Saatvik Green Energy Raises ₹900 Crore, Debuts on Market with Expansion Plans

Saatvik Green Energy, one of India's top solar module manufacturers, is set to make its market debut on September 26, 2025, after raising ₹900 crore through its initial public offering (IPO). The IPO, which comprised a fresh issue of ₹700 crore and an offer for sale of ₹200 crore, saw strong investor demand across categories, with the overall issue being subscribed 6.93 times.

Ahead of the listing, Saatvik's shares are trading at a grey market premium of ₹10 over the issue price of ₹465, indicating a 2% expected gain on the first day of trading. The company has benefited from the China+1 strategy and anti-dumping duties on imported Chinese modules, which have boosted demand for domestic manufacturers like Saatvik.

Saatvik plans to use the IPO proceeds to prepay borrowings, fund a subsidiary's debt repayment, and set up a new 4 GW solar PV module manufacturing facility in Odisha. The company has also posted impressive financial results, with revenue doubling year-on-year to ₹2,192 crore in FY25 and profit after tax rising 113% to ₹214 crore. EBITDA more than doubled to ₹354 crore, with margins improving to 16.4%.

While the listing is expected to be steady rather than spectacular, with a grey market premium of just 2%, Saatvik's strong fundamentals and the sector's tailwinds position the company well to capitalize on India's growing solar energy market.