Saatvik Green Energy IPO Day 1 Highlights: Check subscription status, GMP; should you apply?

Saatvik Green Energy IPO Day 1 LIVE: At the end of Day 1, the issue was subscribed 0.62 times. It received bids for 84.59 lakh shares as against 1.35 crore on offer. The retail portion was booked 2.03 times while the non-institutional investors (NII) category was bid 0.70 times. Finally, the qualified institutional buyers (QIBs) quota was subscribed 0.01 times till now.

Saatvik Green Energy IPO Day 1 LIVE: Assigning a 'subscribe' rating, brokerage house Anand Rathi said, "Saatvik Green Energy Ltd, with an operational capacity of 3.80 GW as of March 2025, is among India’s fastest-growing solar PV module manufacturers and is listed in MNRE’s Approved List of Module Manufacturers (ALMM), reinforcing its credibility. The company is executing an aggressive capacity expansion plan, including a 4.00 GW module facility in Odisha by FY26 and a 4.80 GW solar cell line by FY27, supported by ₹1,300 crore of capex funded entirely through internal accruals. Beyond FY27, SGEL plans to establish a fully integrated ingot–wafer cell module facility in Madhya Pradesh, ensuring strong long-term growth visibility.

The company is strategically enhancing its market position by focusing first on expanding module manufacturing capacity, then integrating solar cell production, and eventually moving into raw material manufacturing. On the valuation front, based on annualized FY25 earnings, the company is seeking a P/E of 27.4 times, and a post-issue market capitalization of approximately ₹59,102 million, making the issue appears to be fully priced. Based on benefits of backward integration, module capacity expansion, and cell integration which could capitalize in long run in its profitability. Hence, we assign Subscribe for long term rating for the issue."

Saatvik Green Energy IPO Day 1 LIVE: As of 4.30 pm on Day 1, the issue was subscribed 0.60 times. It received bids for 81.12 lakh shares as against 1.35 crore on offer. The retail portion was booked 1.97 times while the non-institutional investors (NII) category was bid 0.67 times. Finally, the qualified institutional buyers (QIBs) quota was subscribed 0.01 times till now.

Saatvik Green Energy IPO Day 1 LIVE: Saatvik Green Energy IPO GMP today fell to ₹38 from ₹65 yesterday. This indicates Saatvik Green Energy share price is likely to list at ₹503, a premium of 8.17 percent from IPO price of ₹465.

Saatvik Green Energy IPO Day 1 LIVE: Assigning a 'subscribe' rating, brokerage house Geojit Financial Services said, "Saatvik Green Energy Ltd. (SGEL), established in 2015, is a solar PV module manufacturer and EPC provider listed in MNRE’s Approved List of Module Manufacturers (ALMM). At the upper price band of ₹465, SGEL is valued at 27.6x FY25 P/E, which is reasonable versus peers. With strong financials, expanding capacity, backward integration, and declining debt, SGEL’s earnings is well-positioned to benefit from India’s solar growth. Hence, we recommend a ‘Subscribe’ rating on a long-term basis."

Saatvik Green Energy IPO Day 1 LIVE: As of 3.40 pm on Day 1, the issue was subscribed 0.51 times. It received bids for 68.92 lakh shares as against 1.35 crore on offer. The retail portion was booked 1.73 times while the non-institutional investors (NII) category was bid 0.51 times. Finally, the qualified institutional buyers (QIBs) quota had not seen any reservation times till now.

Saatvik Green Energy IPO Day 1 LIVE: The IPO allocation is as follows-

QIBs: Not more than 50 percent

NIIs: Not less than 15 percent

Retail investors: Not less than 35 percent

Saatvik Green Energy IPO Day 1 LIVE: Saatvik Green Energy Limited plans to utilise the net proceeds from its IPO for multiple purposes. The company has earmarked ₹10.82 crore for prepayment or scheduled repayment of certain outstanding borrowings. A significant portion, ₹166.44 crore, will be invested in its wholly owned subsidiary, Saatvik Solar Industries Private Limited, in the form of debt or equity to help repay or prepay its borrowings. Additionally, ₹477.23 crore will be invested in the same subsidiary for setting up a 4 GW solar PV module manufacturing facility at Gopalpur Industrial Park in Odisha. The remaining funds will be allocated towards general corporate purposes.

