Saatvik Green Energy IPO sees 59% subscription on Day 1; check latest GMP

Saatvik Green Energy IPO sees 59% subscription on Day 1; check latest GMP

The initial public offering (IPO) of solar panel maker Saatvik Green Energy garnered 59% subscription on the first day of share sale on September 19.

The Rs 900-crore IPO received bids for 84,05,344 shares against 1,42,71,970 shares on offer, according to exchange data.

The quota for non-institutional investors attracted 67% subscription while the category for retail individual investors got subscribed 88%. Qualified institutional buyers part received 1% subscription.

Saatvik Green Energy on September 19 mopped up 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 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.

Saatvik Green Energy GMP

According to InvestorGain, the Grey Market Potential (GMP) of Saatvik Green Energy stood at Rs 33 as of September 19, 5:35 pm. The estimated listing price is expected to be Rs 498 based on the upper price band of Rs 465. The expected percentage gain per share is 7.1%.