Solar panels maker Saatvik Green Energy to be launch Rs 900-crore IPO on September 19, offer size reduced

Saatvik Green Energy IPO News

Gurugram-based solar panels manufacturing company Saatvik Green Energy is set to launch its Rs 900-crore maiden public issue for subscription on September 19, while the price band for the offer will be disclosed on September 16.

The company will issue fresh shares worth Rs 700 crore, while promoters - Parmod Kumar and Sunila Garg - will Rs 200 crore worth shares via offer-for-sale (OFS).

The total offer size has been reduced from earlier Rs 1,150 crore planned at the time of DRHP filing, which was a combination of fresh issue of Rs 850 crore and OFS of Rs 300 crore.

The public issue will close on September 23. The IPO share allotment will be announced by September 24, while the trading in Saatvik Green Energy shares on the BSE and NSE will commence on September 26.

Saatvik Green Energy, which competes with recent listed peers like Waaree Energies, and Premier Energies, has operational capacity of about 3.80 gigawatt (GW) solar photovoltaic modules as of March 2025. The company also offers engineering, procurement and construction (EPC), and operations and maintenance services.

Of the net fresh issue proceeds, the company will utilise Rs 177.3 crore for repayment of certain borrowings, and Rs 477.2 crore for setting up of a 4 GW solar PV module manufacturing facility in Odisha. Further, the remaining funds will be used for general corporate purposes.

The company has a substantial order book of solar PV modules of 4.05 GW, including domestic order book of 4.01 GW, as of June 2025.

On the financial front, Saatvik Green Energy has recorded healthy numbers in the recent past years. Profit soared 113 percent to Rs 213.9 crore in FY25, up from Rs 100.5 crore in previous year. Revenue during the same period jumped 98.4 percent to Rs 2,158.4 crore, increasing from Rs 1,088 crore.

DAM Capital Advisors, Ambit, and Motilal Oswal Investment Advisors are managing the Saatvik Green Energy IPO.