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Saatvik Green Energy IPO is a bookbuilt issue of ₹900.00 crore. It combines a fresh issue of 1.51 crore shares, aggregating to ₹700.00 crore, and an offer for sale of 0.43 crore shares, aggregating to ₹200.00 crore.
The IPO opens for subscription on September 19, 2025, and closes on September 23, 2025. The allotment is expected to be finalized on Wednesday, September 24, 2025. The price band for the IPO is set at ₹442 to ₹465 per share, and the minimum lot size for an application is 32 shares.
Company Summary
Incorporated in 2015, Saatvik Green Energy Limited is the manufacturer of modules and offers engineering, procurement, and construction (“EPC”).
The company offers a comprehensive portfolio of solar module products that are currently manufactured using technologies that help reduce energy loss and enhance overall efficiency..
The company commenced its manufacturing operations in 2016 and has, over the years, expanded the annual installed capacity, from 125 MW as of March 31, 2017, to about 3.80 GW as of June 30, 2025.
The company operates two module manufacturing facilities in Ambala, Haryana (together, the “Ambala Facilities”), spread across a total land area of 724,225 square feet.
As of June 30, 2025, March 31, 2025, March 31, 2024, and March 31, 2023, the company had 618, 566, 27,0, and 138 full-time employees.
Company Summary
Incorporated in 2015, Saatvik Green Energy Limited is the manufacturer of modules and offers engineering, procurement, and construction (“EPC”).
The company offers a comprehensive portfolio of solar module products that are currently manufactured using technologies that help reduce energy loss and enhance overall efficiency..
The company commenced its manufacturing operations in 2016 and has, over the years, expanded the annual installed capacity, from 125 MW as of March 31, 2017, to about 3.80 GW as of June 30, 2025.
The company operates two module manufacturing facilities in Ambala, Haryana (together, the “Ambala Facilities”), spread across a total land area of 724,225 square feet.
As of June 30, 2025, March 31, 2025, March 31, 2024, and March 31, 2023, the company had 618, 566, 27,0 and 138 full-time employees.
Company Strengths
- 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
Company Financials
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 1,635.74 | 688.04 | 263 |
| Total Income | 2,192.47 | 1,097.18 | 617.63 |
| Profit After Tax | 213.93 | 100.47 | 4.75 |
| EBITDA | 353.93 | 156.84 | 23.87 |
| Net Worth | 337.66 | 120.67 | 20.27 |
| Reserves and Surplus | 315.25 | 117.36 | 16.89 |
| Total Borrowing | 458.1 | 263.42 | 144.49 |
| Amount in ₹ Crore | |||
Objectives of IPO
- Prepayment or scheduled repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the Company
- Investment in the wholly owned Subsidiary, Saatvik Solar Industries Private Limited, in the form of debt or equity for repayment/prepayment of borrowings, in full or in part, of all or a portion of certain outstanding borrowings availed by such Subsidiary
- Investment in the wholly owned Subsidiary, Saatvik Solar Industries Private Limited, for setting up a 4 GW solar PV module manufacturing facility at National Highway – 16, Chamakhandi, Gopalpur Industrial Park, Gopalpur, Ganjam – 761 020, Odisha. (“Project Site”)
Promoters of the company
Neelesh Garg, Manik Garg, Manavika Garg, and SPG Trust are the company promoters.
IPO Details
| IPO Date | September 19, 2025 to September 23, 2025 |
| Listing Date | September 26, 2025 |
| Face Value | ₹2 per share |
| Price Band | ₹442 to ₹465 per share |
| Lot size | 32 shares |
| Total Issue size | 1,93,54,838 shares (aggregating upto ₹900.00 Cr ) |
| Fresh Issue | 1,50,53,763 shares (aggregating upto ₹700.00 Cr ) |
| Offer for Sale | 43,01,075 shares of ₹2 (aggregating upto ₹200.00 Cr ) |
| Issue type | Bookbuilding IPO |
| Listing at | NSE, BSE |
| Share Holding Pre Issue | 11,20,47,000 shares |
| Share Holding Post Issue | 12,71,00,763 shares |
Category Reservation Table
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
| Only RII | Upto Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Upto Rs 5 lakhs | Yes |
| Employee + RII/NII | 1. Employee limit: Upto Rs 5 lakhs (In certain cases, employees are given a discount if the bidding amount is upto Rs 2 Lakhs) 2. If applying as RII: Upto Rs 2 Lakhs 3. If applying as NII: sNII > Rs 2 Lakhs and upto Rs 10 Lakhs and bNII > Rs 10 lakhs | Yes for Employee and RII/NII |
Lot Allocation Details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 32 | ₹14,880.00 |
| Retail (Max) | 13 | 416 | ₹1,93,440.00 |
| S-HNI (Min) | 14 | 448 | ₹2,08,320.00 |
| S-HNI (Max) | 67 | 2,144 | ₹9,96,960.00 |
| B-HNI (Min) | 68 | 2,176 | ₹10,11,840.00 |
Allotment Schedule
| Basis of Allotment | Wed, 24 Sep, 2025 |
| Initiation of Refunds | Thu, 25 Sep, 2025 |
| Credit of Shares to Demat | Thu, 25 Sep, 2025 |
| Tentative Listing Date | Fri, 26 Sep, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 23, 2025 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Net Offer |
| Retail Shares Offered | Not less than 35% of the Net Offer |
| NII Shares Offered | Not less than 15% of the Net Offer |
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