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Home
InvestmentsIPOSaatvik Green Energy IPO

Saatvik Green Energy IPO

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Open Date

19 Sep 2025

Close Date

23 Sep 2025

Min Investment

₹ 14,144

Max Investment

₹ 5,00,000

Lot Size

32

Issue Size

₹ 900.00 Cr

Price Range

₹ 442 - ₹ 465
status

This IPO is now Live.

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IPO Timeline
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IPO Offer Start
19 Sep 2025
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IPO Offer Ends
23 Sep 2025
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Allotment Finalisation
24 Sep 2025
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Refund Initialisation
25 Sep 2025
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Non-Institutional Buyers (sHNI)
25 Sep 2025
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Listing of Shares
26 Sep 2025
IPO Subscription Details as on 13 Dec 2025, 01:42 PM
Qualified Instituational Buyers (QiB)
10.84 x
Retail
2.57 x
Employees
5.2 x
Non-Institutional Buyer (bHNI)
10.72 x
Non-Institutional Buyer (sHNI)
8.5 x
Note: This information is provided for general guidance only. Dates may be subject to change.
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About the Company
The company is among the leading module manufacturers in India with an operational solar photovoltaic module manufacturing capacity of about 3.80 gigawatt as of March 31, 2025. It offers a comprehensive portfolio of solar module products manufactured using technologies that help reduce energy loss and enhance overall efficiency. The company's product offerings include monocrystalline passive emitter and rear cell (Mono PERC) modules and N-TopCon solar modules, both available in mono-facial and bifacial options. In addition to module manufacturing, the company provides engineering, procurement and construction (EPC) services and operations and maintenance (O&M) services. It operates three module manufacturing facilities in Ambala, Haryana spread across a total land area of 724,225 square feet, forming one of the largest single location module manufacturing facilities in India. The company has supplied modules for various solar installation projects, including floating solar PV modules. It has a diverse customer base across segments like utility scale solar developers, independent power producers, commercial and industrial clients, EPC contractors and public sector undertakings.
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Founded In

2015

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CEO

Prashant Mathur

Financials of Saatvik Green Energy IPO

Income Statement
Balance Sheet
Cash Flows
Total Income
Total Expenses
Total Profit
Key Performance IndicatorsMar 2023Mar 2024Mar 2025
Operating Revenue60,858.801,08,796.502,15,839.40
Other Income903.90921.603,407.10
Total Income
61,762.701,09,718.102,19,246.50
Total Expenses
61,096.3096,530.801,91,204.20
Profit Before Tax666.4013,187.3028,042.30
Total Profit
474.5010,047.2021,393.00

All figures are in lakhs (₹)

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Utilisation of Proceeds

All figures are in lakhs (₹)

PurposeAmount
The company intends to utilize an estimated amount of up to ₹ 108.19 million from the Net Proceeds towards prepayment or scheduled repayment of all, or a portion, of the principal amount on certain loans availed by the company and the accrued interest thereon. This is expected to help reduce overall outstanding indebtedness, debt servicing costs, and improve the debt-equity ratio.108
The company proposes to utilise an estimated amount of up to ₹ 1,664.36 million from the Net Proceeds towards investing in its wholly owned Subsidiary, SSIPL, through debt or equity or both, in order to repay/prepay, in full or in part, certain or all of the borrowings availed by SSIPL. This is expected to help reduce overall outstanding indebtedness, debt servicing costs, and improve the debt-equity ratio.1,664
The company proposes to invest a portion of the Net Proceeds, amounting to ₹ 4,772.27 million in SSIPL, its wholly owned Subsidiary, for funding its capital expenditure requirement for setting up of a 4 GW solar PV module manufacturing facility, located at National Highway – 16, Chamakhandi, Gopalpur Industrial Park, Gopalpur, Ganjam – 761 020, Odisha.4,772
The company intends to deploy any balance left out of the Net Proceeds towards general corporate purposes, subject to such utilization not exceeding 25% of the Gross Proceeds. This may include rental and administrative payments, payment of wages, salaries and employee benefit expenses, meeting ongoing general corporate contingencies and expenses incurred in the ordinary course of business, including funding growth opportunities, capital expenditure and operating expenditure.-
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  • Quality Customer Base and Large Order Book: The company possesses a diversified client base with presence in various segments (large utility, commercial and industrial, open access, residential rooftop and solar pump) and across geographies (selling in all parts of India, North America, Africa and South Asia). As of June 30, 2025, the company's order book was about 4.05 GW. The company's large and diverse customer base coupled with substantial order book provides revenue certainty and diversification.
  • Among the Leading Module Manufacturing Companies in India Offering Integrated Solutions: The company is recognized as one of the few companies with capabilities in module manufacturing as well as EPC and O&M services. It had an installed EPC base of 69.12 MW as of March 31, 2025. The company's integrated approach allows it to deliver end-to-end solutions that meet diverse customer needs.
  • Innovative Technology Solutions for the Solar Industry: The company deploys a combination of advanced technologies, such as half-cut, MBB and circular-ribbon modules within N-TopCon technology. It offers dual glass modules with customizable options ranging from 2.00 millimeters to 2.50 millimeters. The company's focus on design and technology enhancement is complemented by rigorous quality testing.
  • Multiple Sales and Revenue Channels: The company employs multiple sales and revenue channels including direct sales, channel partners, and government/institutional projects. As of June 30, 2025, its network comprised 53 selling partners, including 23 resellers, 19 distributors and 11 channel partners across various states in India.
  • Well-Positioned to Capture Favourable Industry Tailwinds: The company is strategically positioned to leverage growth trends in the solar power sector. Its strengths lie in its large installed capacity of about 3.80 GW as of June 30, 2025, production of modules up to 625 Wp, and ALMM-approved modules.
  • Experienced Promoters and Management Team with a Committed Employee Base: The company is led by Promoters with several years of experience in the renewable energy sector. Its management is backed by skilled workers who benefit from regular inhouse and onsite training initiatives. As of June 30, 2025, the company had 618 employees, many of whom are trained and specialized employees with experience in engineering, IT infrastructure and technical aspects of operations.

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