Saatvik Green Energy IPO opens for bidding today: Should you subscribe?

The initial public offering (IPO) of Saatvik Green Energy opens for bidding on Friday, September 19, 2025. The solar energy player is offering its shares in the range of Rs 442-465 apiece. Investors can apply for a minimum 32 equity shares and its multiples thereafter. The issue shall close for subscription on Tuesday, September 23.

Saatvik Green Energy is looking to raise a total of Rs 900 crore via IPO, which includes a fresh share sale of Rs 700 crore and an offer-for-sale (OFS) of Rs 200 crore from the promoters and existing shareholders. The proceeds from the issue shall be utilized towards repayment of debt, investment in subsidiaries and repayment of their debt, and general corporate purposes.

Incorporated in 2015, Saatvik Green Energy is the manufacturer of modules and offers engineering, procurement and construction (EPC). It offers a comprehensive portfolio of solar module products that are currently manufactured using technologies that help reduce energy loss and enhance overall efficiency.

Saatvik Green Energy raised Rs 269.4 crore from anchor investors as it allocated 57,93,547 equity shares at Rs 465 apiece. Names like 3P India Equity Fund, HDFC Mutual Fund, Nippon Life India Trustee, Bandhan Mutual Funds, SBI Generate Insurance, 360 One Equity Opportunity Fund and others participated in the anchor book.

For the year ended on March 31, 2025, Saatvik Green reported a net profit of 213.93 crore with a revenue of Rs 2,192.47 crore. The company clocked a net profit of Rs 100.47 crore and a revenue of Rs 1,097.18 crore for the year 2023-24. At current valuations, It commands market capitalization of Rs 5,910 crore.

Saatvik Green Energy has reserved 50 per cent shares for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) have 15 per cent for the allocation. Retail investors will have 35 per cent of allocation in the IPO. Last heard, the company was commanding a grey market premium of Rs 65 apiece, suggesting a 14 per cent upside for the investors.

DAM Capital Advisors, Motilal Oswal Investment Advisor and Ambit are the book running lead managers for the Saatvik Green Energy IPO and Kfin Technologies the registrar of the issue. Shares of the company shall be listed at both BSE and NSE on Friday, September 26. Here's what a host of brokerage firms say about the IPO of Saatvik Green Energy:
 

SBI Securities
Rating: Subscribe
It is one of the leading manufacturers of solar PV modules in India, with an aggregate installed capacity of 4.8 GW. Going forward, the company will set up an integrated cell and module manufacturing facility in Odisha with cell line manufacturing capacity of 4.8 GW and a module production capacity of 4 GW (expected to be operational by FY26), said SBI Securities.

"Saatvik Green Energy is valued at FY25 P/E multiple of 27.6 times based on its post-issue capital. Historically, Saatvik recorded a CAGR of 88 per cent/365 per cent/572 per cent in Revenue/Ebitda/PAT respectively during the FY23-FY25 period, showcasing its robust financial performance. We recommend investors to 'subscribe' to the issue," it added.
 

Arihant Capital Markets
Rating: Subscribe for long-term
The companies robust growth is supported by a diversified and marquee customer base across utility, commercial, industrial and export markets, including names such as JSW Neo Energy, Shree Cement and SJVN Green Energy, with its top five customers contributing 44 per cent of FY25 revenues, said Arihant Capital Markets.

"Key strengths include its integrated solar photovoltaic module manufacturing and EPC capabilities, strong order book, established relationships with large domestic and global customers, and presence across India, North America, Africa and South Asia. The issue is valued at a P/E ratio of 27.6 times, based on FY25 EPS of Rs 16.8. We suggest a 'subscribe for long term' rating," it added.
 

KR Choksey Finserv
Rating: Subscribe
Led by its big manufacturing base and its proximity to solar lucrative states including Rajasthan and Madhya Pradesh and strong exports, Saatvik's revenue has witnessed a growth of 88.3 per cent CAGR, while its Ebitda has grown at 364.5 per cent CAGR over FY23-25, led by improvement in margins on account of strong operating leverage, said KR Choksey Finserv.

"Saatvik Green Energy’s initial issue is priced at 20 times TTM EV/Ebitda, compared to peer average of 28 times TTM EV/Ebitda, which appears to be fairly priced in, when compared with its domestic listed peers. We expect the company to perform better led by its proposed module and cell capacity at Odisha, which will drive improvement in overall margins," it said with a 'subscribe' tag.
 

Canara Bank Securities
Rating: Subscribe
Saatvik Green is strategically strengthening its market presence by prioritizing module capacity expansion, followed by solar cell integration, and gradually extending into raw material manufacturing. While the benefits of backward integration are yet to play out, the Odisha cell facility reflects prudent capital deployment, and the Madhya Pradesh integrated plant offers long-term scalability.

"The stock is valued at a P/E of 24.36 times and P/B of 15.43 times versus industry averages of 60.04 times and 33.48 times respectively, making it relatively undervalued. We recommend investors to 'subscribe' for both listing gains and long-term investment, supported by valuation comfort and future growth visibility," it added
 

BP Equities
Rating: Subscribe
On the upper price band, Saatvik Green Energy is valued at a P/E of 24.4 times based on FY25 earnings, which is comparatively lower than its peers, said BP Equities. "Given its strong market position and potential for growth within the industry, Saatvik is well-positioned to deliver sustainable growth. Thus, we recommend a 'subscribe' rating for this issue for a long-term," it added.
 

Ventura Securities
Rating: Subscribe
Saatvik Green Energy aims to expand its manufacturing capacity with a focus on backward integration. It plans to strengthen its market presence through strategic partnerships and geographic expansion Technological advancements will enhance operational efficiency. Saatvik is poised to capture greater market share in both domestic and international markets, said Ventura with a 'subscribe' rating.
 

Lakshmishree Investments & Securities
Rating: Subscribe
"We believe the Saatvik Energy IPO offers investors an opportunity to participate in a key player within India’s booming renewable energy sector. As a leading manufacturer of high-efficiency solar modules, the company is well positioned for future growth, driven by a strong order book and strategic backward integration plans," said Lakshmishree Investments.

"However, investors should note the high customer concentration, with its top-10 clients contributing a significant portion of revenue. The business is also highly dependent on favorable government policies. We recommend that risk tolerant investors looking for exposure to the solar manufacturing sector 'subscribe' to the Saatvik Energy IPO for a long-term perspective,"' it said.
 

Kunvarji Finstock
Rating: Subscribe
"We recommend 'subscribe' to this IPO with a medium to long term view. The company is among the largest manufacturers of solar photovoltaic modules in India, based on operational capacities. The rising demand for solar cells and panels will sustain the revenue visibility," said Kunvarji Finstock.