Saatvik Green Energy' Rs 900-cr IPO to open on Sep 19; sets price band at Rs 442-465/share

New Delhi: Solar panel maker Saatvik Green Energy on Tuesday fixed a price band of Rs 442 to Rs 465 per share for its upcoming Rs 900-crore initial public offering (IPO).

At the upper end, the company is valued at around Rs 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 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 Pvt Ltd 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.

In terms of issue allocation, 50 per cent of the IPO is reserved for qualified institutional buyers (QIBs), 35 per cent 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.