Saatvik Green Energy IPO Day 1 LIVE: As of 2.35 pm on Day 1, the issue was subscribed 0.33 times. It received bids for 60.97 lakh shares as against 1.35 crore on offer. The retail portion was booked 1.56 times while the non-institutional investors (NII) category was bid 0.44 times. Finally, the qualified institutional buyers (QIBs) quota had not seen any reservation times till now.

Saatvik Green Energy IPO Day 1 LIVE: Saatvik Green Energy IPO GMP today fell to ₹45 from ₹65 yesterday. This indicates Saatvik Green Energy share price is likely to list at ₹510, a premium of 9.68 percent from IPO price of ₹465.

Saatvik Green Energy IPO Day 1 LIVE: BP Equities has also assigned a 'buy' tag to the mainboard IPO: "On the upper price band, the company is currently valued at a P/E of 24.4x based on FY25 earnings, which is comparatively lower than its peers. Given its strong market position and industry growth potential, Saatvik is well-positioned to deliver sustainable growth. Thus, we recommend a "SUBSCRIBE" rating for this issue from a medium to long-term perspective."

Saatvik Green Energy IPO Day 1 LIVE: On the financial front, Saatvik Green Energy has recorded healthy numbers in the recent past years. Profit soared 113 percent to ₹213.9 crore in FY25, up from ₹100.5 crore in previous year. Revenue during the same period jumped 98.4 percent to ₹2,158.4 crore, increasing from ₹1,088 crore.

The firm stated that its ongoing focus on efficiency and productivity enhancements has helped manage operating costs and boost profitability. In Fiscal 2025, the company reported a year-on-year revenue growth of 98.39 percent, supported by a strong recovery in volumes and favorable changes in product mix, achieving a robust return on capital employed (ROCE) of 60.45 percent, according to a CRISIL report. Its restated profit after tax rose significantly from ₹47.45 million in Fiscal 2023 to ₹2,139.30 million in Fiscal 2025. The company’s operating margin improved to approximately 14.72 percent in Fiscal 2025, up from around 13.32 percent in Fiscal 2024.

Saatvik Green Energy IPO Day 1 LIVE: As of 12.55 pm on Day 1, the issue was subscribed 0.33 times. It received bids for 44.30 lakh shares as against 1.35 crore on offer. The retail portion was booked 1.08 times while the non-institutional investors (NII) category was bid 0.30 times. Finally, the qualified institutional buyers (QIBs) quota had not seen any reservation times till now.

Saatvik Green Energy IPO Day 1 LIVE: Saatvik Green Energy IPO GMP today is ₹50. This indicates Saatvik Green Energy share price is likely to list at ₹515, a premium of ₹10.75 percent from IPO price of ₹465.

Saatvik Green Energy IPO Day 1 LIVE: The firm stated that the Selling Shareholders in the Offer for Sale (OFS) and their respective proportions are as follows: Parmod Kumar, a member of the Promoter Group, is offering equity shares aggregating to ₹1,120 million, representing up to 56 percent of the OFS. Sunila Garg, also from the Promoter Group, is offering equity shares aggregating to ₹880 million, accounting for up to 44 percent of the OFS.

Saatvik Green Energy IPO Day 1 LIVE: As of 11:15 am on Day 1, the issue was subscribed 0.19 times. It received bids for 25.39 lakh shares as against 1.35 crore on offer. The retail portion was booked 0.30 times while the non-institutional investors (NII) category was bid 0.16 times. Finally, the qualified institutional buyers (QIBs) quota had not seen any reservation times till now.

