Saatvik Green Energy Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹442 - ₹465
- Lot size
- 32 shares
- Issue amount
- ₹900 cr
- Total subscription
- 6.92×
- Opens
- 19 Sept 2025
- Closes
- 23 Sept 2025
- Allotment
- 24 Sept 2025
- Listing
- 26 Sept 2025
Offer at a glance
Issue overview
- Issue size
- 1,93,54,838 shares
- Face value
- ₹2 Per Share
- Minimum investment
- ₹14,144
- Fresh issue
- ₹700 cr
- Offer for sale
- ₹200 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,880
- Issue type
- Bookbuilding IPO
- Shares before issue
- 11,20,47,000
- Shares after issue
- 12,71,00,763
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 32 | ₹14,880 |
| sHNI | 14 | 448 | ₹2,08,320 |
| bHNI | 68 | 2,176 | ₹10,11,840 |
Share reservation
Subscription & GMP
Subscription by category
Reported 23 Sept 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 2,11,223 | 5,02,994 |
| EMPLOYEES | 0 | 5,892 |
| HNIs(10L +) | 4,311 | 9,878 |
| HNIs (2-10L) | 2,155 | 19,160 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 179.5 | 2,047.3 |
| FIIs | 0 | 409.45 |
| FIs | 0 | 195.16 |
| Mutual Funds | 0 | 870.02 |
| Others | 0 | 572.67 |
| RETAIL | 314.23 | 879.42 |
| HNIs 2+ | 44.89 | 409.97 |
| HNIs 10+ | 89.78 | 1,013.06 |
| EMPLOYEES | 2.21 | 12.35 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| EPS | 19.07 | 8.96 | 0.42 |
| ROE | 63.41 | 83.21 | 23.4 |
| ROCE | 60.45 | 64.07 | 24.8 |
| RONW | 63.41 | 83.21 | 23.4 |
| PRE IPO(PE) | 24.35 | 0 | 0 |
| POST IPO(PE) | 27.63 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Waaree Energies Limited | 55.02 | 3739.15 | 10 | 158.13 | 19.48 | 68.24 |
| Saatvik Green Energy Limited | NA | NA | 2 | 30.14 | 63.41 | 19.09 |
| Premier Energies Limited | 49.96 | 1066.7 | 1 | 15.33 | 33.14 | 21.35 |
Company information
Company profile
Saatvik Green Energy Limited, founded in 2015, is a solar module manufacturer that also provides engineering, procurement, and construction services. The company began production in 2016 with a capacity of 125 MW and has grown to 3.80 GW by June 2025. It operates two large facilities in Ambala, Haryana, covering over 724,000 square feet. Saatvik offers a wide range of solar products, including Mono PERC and N-TopCon modules in both mono-facial and bifacial options, designed for residential, commercial, and utility projects. As of June 2025, the company employs 618 people.
Strengths
- Strong Customer Base & Order Visibility – Long-term relationships and repeat orders from reputed clients provide operational stability and predictable revenues.
- Market Leadership in Solar Module Manufacturing – Recognized as a leading player in India, offering integrated manufacturing and EPC solutions to Independent Power Producers, enhancing industry reputation.
- Advanced Technology Adoption – Implementation of Mono PERC and N-TopCon technologies improves efficiency, reduces energy losses, and maintains cost competitiveness.
Risk factors
- High Customer Concentration – Top 10 customers accounted for 57.77% (FY25), 63.86% (FY24), and 79.38% (FY23) of revenues; losing any key client could materially affect financial performance.
- Raw Material Price Dependence – Volatility in solar PV cells and other critical inputs may impact margins and overall manufacturing economics.
- Industry-Specific Risks – Exposure to technological changes, intense competition, and supply chain disruptions could adversely affect operations, financial condition, and growth prospects.
Promoters
Neelesh Garg
Manik Garg
Manavika Garg
SPG Trust
Registrar & documents
Lead manager
Dam Capital Advisors Limited, Ambit Private Limited, Motilal Oswal Investment Advisors Limited
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Vill. Dubli, V.P.O Bihta Tehsil, , Ambala, Haryana, 133101
0124-3626755
[email protected]Company website ↗Understanding SAATVIKGL IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.