Saatvik Green Energy IPO: Price Band, Analysis, Allotment And GMP

Saatvik Green Energy IPO - Company Analysis

Saatvik Green Energy IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 900 Cr (~1.93 Cr Shares) by Saatvik Green Energy Ltd., which was incorporated in 2015 and provides engineering, procurement, and construction (or "EPC") in addition to manufacturing modules.

The company offers a wide range of solar module goods, all of which are currently produced with the use of technologies that lower energy loss and improve overall efficiency.

Since starting production in 2016, the company has increased its installed capacity annually, from 125 MW, to about 3.80 GW by June 30, 2025.

With a combined land area of 724,225 square feet, the company has two module manufacturing facilities in Ambala, Haryana (collectively, the "Ambala Facilities").

 

Goods:

• Modules for monocrystalline passive emitters and rear cells, or "Mono PERCs."

• N-TopCon solar modules come in both mono-facial and bifacial varieties.
  
  

Saatvik Green Energy IPO Details

The Saatvik Green IPO open date is from Sep 19 to Sep 23, with IPO allotment on Sep 24, refund initiation on Sep 25, 2025.

The Rs. 900 Cr mainline IPO comprises a combination of fresh issue of 1.51 crore shares (Rs. 700 Cr) and offer for sale of 0.43 crore shares (Rs. 200 Cr). 

The Saatvik Green Energy IPO listing date might be on Friday, 26 September 2025, and it will be listed at the BSE and NSE. The Saatvik Green Energy IPO price band is Rs. 442 to Rs. 465 for each Share. 

Events	Date
IPO Opening Date	Sep 19, 2025
IPO Closing Date	Sep 23, 2025
IPO Allotment Date	Sep 24, 2025
Refund Initiation	Sep 25, 2025
Tentative IPO Listing Date	Sep 26, 2025

 

Saatvik Green Energy IPO- Hidden Facts

• New promoters Manavika Garg and SPG Trust were added in October 2024 while previous promoters Parmod Kumar, Sunila Garg, and Parmod Kumar HUF.

• The company distributed 1.86 crore bonus shares in a 5:1 ratio by March 31, 2025. As a result, promoters received nearly free shares and the equity base was inflated.

 

Industry Outlook

The share of renewable energy in the energy supply is estimated to be around 35-40%.

If you want to apply for the IPO, click to open a Demat Account.

 

 

Company Financial

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	1,635.74	688.04	263
Total Revenue	2,192.47	1,097.18	617.63
PAT	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	458.10	263.42	144.49

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Net Cash Flow In Multiple Activities	FY25	FY24	FY23
Net Cash Flow Operating Activities	426.01	435.72	50.34
Net Cash Flow Investing Activities	(1,981.40)	(694.42)	(239.20)
Net Cash Flow Financing Activities	1,486.01	249.43	320.56

 

Revenue Bifurcation 

Entity-wise Revenue Breakdown

 

Sales-wise Revenue Breakdown

 

Verticals-wise Revenue Breakdown

(Source RHP)

The Objective of The Issue

• Full or partial prepayment or scheduled repayment of all or a portion of specific outstanding borrowings obtained by the company. ~ Rs. 10.82 Cr.

• Investment in Saatvik Solar Industries Private Limited, a wholly owned subsidiary, in the form of debt or equity for the full or partial repayment of all or a portion of certain outstanding borrowings obtained by such Subsidiary. ~ Rs. 166.44 Cr.

• Investing in Saatvik Solar Industries Private Limited, a fully owned subsidiary, to establish a 4 GW solar PV module manufacturing facility at National Highway-16, Chamakhandi, Gopalpur Industrial Park, Gopalpur, Ganjam-761 020, Odisha.  ("Project Location"). ~ Rs. 477.23 Cr.

• General corporate purposes.

Click to check the IPO application status.

Listed Peers of Saatvik Green Energy Ltd.

Company Name	Face Value (Rs. per Share)	EPS (Rs.)	P/E (x)
Waaree Energies Limited	10	68.24	55.02
Premier Energies Limited	1	21.35	49.96

 

Valuation

Metric	Value
ROE	63.41%
ROCE	60.45%
Debt/Equity	1.36
RoNW	63.41%
PAT Margin	9.76%
EBITDA	16.40%
Price to Book Value	43.18

 

Evaluation of P/E Ratio

Considering the period of FY 2025, with an EPS of Rs. 19.09 from the last year, the resulting P/E ratio is 24.35x. When compared with the industry’s average P/E of 52.49x, it indicates a justified price bid (on a P/E ratio basis only). Hence, the price of the Share seems fairly priced for the investors.

Explore the Ivalue Infosolutions IPO.

IPO's Strengths 

• One of India's top module manufacturing companies.

• Quality customer base.

• Providing integrated solutions to independent power producers

• Innovative technology solutions for the solar industry

• Various Sales and Revenue channels

• Ideally located to take advantage of positive industry tailwinds.

 

 

IPO’s Weaknesses 

• Risk of customer concentration.

• Risk of project execution and expansion in Odisha.

• Dependency on policy and subsidies.
  
  

Saatvik Green Energy IPO GMP 

Saatvik Green Energy IPO GMP today is Rs. 73 as of 17 Sep 2025, while writing this information. Hence, the Saatvik Green Energy IPO listing price (estimated) might be Rs. 538 (upper price + current GMP or grey market premium).

Saatvik Green Energy Limited IPO Summary

IPO Opening & Closing Date	Sep 19, 2025 to Sep 23, 2025
Face Value	Rs. 2 per Share
Issue Price	Rs. 442 to Rs. 465
Lot Size	32 Shares
Issue Size	1,93,54,838 Shares (Rs. 900 Cr)
Offer for Sale	43,01,075 Shares (Rs. 200 Cr)
Fresh Issue	1,50,53,763 Shares (Rs. 700 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	Kfin Technologies Ltd.

 

 

Saatvik Green Energy IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (32 Shares) amounting to Rs. 14880 and 13 Lots (416 Shares) amounting to Rs. 193440, respectively, while for S-HNI investors, the minimum Lot is 14 (448 Shares) amounting to Rs. 208320.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
SHNI (Minimum)	14 Lots
SHNI (Maximum)	67 Lots
BHNI (Minimum)	68 Lots

Saatvik Green Energy IPO Reservation

Institutional Share Portion	50%
Retail Investors' Share Portion	35%
Non-Institutional Shares Portion	15%

 

Saatvik Green Energy IPO Allotment Status

To check the Saatvik Green Energy IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

 

Promoters And Management of Saatvik Green Energy Ltd.

• Neelesh Garg

• Manik Garg

• Manavika Garg

• SPG Trust.

Pre-Issue Promoter Shareholding	90.05%
Post-Issue Promoter Shareholding	-

 

Saatvik Green Energy IPO Lead Managers

• Dam Capital Advisors Ltd.

 

Dividend Policy

The company has not paid a dividend during the last three years.

 

 

Conclusion

Saatvik Green Energy IPO combines robust financial growth, cutting-edge solar technology, and a significant expansion strategy for Odisha. Its valuation seems reasonable in comparison to rivals, notwithstanding risks such as client concentration and subsidy dependency. Interesting hidden perspectives are added by the promoter restructuring and bonus issue.  

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

Click Here To Stay Updated With The Upcoming IPOs.

DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.