Saatvik Green Energy's IPO gets 6.57 times subscription

New Delhi, Sep 23 (PTI) Solar panel maker Saatvik Green Energy's initial public offer garnered 6.57 times subscription on the closing day of bidding on Tuesday.

The IPO received bids for 9,38,08,608 shares in three days against 1,42,71,970 shares on offer, according to NSE data.

The Qualified Institutional Buyers’ (QIBs) portion got subscribed 10.84 times and the category for non-institutional investors received 10.04 times subscription. Retail Individual Investors’ category was booked 2.66 times.

Saatvik Green Energy on Thursday said it has mobilised over Rs 269 crore from anchor investors.

The IPO has a price band of Rs 442 to Rs 465 per share.

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

The company's 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. PTI SUM MR