Saatvik Green Energy IPO Day 1 LIVE: A look at key dates for the initial public offer

Basis of allotment: September 24, 2025

Refund initiation: September 25, 2025

Demat credit: September 25, 2025

Listing date (tentative): September 26, on BSE and NSE

Saatvik Green Energy IPO Day 1 LIVE: As of 10:24 am on Day 1, the issue was subscribed 0.07 times. It received bids for 9.18 lakh shares as against 1.35 crore on offer. The retail portion was booked 0.10 times while the non-institutional investors (NII) category was bid 0.07 times. Finally, the qualified institutional buyers (QIBs) quota had not seen any reservation times till now.

Saatvik Green Energy IPO Day 1 LIVE: Giving a 'subscribe' tag to the public issue, Anshul Jain, Head of Research at Lakshmishree Investment, said, "The company has demonstrated exceptional growth, with revenue rising to ₹2,158.39 Cr in FY25. This top-line growth has translated into a sharp rise in profitability, with Profit After Tax (PAT) increasing by 113% to ₹213.93 Cr. On valuation, the issue asks for a market cap of around ₹5,910.19 Cr at the upper price band. Based on FY25 revenue, this translates to a Market Cap-to-Sales multiple of ~2.74x. The P/E ratio of ~24.38x appears fully priced compared to some peers, but the company's spectacular growth trajectory justifies it.

However, investors should note the high customer concentration, with its top 10 clients contributing significant revenue. The business is also highly dependent on favourable government policies. We recommend that risk-tolerant investors looking for exposure to the solar manufacturing sector SUBSCRIBE to the Saatvik Energy IPO for a long-term perspective."

Giving a 'subscribe' tag to the public issue, Anshul Jain, Head of Research at Lakshmishree Investment, said, "The company has demonstrated exceptional growth, with revenue rising to ₹2,158.39 Cr in FY25. This top-line growth has translated into a sharp rise in profitability, with Profit After Tax (PAT) increasing by 113% to ₹213.93 Cr. On valuation, the issue asks for a market cap of around ₹5,910.19 Cr at the upper price band. Based on FY25 revenue, this translates to a Market Cap-to-Sales multiple of ~2.74x. The P/E ratio of ~24.38x appears fully priced compared to some peers, but the company's spectacular growth trajectory justifies it.

However, investors should note the high customer concentration, with its top 10 clients contributing significant revenue. The business is also highly dependent on favourable government policies. We recommend that risk-tolerant investors looking for exposure to the solar manufacturing sector SUBSCRIBE to the Saatvik Energy IPO for a long-term perspective."

Saatvik Green Energy IPO Day 1 LIVE: The mainboard issue aims to raise ₹900 crore, of which ₹700 crore is expected from fresh shares, while the remaining ₹200 crore is reserved for offer for sale (OFS).

Saatvik Green Energy IPO Day 1 LIVE: The IPO price band has been fixed at ₹442 to ₹465 per share. Retail investors can bid for a minimum of 32 shares in one lot and up to 13 lots. At the upper end of the price band, ₹465 per share, the minimum investment required for retail investors would be ₹14,880 per lot.

Saatvik Green Energy IPO Day 1 LIVE: Saatvik Green Energy has raised ₹269.4 crore from anchor investors ahead of its IPO. The company informed the bourses today that it had allocated 57,93,547 equity shares of ₹465 each to anchor investors per equity share (including a share premium of ₹463 per equity share).

Saatvik Green Energy IPO GMP today is ₹65. This indicates Saatvik Green Energy share price were trading at a premium of ₹65 in the grey market on Friday, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Saatvik Green Energy share price was indicated at ₹530 apiece, which is 13.98% higher than the IPO price of ₹465.

Following the grey market trends over the past four sessions, the IPO GMP is trending downward and is anticipated to decrease further. Experts indicate that the lowest GMP is ₹65.00, while the highest GMP stands at ₹78.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.