Solar module manufacturer Saatvik Green Energy has successfully mobilized ₹269.4 crore from anchor investors, setting the stage for its ₹900-crore initial public offering (IPO) that opens for public subscription from September 19 to 23, 2025. The Gurugram-based company, which claims an operational capacity of 3.8 GW in solar photovoltaic (PV) modules, is among India’s fastest-growing players in the renewable energy space.
The anchor book allocation was finalized on September 18, with 57,93,547 equity shares allotted at ₹465 per share—the upper end of the IPO price band. The anchor round saw participation from six marquee domestic institutional investors, including HDFC Mutual Fund, Nippon Life India, SBI General Insurance, Bandhan Mutual Fund, 360 ONE, and 3P India Equity Fund.
Anchor Book Allocation Summary
| Investor | Shares Acquired | Investment Value (₹ crore) |
|---|---|---|
| HDFC Mutual Fund | 10.21 lakh | ~95.0 |
| Nippon Life India | 10.22 lakh | ~95.0 |
| 3P India Equity Fund | 10.75 lakh | ~50.0 |
| Bandhan Mutual Fund | 2.1 lakh | ~9.8 |
| SBI General Insurance | 2.1 lakh | ~9.8 |
| 360 ONE | 2.1 lakh | ~9.8 |
| Total | 57.93 lakh | ₹269.4 crore |
The strong anchor response is seen as a vote of confidence in Saatvik’s business model, growth trajectory, and expansion plans.
IPO Structure and Use of Proceeds
Saatvik Green Energy’s ₹900-crore IPO comprises a fresh issue of ₹700 crore and an offer-for-sale (OFS) of ₹200 crore by promoters Parmod Kumar and Sunila Garg. The price band has been set at ₹442–₹465 per share, with a face value of ₹2 per share.
| Component | Amount (₹ crore) | Purpose |
|---|---|---|
| Fresh Issue | ₹700 | Expansion, debt repayment, general corporate purposes |
| Offer-for-Sale (OFS) | ₹200 | Promoter stake dilution |
| Total IPO Size | ₹900 | — |
Of the fresh issue proceeds, ₹477.2 crore will be invested in setting up a 4 GW solar PV module manufacturing facility at Ganjam, Odisha, through its subsidiary Saatvik Solar Industries. Another ₹177.3 crore will be used to repay outstanding borrowings, while the remaining funds will be allocated for general corporate purposes.
Saatvik Green Energy: Business Snapshot
Saatvik Green Energy is a vertically integrated solar solutions provider offering PV module manufacturing, engineering, procurement and construction (EPC), and operations and maintenance (O&M) services. The company’s modules are used in ground-mounted solar parks, rooftop installations, and hybrid energy systems.
| Business Segment | Description |
|---|---|
| PV Module Manufacturing | 3.8 GW operational capacity |
| EPC Services | Turnkey solar project execution |
| O&M Services | Lifecycle management of solar assets |
| Expansion Plan | 4 GW facility in Odisha by 2026 |
Saatvik’s client base includes government agencies, independent power producers, and commercial enterprises. The company is also exploring export opportunities in Southeast Asia and Africa.
IPO Timeline and Listing Details
| Event | Date |
|---|---|
| IPO Opens | September 19, 2025 |
| IPO Closes | September 23, 2025 |
| Allotment Finalization | September 24, 2025 |
| Listing on BSE & NSE | September 26, 2025 |
| Registrar | Kfin Technologies Ltd |
| Lead Managers | DAM Capital, Ambit, Motilal Oswal |
Retail investors can bid for a minimum of 32 shares, amounting to ₹14,880 at the upper price band. The IPO is a book-building issue and will be listed on both BSE and NSE.
Market Valuation and Investor Sentiment
At the upper end of the price band, Saatvik Green Energy is valued at approximately ₹5,910 crore. Analysts believe the IPO is attractively priced given the company’s growth potential, clean energy focus, and strong anchor backing.
| Metric | Value |
|---|---|
| Post-IPO Valuation | ₹5,910 crore |
| Pre-IPO Shareholding | 11.20 crore shares |
| Post-IPO Shareholding | 12.71 crore shares |
| Retail Reservation | 35% of net offer |
| QIB Reservation | 50% of net offer |
| NII Reservation | 15% of net offer |
The IPO is expected to attract strong retail and institutional interest, especially amid India’s push for renewable energy and decarbonization.
Sector Outlook: Solar Energy in India
India’s solar energy sector is projected to reach 280 GW by 2030, driven by government incentives, falling module costs, and rising demand for clean power. Saatvik Green Energy’s expansion aligns with national goals under the Production Linked Incentive (PLI) scheme and the Green Hydrogen Mission.
| Sector Trend | Impact on Saatvik |
|---|---|
| Domestic Manufacturing Push | Boosts demand for local modules |
| PLI Scheme for Solar Modules | Eligibility for incentives |
| Rooftop Solar Adoption | Expands EPC opportunities |
| Export Potential | Opens new markets in Asia, Africa |
Saatvik’s strategic location in Odisha and its integrated business model position it well to capitalize on these trends.
Conclusion: Strong Anchor Backing Sets Stage for Promising IPO
Saatvik Green Energy’s ₹269 crore anchor book success ahead of its ₹900-crore IPO signals robust investor confidence in India’s solar manufacturing story. With a clear expansion roadmap, diversified services, and strong institutional support, the company is poised to make a strong debut on Dalal Street.
As India accelerates its clean energy transition, Saatvik’s IPO offers investors a chance to participate in a high-growth, future-ready sector.
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Disclaimer: This article is based on publicly available financial filings, verified news reports, and official IPO documents. It is intended for informational purposes only and does not constitute investment, legal, or financial advice. All IPO timelines, valuations, and allocations are subject to change based on regulatory updates.
