Despite strong bidding, the issue failed to generate significant buzz in the unlisted market. Ahead of listing, shares of Saatvik Green Energy were trading at a grey market premium (GMP) of Rs 10 over the issue price, indicating an expected 2% gain on listing day.
IPO subscription details
Overall, the IPO was subscribed 6.93 times. Qualified institutional buyers led the response with 11.4 times subscription, followed by non-institutional investors at 10.6 times. The retail portion, meanwhile, was subscribed 2.8 times. The company also raised Rs 269.4 crore from anchor investors ahead of the IPO opening, with the anchor lock-in extending through December.
Business overview
Saatvik Green Energy is among India’s leading solar module manufacturers and also provides engineering, procurement and construction (EPC) services. The company manufactures monocrystalline PERC and N-TopCon solar modules in both mono-facial and bifacial configurations, catering to residential, commercial and utility-scale projects.
Its two manufacturing facilities in Ambala, Haryana, have a combined annual capacity of 3.8 GW as of June 2025, a sharp expansion from 125 MW in 2017.
The company has benefitted from the China+1 strategy and anti-dumping duties on imported Chinese modules, which boosted demand for domestic manufacturers. Its customer base includes independent power producers, EPC companies, and developers, positioning it well to tap India’s solar expansion targets.
Financial Performance
The company has posted strong growth, with revenue doubling year-on-year to Rs 2,192 crore in FY25 and profit after tax rising 113% to Rs 214 crore. EBITDA more than doubled to Rs 354 crore, with margins improving to 16.4%.
Return ratios are impressive, with ROE at 63.4% and ROCE at 60.5%. At the issue price of Rs 465, Saatvik commands a market capitalization of Rs 5,910 crore, valuing it at about 27.6 times post-issue earnings.
Use of funds
Proceeds from the IPO will be used to prepay borrowings, fund a subsidiary’s debt repayment, and set up a new 4 GW solar PV module manufacturing facility in Odisha.
Outlook
With a grey market premium of just 2%, Saatvik Green Energy’s listing is expected to be steady rather than spectacular. While the fundamentals and sector tailwinds remain strong, investors may need to look beyond listing day for meaningful gains.
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