Saatvik Green Energy IPO GMP in focus ahead of listing; here's what grey market signals

Saatvik Green Energy IPO GMP: The grey market premium (GMP) hints at a muted debut for Saatvik Green Energy shares, scheduled to list on Friday, September 26. The allotment for Saatvik Green Energy's initial public offering (IPO) was finalised on September 24, following the subscription window that opened on September 19 and closed on September 23. The IPO was offered at a price band of ₹442 to ₹465 per share.

Saatvik Green Energy IPO GMP

Saatvik Green Energy IPO GMP today stood at ₹7.5. This implied potential listing gains of around 1.61 per cent, with shares expected to list at ₹472.5 as against the upper price band of ₹465.

Saatvik Green Energy IPO Details

Saatvik Green Energy’s ₹900 crore IPO received a strong response from investors, with the issue subscribed 6.57 times by the close of the bidding process. The offering comprised a fresh issue of shares worth ₹700 crore and an offer for sale (OFS) of ₹200 crore by promoters.

The Haryana-based company is valued at ₹5,910 crore at the upper end of the price band. Investors could apply for a minimum lot size of 32 shares, requiring a retail investment of ₹14,880 at the top price.

On the final day, the issue attracted robust demand across categories. Qualified Institutional Buyers (QIBs) led the rally with subscription at 10.84 times their allotted quota, followed by non-institutional investors at 10.04 times and retail investors at 2.66 times.

Proceeds from the fresh issue, amounting to ₹477.23 crore, will be deployed into its subsidiary, Saatvik Solar Industries Private Limited, for setting up a 4 GW solar PV module manufacturing facility at Gopalpur Industrial Park in Odisha. Additionally, ₹166.44 crore will go towards repayment or prepayment of borrowings by the subsidiary, while ₹10.82 crore will be utilised to pare down certain borrowings at the parent level. The remaining funds will be used for general corporate purposes.

DAM Capital Advisors, Ambit, and Motilal Oswal Investment Advisors acted as the book-running lead managers for the issue.

Saatvik Green Energy is a leading solar photovoltaic module manufacturer with an operational capacity of nearly 3.8 GW as of June 30, 2025. Beyond manufacturing, the company also provides end-to-end engineering, procurement, and construction (EPC) services for solar projects, covering both ground-mounted and rooftop installations. Peers include Waaree Energies and Premier Energies, as per RHP.

On the financial front, Saatvik Green Energy has demonstrated strong growth in recent years. The company’s profit more than doubled, rising 113 percent to ₹213.9 crore in FY25, compared to ₹100.5 crore in the previous fiscal year. During the same period, revenue surged 98.4 percent to ₹2,158.4 crore, up from ₹1,088 crore.

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