Saatvik Green Energy IPO opens to 14% subscription
Saatvik Green Energy just kicked off its ₹900 crore IPO, offering 15.05 million new shares and selling 4.3 million existing ones.
On the first day, the IPO was subscribed 14%, with retail investors showing strong interest at 23%.
Big-name anchor investors like HDFC Mutual Fund and SBI General Insurance already pitched in ₹269 crore before launch, signaling solid confidence.
Making high-efficiency solar modules
Started in Haryana in 2015, Saatvik makes high-efficiency solar modules—think Mono PERC and N-Type TOPCon tech—for power producers and commercial clients across India (and a few global spots).
Right now, they can make up to 3.8 GW of solar modules each year (as of June 2025) but are ramping up with a huge new plant and cell line in Odisha to boost those numbers.
Most of the money raised will help fund their expansion
Most of the money raised will help fund their Odisha expansion—₹477 crore is going into the new solar plant, ₹166 crore will pay down subsidiary debt, and about ₹11 crore is set aside to repay loans from their parent company.
The IPO's gray market premium is running about 14% above its top price band, so there's clear excitement around this one.