Saatvik Green Energy IPO: Check IPO Date, Live Subscription and Key Details
Saatvik Green Energy is a leading solar PV module manufacturer in India with an operational capacity of 3.80 GW as of March 31, 2025. The company is also among the fastest-growing players in the solar sector, having supplied over 2.50 GW of high-efficiency solar modules. Apart from module manufacturing, it provides EPC (engineering, procurement, and construction) and O&M (operations and maintenance) services. Its product portfolio includes Mono PERC and N-TopCon modules, available in both mono-facial and bifacial options. The company operates three manufacturing facilities in Ambala, Haryana, and is in the process of setting up a new integrated cell and module manufacturing facility in Odisha. It serves a wide range of customers, including Solarcraft Power India, Enrich Energy, and Shree Cement, both in India and overseas (over 39 countries).
Key Metrics
Check Live GMPGMPTimeline
IPO Opens
19 Sept
IPO Closes
23 Sept
Allotment
24 Sept
Listing
26 Sept
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 19 September 2025 | Subscription starts |
| IPO Close Date | 23 September 2025 | Subscription ends |
| Allotment Date | 24 September 2025 | Allotment |
| Listing Date | 26 September 2025 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,880 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,93,440 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,08,320 |
SHNI (Max)Below ₹10,00,000 | 67 | ₹9,96,960 |
BHNIAbove ₹10,00,000 | 68 | ₹10,11,840 |
IPO Objectives
- Prepayment or scheduled re-payment, in full or in part, of all or a portion of certain outstanding borrowings availed by the Company.
- Investment in the wholly owned Subsidiary, Saatvik Solar Industries Private Limited, for repayment/prepayment of borrowings.
- Investment in the wholly owned Subsidiary for setting up of a 4 GW solar PV module manufacturing facility in Odisha.
- General corporate purposes.
Strengths
- The company is one of the largest Indian solar PV module manufacturers, with significant operational capacity and a strong market position.
- It has a high-quality customer base and a large order book from key players, which provides clear revenue visibility.
- The business offers integrated solutions spanning manufacturing, EPC, and O&M services, catering to the entire solar value chain.
- The company uses innovative technology, with a focus on high-efficiency Mono PERC and N-TopCon modules.
- It has multiple sales channels and a strong presence in both the domestic and international markets.
Weaknesses
- The company has a high debt-to-equity ratio of 1.36, indicating significant financial leverage that could impact its profitability.
- It's a working capital-intensive business, and a large portion of the IPO proceeds is allocated for capital expenditure, which can strain finances.
- The solar energy industry is highly dependent on volatile government policies, subsidies, and international trade dynamics.
- The business faces intense competition from both domestic and international players, which can lead to pricing pressures and impact profit margins.
- The company's P/E ratio appears to be different from that of its peers, which may cause confusion for investors during the valuation process.
Financial Performance
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets (₹ Cr.) | 1,635.74 | 688.04 | 263 |
| Revenue (₹ Cr.) | 2,192.47 | 1,097.18 | 617.63 |
| PAT (₹ Cr.) | 213.93 | 100.47 | 4.75 |
| Net Worth (₹ Cr.) | 337.66 | 120.67 | 20.27 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Saatvik Green Energy | 43.18 | 27.63 | 63.41% | 337.66 |
| Waaree Energies Limited | 10.7 | 45.7 | 19.7% | 9,595.13 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.01x | 0.01x | 11.41x |
| NII | 0.7x | 1.45x | 10.57x |
| S-HNI | 1.16x | 2.25x | 9.13x |
| B-HNI | 0.47x | 1.05x | 11.28x |
| RII | 0.93x | 1.65x | 2.81x |
| EMP | 2.03x | 3.54x | 5.59x |
| Total | 0.62x | 1.15x | 6.93x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 38,60,119 | 4,40,28,000 | 2,047.3 |
| NII | 28,96,100 | 3,06,02,304 | 1,423.01 |
| Small NII | 9,65,367 | 88,16,160 | 409.95 |
| Big NII | 19,30,733 | 2,17,86,144 | 1,013.06 |
| RII | 67,57,566 | 1,90,21,856 | 884.52 |
| EMP | 47,506 | 2,65,632 | 12.35 |
| Total | 1,35,61,291 | 9,39,17,792 | 4,367.18 |
Company Details
- Saatvik Green Energy Ltd.
- Vill. Dubli, V.P.O, Bihta Tehsil, Ambala, Haryana-133101
- 0124-3626755
- investors@saatvikgroup.com
- https://saatvikgroup.com/
Registrar Details
- Kfin Technologies Ltd.
- 04067162222, 04079611000
- saatvik.ipo@kfintech.com
- https://ipostatus.kfintech.com/