Saatvik Green Energy Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹465
Per ShareLot Size
32 Shares
Minimum Investment
₹14,880
Issue Size
₹900 Cr
Face Value
₹2
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Saatvik Green Energy Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
90.05%
Promoter Holding (Post-Issue)
76%
Issue Type
Book Building
ISIN
INE13B501022
About the Company
We are a solar photovoltaic module manufacturer with an operational capacity of about 3.80 GW as of June 30, 2025. Our solar energy products include Mono PERC modules and N-TopCon solar modules, each offered in mono-facial and bifacial options, suitable for various applications and sectors, including residential, commercial and utility scale solar projects. We also provide end-to-end engineering, procurement and construction services for solar projects, which include ground-mounted solar installations and rooftop solar installations, and we provide operations and maintenance services to customers in relation to such projects undertaken by us.
Industry Overview
Renewable energy installations (including large hydro) have increased to approximately 233 GW as of June 2025 as compared to approximately 123 GW as of March 2019, with solar power accounting for approximately 116 GW as of June 2025. In Fiscal 2025, approximately 24 GW of solar capacity additions were registered and crossed 100 GW in total installed capacity. India has the potential to support 750 GW of solar energy installations and has been offering several incentives and schemes to encourage the development of solar power plants.
Company History
Our Company was incorporated as `Saatvik Green Energy Private Limited', a private limited company under the provisions of the Companies Act, 2013, pursuant to a certificate of incorporation dated May 29, 2015, issued by the Registrar of Companies, Chandigarh. Our Company was subsequently converted from a private company to a public company, pursuant to resolutions passed by our Board on September 20, 2024 and by our Shareholders dated September 21, 2024, consequent to which its name was changed to "Saatvik Green Energy Limited", and a fresh certificate of incorporation consequent upon conversion to public limited company was issued by the RoC on October 3, 2024.
Products & Services
- The Company is a solar photovoltaic module manufacturer with an operational capacity of about 3.80 GW as of June 30, 2025.
Growth Strategy
- Backward Integration into Cell Manufacturing.
- Maintain Our Position in the Solar Industry and Focus on Growing Share of Export Sales and EPC Services Internationally while expanding Customer Base in India and Internationally.
- Continue to Develop and Reinforce Technology to Manufacture Quality Modules.
- Expand Distribution Network across India and Create Retail Brand for Solar Panels.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY23 to FY25.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of up to 19,354,838 equity shares of face value of Rs. 2/- each ("Equity Shares") of Saatvik Green Energy Limited (the "Company" or the "Issuer") for cash at a price of Rs. 465 per equity share (including a share premium of Rs.463 per equity share) ("Offer Price") aggregating up to Rs. 900.00 crores (the "Offer") comprising a fresh issue of up to 15,053,763 equity shares of face value of Rs. 2/- each aggregating up to Rs. 700.00 crores by the company (the "Fresh Issue") and an offer for sale of up to 43,01,075 equity shares of face value of Rs. 2/- each aggregating up to Rs. 200.00 crores comprising of offer for sale of up to [*] equity shares aggregating up to Rs. 112.00 crores by Parmod Kumar and up to 24,08,602 equity shares aggregating up to Rs. 88.00 crores by Sunila Garg ("Selling Shareholders") (the "Offer for Sale"). The offer includes a reservation of up to 18,92,473 equity shares aggregating up to Rs. 200.00 crores (Constituting up to [*] % of the post-offer paid-up Equity Share Capital), for subscription by eligible employee(s) (the "Employee Reservation Portion"). The company, in consultation with the book running lead managers ("brlms"), may offer a discount of up to Rs. [*] to the offer price to eligible employee(s) bidding in the employee reservation portion ("Employee Discount"), subject to necessary approvals, as may be required. The offer less the employee reservation portion is hereinafter referred to as "Net Offer". The offer and net offer shall constitute [*] % and [*] %, respectively, of the post-offer paid-up equity share capital of the company. The offer price is [*] times the face value of the equity shares. A discount of Rs. 44 per equity share is being offered to eligible employees bidding in the employee reservation portion
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Quality Customer Base and Large Order Book.
- Among the Leading Module Manufacturing Companies in India Offering Integrated Solutions to Independent Power Producers.
- Innovative Technology Solutions for the Solar Industry.
- Multiple Sales and Revenue Channels.
- Well-Positioned to Capture Favourable Industry Tailwinds.
- There are risks associated with solar module manufacturing. If such risks materialize, our business, financial condition and results of operations, among others, could be adversely affected.
- Our business is dependent on certain key customers, and our top 10 customers contributed 57.77%, 63.86% and 79.38% of our revenue from operations in Fiscals 2025, 2024 and 2023, respectively. The loss of revenue from any of these customers could have a material adverse effect on our business, financial condition, results of operations and cash flows.
- Changes in the price of solar PV cells and other raw materials could adversely affect our manufacturing of solar PV modules.
- We intend to utilise a major portion of the Net Proceeds for funding our capital expenditure requirements. This includes investment in our wholly owned Subsidiary, Saatvik Solar Industries Private Limited, for setting up of a 4.00 GW solar PV module manufacturing facility at National Highway - 16, Chamakhandi, Gopalpur Industrial Park, Gopalpur, Ganjam, Odisha 761 020 ("Project Site"), which may be subject to the risk of unanticipated delays in implementation, cost overruns and other risks.
- We intend to utilise a major portion of the Net Proceeds for funding our capital expenditure requirements by way of investment in our wholly owned Material Subsidiary, Saatvik Solar Industries Private Limited, which has limited operational experience in the renewable energy business and in operating a manufacturing facility.