR to reach Rs 2,158.39 crore in FY25, and Net Profit soaring to Rs 213.93 crore in the same year, reflecting significant improvements in EBITDA and Net Profit margins.
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The IPO pricing is set at an attractive valuation relative to its listed peers. At the upper band of Rs 465, the stock is valued at 27.6x its FY25 earnings, which is a notable discount compared to comparable companies like Waaree Energies and Premier Energies, which trade around 45x P/E. This lower valuation, coupled with its strong operational capacity and favourable industry outlook—driven by India’s massive untapped solar potential and policy push (like the PM Surya Ghar scheme)—positions the company strongly.
Disclaimer: The article is for informational purposes only and not investment advice.