Solar photovoltaic module manufacturer Saatvik Green Energy has refiled its draft papers to raise Rs 1,150 crore via initial public offering, after capital markets regulator SEBI returned company's earlier offer documents in February.
The IPO will comprise of fresh issuance of Rs 850 crore worth shares, and an offer-for-sale of shares worth Rs 300 crore by promoters. The company has not changed its offer size compared to earlier preliminary papers.
Earlier on November 18, 2024, it had approached the regulator with same IPO plans but the SEBI returned those offer documents on February 10, 2025.
Pramod Kumar, and Sunila Garg, who are part of promoter group, will be selling Rs 150 crore worth shares via offer-for-sale.
Saatvik Green Energy is among the leading module manufacturers in India in terms of operational solar photovoltaic (PV) module manufacturing capacity of about 3.80 gigawatt (GW) modules. Since the beginning of operations, it has supplied more than 2 GW high-efficiency solar PV modules domestically and internationally. It has a substantial order book of 3.16 GW solar PV modules.
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The company which also provides operations and maintenance services, may consider raising funds up to Rs 170 crore in pre-IPO round. If it successfully closes pre-IPO placement, the said amount will be reduced from the fresh issue.
The Gurugram-based firm will utilise Rs 135.2 crore out of net fresh issue proceeds for repaying debt of its own and subsidiary Saatvik Solar Industries. Further, Rs 476.4 crore will be used for setting up of a 4 GW solar PV module manufacturing facility in Odisha.
Promoters hold 90.05 percent stake in the company and the remainder 9.95 percent shares are owned by public shareholder Prashant Mathur who has been with Saatvik Green Energy since April 2021.
Saatvik Green Energy that competes with recently listed peers like Waaree Energies, and Premier Energies has recorded more than 21-fold increase in profit for the year ended March 2024 at Rs 100.4 crore and 78.8 percent growth in revenue at Rs 1,088 crore compared to previous year. In the nine months period ended December 2024, profit grew by 239 percent to Rs 122.9 crore and topline increased by 95.2 percent to Rs 1,239.5 crore compared to same period previous fiscal.
The book running lead managers appointed for handling the issue are DAM Capital Advisors, Ambit, and Motilal Oswal Investment Advisors.
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