Saatvik Green Energy IPO
Saatvik Green Energy IPO — date, price band, lot size & details 2025
Saatvik Green Energy listed on 26 Sep 2025 at ₹465, flat to the ₹465 issue price.
Saatvik Green Energy makes solar modules and offers EPC services from two facilities at Ambala in Haryana. Its installed capacity grew from 125 MW on 31 March 2017 to about 3.80 GW on 30 June 2025.
Stock price
Saatvik Green Energy is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 19 Sep 2025
- Close 23 Sep 2025
- Allotment 24 Sep 2025
- Refund/credit 25 Sep 2025
- Listing 26 Sep 2025
Issue summary
The terms of the offer, as filed.
| IPO Dates | 19 to 23 Sep, 2025 |
|---|---|
| Price Band | ₹442 – ₹465 |
| Face Value | ₹2 |
| Lot Size | 32 Shares |
| Issue Size | ₹900 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Employee Discount | Rs 44.00 per share |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,880 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 32 shares at the ₹465 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 32 | ₹14,880 |
| Retail (max) | 13 | 416 | ₹1,93,440 |
| S-HNI (min) | 14 | 448 | ₹2,08,320 |
| S-HNI (max) | 67 | 2,144 | ₹9,96,960 |
| B-HNI (min) | 68 | 2,176 | ₹10,11,840 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 617.63 crore in FY2023 to Rs 2,192.47 crore in FY2025.
- 02Profit after tax rose from Rs 4.75 crore in FY2023 to Rs 213.93 crore in FY2025.
- 03The EBITDA margin was 16.40% and the PAT margin was 9.76%.
- 04Rs 700.04 crore of the Rs 900 crore issue was fresh capital.
- 05Installed capacity reached about 3.80 GW on 30 June 2025.
Risks · 7
- 01Return on equity of 63.41% is high partly because net worth was small, at Rs 120.67 crore on 31 March 2024.
- 02Total borrowing rose from Rs 263.42 crore on 31 March 2024 to Rs 458.10 crore on 31 March 2025.
- 03Debt to equity was 1.36 on the figures at the source.
- 04Profit growth is recent, as profit after tax was only Rs 4.75 crore in FY2023.
- 05The P/E was 27.63 at the upper band of Rs 465, based on post-issue EPS of Rs 16.83.
- 06Both module facilities, on 724,225 square feet of land, are at Ambala, and solar module prices can move quickly.
- 07Promoters held 90.05% before the issue and held 75.99% after it, and Rs 199.96 crore of the issue was offer for sale.
Three years of numbers
All figures in ₹ crore, as reported in the Saatvik Green Energy offer document.
| Metric | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 1,635.74 | 688.04 | 263.00 |
| 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 | 458.10 | 263.42 | 144.49 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Saatvik Green Energy RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Saatvik Green Energy IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹19.09 | ₹16.83 |
| P/E Ratio (x) | 24.35 | 27.63 |
| Market Cap at Offer Price (₹ Cr) | ₹5,210.97 | ₹5,910.72 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹465 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹712.23 Cr of the issue is earmarked to named objects.
Saatvik Green Energy IPO Anchor Investors
9 anchor investors across 6 fund houses committed ₹269.40 Cr a day before the issue opened.
| Anchor Investor | Fund House | Shares | Amount (₹ Cr) | % of Anchor Book |
|---|---|---|---|---|
| HDFC Manufacturing Fund | HDFC Mutual Fund | 1,498,208 | 69.67 | 25.86% |
| HDFC Innovation Fund | HDFC Mutual Fund | 544,800 | 25.33 | 9.40% |
| Nippon India Small Cap Fund | Nippon India Mutual Fund | 1,021,504 | 47.50 | 17.63% |
| Nippon India Value Fund | Nippon India Mutual Fund | 612,896 | 28.50 | 10.58% |
| Nippon Power & Infra Fund | Nippon India Mutual Fund | 408,608 | 19.00 | 7.05% |
| 3P India Equity Fund 1 | 3P India | 1,075,264 | 50.00 | 18.56% |
| Bandhan Small Cap Fund | Bandhan Mutual Fund | 210,752 | 9.80 | 3.64% |
| SBI General Insurance Co.ltd. | SBI General Insurance | 210,763 | 9.80 | 3.64% |
| 360 One Equity Opportunity Fund | 360 One | 210,752 | 9.80 | 3.64% |
| Total anchor allocation | 269.40 | |||
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
The company operates two module facilities at Ambala in Haryana, spread across 724,225 square feet of land.
Products include Mono PERC modules and N-TopCon solar modules. Annual installed capacity grew from 125 MW on 31 March 2017 to about 3.80 GW on 30 June 2025.
The IPO was Rs 900 crore, with Rs 700.04 crore of fresh issue and Rs 199.96 crore of offer for sale. Rs 477.23 crore was planned for investing in the subsidiary Saatvik Solar Industries.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Saatvik Green Energy IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Ambit Capital
3 issues handledBest listing: HD Fire Protect (+23.6%). Weakest: Property Share Investment Trust (0.0%).
Motilal Oswal Investment Advisors
40 issues handledBest listing: GNG Electronics (+49.8%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Dam Capital Advisors Ltd
16 issues handledBest listing: ESDS Software Solution (+76.5%). Weakest: Prasol Chemicals (-9.8%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Saatvik Green Energy?
The current Grey Market Premium is ₹7, or 2% over the issue price.
What is the Saatvik Green Energy IPO price band?
₹442 to ₹465, on a face value of ₹2.
When is the allotment?
The basis of allotment is 24 September 2025, with listing on 26 September 2025.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
