Saatvik Green Energy shares settle 4 percent lower at Rs 444.3 per share on the NSE, following a tepid market debut on September 26.
The shares listed flat on stock exchanges on September 26 at its IPO price. The Rs 900-crore issue garnered 6.57 times subscription between September 19-23 in the primary market.
Shares of Saatvik Green Energy shares were listed at Rs 465 per share on the NSE. The company had set a price band of Rs 442-465 per share.
On the BSE, the shares were listed at Rs 460 per share, a discount of 0.69 percent. The company's market capitalization post listing of shares stood at Rs 5,846.83 crore.
Saatvik Green Energy share listing was below than the expectations in the grey market, which had expected a 2 percent premium listing gain.
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.
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