Saatvik Green Energy IPO sees 657% subscription on Day 3; check latest GMP

Saatvik Green Energy IPO sees 657% subscription on Day 3; check latest GMP

Solar panel maker Saatvik Green Energy's initial public offer saw 657% subscription so far on the third day of bidding on September 23.

The IPO got bids for 9,38,08,128 shares against 1,42,71,970 shares on offer, according to details available with the NSE.

The category allocated for Retail Individual Investors (RIIs) received 266% subscription while the portion for non institutional investors got subscribed 10.04 times. Qualified Institutional Buyers (QIBs) portion received 10.84 times.

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

Saatvik Green Energy IPO Details

The issue, with a price band of Rs 442 to Rs 465 per share, would conclude on September 23.

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.

Saatvik Green Energy IPO GMP

According to InvestorGain, the Grey Market Potential (GMP) of Saatvik Green Energy stood at Rs 15 as of September 23, 5 pm. The estimated listing price is expected to be Rs 480 based on the upper price band of Rs 465. The expected percentage gain per share is 3.23%.