Saatvik Green Energy IPO to open on September 19: Check price band, issue size & more

Gurugram-based solar panel manufacturer Saatvik Green Energy will launch its maiden public issue worth Rs 900 crore for subscription on 19 September 2025. The company is selling its shares in the range of Rs 442-465 apiece, with a lot size of 32 equity shares.

The issue comprises a fresh share issue of Rs 700 crore and a Rs 200 crore offer-for-sale by promoters Parmod Kumar and Sunila Garg. The IPO closes on 23 September, with allotment results expected on 24 September, and listing on the BSE and NSE scheduled for 26 September. DAM Capital Advisors, Ambit, and Motilal Oswal Investment Advisors are acting as lead managers, with KFin Technologies as the registrar.

The offer size has been revised from Rs 1,150 crore originally stated in the DRHP to the current Rs 900 crore. Details such as lot size, minimum investment, and reservation for QIB, NII, RII, and anchor investors will be specified upon release of the Red Herring Prospectus and price band.

Saatvik Green Energy plans to use Rs 177.3 crore from the net fresh issue proceeds for repaying certain borrowings, and Rs 477.2 crore for establishing a 4 GW solar PV module manufacturing facility in Odisha. The remaining funds will be allocated for general corporate purposes.

The company operates with an installed capacity of approximately 3.80 GW of solar photovoltaic modules as of March 2025. In addition to manufacturing, Saatvik Green Energy provides engineering, procurement and construction (EPC), and operations and maintenance services. The firm holds an order book of 4.05 GW as of June 2025, with 4.01 GW from domestic orders, indicating robust demand in the Indian solar sector.

On the financial front, Saatvik Green Energy reported a 113 percent rise in profit to Rs 213.9 crore for FY25, compared to Rs 100.5 crore the previous year. Revenue also surged 98.4 percent year-on-year to Rs 2,158.4 crore. The company sets itself alongside recent industry peers such as Waaree Energies and Premier Energies.