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Saatvik Green Energy, a Haryana-based solar panel manufacturer, has fixed a price band of INR 442-465 per share for its INR 900 crore initial public offering (IPO). The issue, opening on September 19, comprises a fresh issue of INR 700 crore and an offer-for-sale worth INR 200 crore by promoters. Proceeds will be used to expand solar PV module capacity at Odisha's Gopalpur Industrial Park and repay borrowings. With an operational capacity of 3.8 GW, Saatvik joins other renewable energy firms tapping the capital market amid India's clean energy push.
Solar panel maker Saatvik Green Energy has set a price band of INR 442 to INR 465 per share for its upcoming INR 900 crore IPO. The issue will open for public subscription on September 19 and close on September 23, while bidding by anchor investors is scheduled for September 18. At the upper price band, the company's valuation stands close to INR 5,910 crore. Advertisement
The public offering will include a fresh issue of shares worth INR 700 crore and an offer-for-sale of INR 200 crore by the promoters. Of the net proceeds, INR 477.23 crore will go into subsidiary Saatvik Solar Industries Pvt Ltd for establishing a 4 GW solar photovoltaic module manufacturing unit at Gopalpur Industrial Park in Odisha. Another INR 166.44 crore will be used to prepay or repay borrowings of the subsidiary. The company also plans to allocate INR 10.82 crore for debt repayment at the parent level, while the balance will be earmarked for general corporate purposes.
Saatvik Green Energy currently operates with a solar module capacity of about 3.8 GW as of June 30, 2025, and provides engineering, procurement, and construction (EPC) services for both ground-mounted and rooftop solar projects. In terms of IPO allocation, 50% has been reserved for qualified institutional buyers, 35% for retail investors, and the remaining 15% for non-institutional investors.
Dam Capital Advisors, Ambit, and Motilal Oswal Investment Advisors are acting as book-running lead managers for the issue. The company's shares are likely to be listed on September 26.
Saatvik's move comes at a time when renewable energy companies are increasingly turning to public markets to raise funds for expansion. This year, other clean energy firms also tapped equity markets, reflecting strong investor interest in solar manufacturing as India accelerates its renewable energy capacity under the National Solar Mission.
Source: PTI
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