Saatvik Green Energy Limited, one of the major players in India’s renewable energy industry, has opened its initial public offering (IPO) as the investor interest grows in green and sustainable energy companies. The IPO, which has started accepting subscriptions on September 19 and closes on September 23, 2025, aims to gather ₹900 crore of funds to drive the company’s growth and strengthen its position in the solar energy space.
Details of the IPO
The IPO consists of a new issue of shares worth ₹700 crore and an Offer for Sale (OFS) of ₹200 crore by current promoters Parmod Kumar and Sunila Garg. The price band has been set between ₹442 and ₹465 per share, with a minimum lot size of 32 shares costing approximately ₹14,880 at the maximum price cap. Saatvik Green Energy shares will be listed on both the BSE and NSE stock exchanges on September 26, 2025.
Company Overview
Established in 2015 and headquartered in Gurugram, Saatvik Green Energy is a top integrated solar photovoltaic (PV) module manufacturer in India. The company has a huge production capacity of around 4.8 GW for solar PV modules and is an important player in domestic as well as international renewable energy markets. Besides manufacturing, Saatvik offers engineering, procurement, and construction (EPC) services along with operations and maintenance (O&M) services for rooftop solar and ground-mounted solar installations.
Its customers includes large industry names like Shree Cement, SJVN Green Energy, JSW Neo Energy, and Megha Engineering, which makes its order book healthy at approximately 4 GW, displaying strong demand and market confidence.
Grey Market Premium (GMP) and Subscription Status
The IPO has seen promising interest in the grey market, which reflects investor confidence. The GMP ranged between ₹50 and ₹76 on the first days of subscription, hinting at a probable listing price premium of around 11% to 16% over the upper price band. This good grey market movement reflects strong demand as well as the hopes of a good listing gain for investors.
On the subscription front, the IPO witnessed decent participation in the first day with overall subscription at about 0.6 times. Retail investors subscribed nearly 30% of their portion, while non-institutional investors stayed consistent in their interest. Institutional investors have been cautious so far, with scope for further participation as the subscription period moves on.
Use of Proceeds and Growth Plans
The firm will use a large part of the proceeds from the IPO to establish a cutting-edge 4 GW solar module production facility in Gopalpur through Saatvik Solar Industries Pvt Ltd, its subsidiary. The amount will also be used to retire outstanding borrowings and for general corporate purposes, preparing the company for scalable growth in the growing renewable energy sector.
Risks and Valuation
Although Saatvik Green Energy posted strong top-line growth with a revenue CAGR of 88% and widening margins, investors need to be careful about risks such as high competition, depending on government policies, and the necessity of managing operational scale effectively. The IPO is available at a P/E multiple of approximately 24x, which is reasonable against industry benchmarks.
Nutshell
The Saatvik Green Energy IPO offers an attractive option for investors targeting India’s fast-growing renewable energy sector. With decent grey market premiums, good fundamentals, and a well-defined roadmap for growth, the firm’s market listing is expected to be a good addition to the green investment listed space.
