The issue, which comprised a fresh issue of Rs 700 crore and an offer for sale (OFS) of Rs 200 crore, was open for subscription between September 19 and September 23. Shares were offered in a price band of Rs 442–465 apiece.
Strong subscription response
The Saatvik Green Energy IPO witnessed healthy demand across categories, with an overall subscription of 6.93 times. Data shows that the qualified institutional buyers (QIB) portion led the demand, being subscribed 11.41 times, while the non-institutional investor (NII) category saw bids of 10.57 times. The retail investor portion was subscribed to at a more moderate 2.81 times, while the employee quota was subscribed to 5.59 times.Ahead of the issue opening, the company had raised Rs 269.40 crore from anchor investors, allocating 57.93 lakh shares to marquee domestic and foreign institutions.
Allotment and refund process. Here’s how to check allotment
1. On Registrar’s Website (KFin Technologies)Visit KFin IPO Allotment page (https://kosmic.kfintech.com/ipostatus/)Select Dev Accelerator IPO from the dropdown.
Enter PAN, application number, or DP/Client ID.
Click Submit to view allotment.
2) On BSE Exchange Website
Visit the BSE Allotment page (https://www.bseindia.com/investors/appli_check.aspx)
Select Equity and choose Dev Accelerator from the dropdown.
Enter application number and PAN.
Click Search to check status.
For those who are not allotted shares, refunds will begin on September 25. Simultaneously, successful allottees will see shares credited to their demat accounts the same day.
Grey market signals
According to market observers, shares of Saatvik Green Energy are commanding a grey market premium (GMP) of around 21%, suggesting a potential listing price in the range of Rs 560–570 if sentiment holds. While GMP is an informal indicator and not always reliable, it does provide an early sense of investor appetite ahead of the listing.
Also read: Walmart-backed PhonePe files IPO papers to raise Rs 12,000 crore
About Saatvik Green Energy
Saatvik Green Energy is one of India’s leading solar module manufacturers, also offering engineering, procurement, and construction (EPC) services. The company has scaled its installed capacity from 125 MW in FY17 to about 3.8 GW as of June 2025.
For FY25, Saatvik reported a 100% jump in revenue to Rs 2,192 crore and a 113% rise in profit after tax to Rs 214 crore, supported by robust demand and favourable policy tailwinds. The company’s order book and expansion plans, including a 4 GW solar PV module facility in Odisha, underpin its growth outlook.
Also read: Mukesh Ambani, Gautam Adani clash in battle of Kutch. Who will win multi-billion-dollar green goldmine?
With strong financial performance and sectoral tailwinds, investors will be watching closely when Saatvik Green Energy makes its market debut later this week.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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