Ahead of IPO, Saatvik Green Energy garners Rs 269 cr from anchor investors

New Delhi, Sep 18 (PTI) Solar panel maker Saatvik Green Energy on Thursday said it has mobilised over Rs 269 crore from anchor investors, a day before its initial share-sale opening for public subscription.

HDFC Mutual Fund (MF), Nippon India MF, Bandhan MF and SBI General Insurance Company are among the anchor investors, according to a circular uploaded on BSE's website.

The company has allotted 57.93 lakh equity shares to nine funds at Rs 465 apiece, aggregating the transaction size to Rs 269.4 crore, the circular added.

The issue, with a price band of Rs 442 to Rs 465 per share, would open for public subscription on September 19 and conclude on September 23.

At the upper end, the Haryana-based company is valued at around Rs 5,910 crore.

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

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

Additionally, the company will use around Rs 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.

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. PTI SP SHW