Here are the full details available so far for the Saatvik Green Energy Limited IPO (as of latest public filings). Some parts like final price band may still be awaited / tentative.
Saatvik Green Energy IPO is a book build issue of ₹900.00 crores. The issue is a combination of fresh issue of 1.51 crore shares aggregating to ₹700.00 crores and offer for sale of 0.43 crore shares aggregating to ₹200.00 crores.
Saatvik Green Energy IPO opens for subscription on Sep 19, 2025 and closes on Sep 23, 2025. The allotment for the Saatvik Green Energy IPO is expected to be finalized on Sep 24, 2025. Saatvik Green Energy IPO will list on BSE, NSE with a tentative listing date fixed as Sep 26, 2025.
Saatvik Green Energy IPO price band is set at ₹442.00 to ₹465.00 per share . The lot size for an application is 32. The minimum amount of investment required by an retail is ₹14,880 (32 shares) (based on upper price). The lot size investment for sNII is 14 lots (448 shares), amounting to ₹2,08,320, and for bNII, it is 68 lots (2,176 shares), amounting to ₹10,11,840.
IPO Dates
- Opening Date: September 19, 2025
- Closing Date: September 23, 2025
- Allotment Date: September 24, 2025
- Initiation of Refunds: September 25, 2025
- Shares Transfer to Demat Accounts: September 25, 2025
- Listing Date: September 26, 2025
IPO Details
- Face Value: ₹2 per share
- Price Band: ₹442 to ₹465 per share
- Lot Size: 32 Shares
- Sale Type: Fresh Capital-cum-Offer for Sale
- Total Issue Size: 1,93,54,838 shares
- Fresh Issue: 1,50,53,763 shares
- Offer for Sale: 43,01,075 shares of ₹2
- Employee Discount: ₹44.00
- Issue Type: Bookbuilding IPO
- Listing At: BSE, NSE
- Share Holding Pre Issue: 11,20,47,000 shares
- Share Holding Post Issue: 12,71,00,763 shares
GMP of Saatvik Green Energy Limited IPO
I couldn’t find any credible / verified data for the Grey Market Premium (GMP) of Saatvik Green Energy Limited IPO as of now.
Grey Market Premium is an informal indicator — what people in unofficial markets are willing to pay above the IPO issue price for shares before they list. It comes from traders / brokers / unofficial sources, and is not regulated.
Promoters of Saatvik Green Energy Limited
Here’s what I was able to find about the promoters / promoter group of Saatvik Green Energy Limited, and what personal or profile information is publicly available. Some details are limited, as many personal aspects are not disclosed in filings or media.
- Neelesh Garg
- Manik Garg
- Manavika Garg
Neelesh Garg
- Holds a B.Tech in Computer Science & Engineering from IIT Delhi.
- Holds an MSc (Management & Strategy) from London School of Economics (LSE).
- He is Chairman & Managing Director of Saatvik Green Energy. He is involved in defining company strategy, technical parameters, operating procedures.
- Previously co-founded a venture called Correst (from July 2017 to April 2019).
Other Promoter / Directors
- Manik Garg — Managing Director
- Manavika Garg — Non-Executive Director
Company & Other Relevant Info Connected to Promoters
- Promoter group includes SPG Trust along with the above persons.
- Parmod Kumar and Sunila Garg are promoters who will be selling shares in the current IPO via Offer for Sale (OFS).
- The promoter + promoter group hold ~ 90.05% of the equity pre-IPO.
Saatvik Green Energy Limited IPO Lot Size
Here are the lot size details for Saatvik Green Energy Limited IPO in table form:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 32 | ₹14,880 |
| Retail (Max) | 13 | 416 | ₹1,93,440 |
| S-HNI (Min) | 14 | 448 | ₹2,08,320 |
| S-HNI (Max) | 67 | 2,144 | ₹9,96,960 |
| B-HNI (Min) | 68 | 2,176 | ₹10,11,840 |
Saatvik Green Energy Limited IPO Promoter Holding
Here is the information about Promoter Holding in the Saatvik Green Energy Limited IPO:
Neelesh Garg, Manik Garg, Manavika Garg and SPG Trust are the company promoters.
| Promoter Holding Pre Issue | 90.05% |
| Promoter Holding Post Issue | – |
About Saatvik Green Energy Limited
- Business: SGEL operates in the solar energy / renewable energy sector. It is a solar PV (photovoltaic) module manufacturer, and also provides EPC (Engineering, Procurement & Construction) services and O&M (Operations & Maintenance) services.
- Product Offerings: It manufactures solar modules — notably Mono PERC and N-TopCon modules.
History & Scale
- Founded / Incorporated: It was incorporated on 29 May 2015 as a private limited company under the name “Saatvik Green Energy Private Limited.”
- Later converted to a public company in September 2024, after Board and Shareholder resolutions.
- Over time, its manufacturing capacity has expanded significantly. By about March-April 2024, it had 1.8 GW module manufacturing capacity. By February 28, 2025, SGEL had an operational capacity of approximately 3.80 GW of solar module production.
Strategy & Expansion
- The company is planning to expand via capacity additions, including a new 4 GW solar PV module manufacturing facility in Odisha.
- It is also aiming to integrate more upstream operations: the plan involves backward integration into cell manufacturing, so as to make the value chain more efficient.
- They supplies modules domestically and internationally. It has also established an order book of several GW capacity.
Saatvik Green Energy Limited Financial Information
Here are the financials of Saatvik Green Energy Limited from their DRHP / IPO disclosures, presented in a table. All amounts in ₹ Crore unless stated otherwise.
| Period Ended | 31 Mar 2025 | Mar 31 2024 | 31 Mar 2023 |
| Assets | ₹1,635.74 Crore | ₹688.04 Crore | ₹263.00 Crore |
| Total Income | ₹2,192.47 Crore | ₹1,097.18 Crore | ₹617.63 Crore |
| Profit After Tax | ₹213.93 Crore | ₹100.47 Crore | ₹4.75 Crore |
| EBITDA | ₹353.93 Crore | ₹156.84 Crore | ₹23.87 Crore |
| NET Worth | ₹337.66 Crore | ₹120.67 Crore | ₹20.27 Crore |
| Reserves and Surplus | ₹315.25 Crore | ₹117.36 Crore | ₹16.89 Crore |
| Total Borrowing | ₹458.10 Crore | ₹263.42 Crore | ₹144.49 Crore |
Key Performance Indicator (KPI)
Here are the Key Performance Indicators (KPIs) for Saatvik Green Energy Limited based on the latest available financials & IPO / rating-reports.
| KPI | Values |
|---|---|
| ROE | 63.41% |
| ROCE | 60.45% |
| Debt/Equity | 1.36 |
| RoNW | 63.41% |
| PAT Margin | 9.76% |
| EBITDA Margin | 16.40% |
| Price to Book Value | 43.18 |
Objects of the Issue (Saatvik Green Energy Limited IPO Objectives)
Here are the Objects of the Issue (i.e. the purposes for which the IPO funds will be used) for Saatvik Green Energy Limited, based on the DRHP / IPO disclosure:
Objects of the Issue
- Prepayment or scheduled repayment, in whole or in part, of certain outstanding borrowings of the company.
- Investment in its wholly-owned subsidiary, Saatvik Solar Industries Private Limited, in the form of debt or equity, for repayment / prepayment of borrowings of that subsidiary.
- Investment in the same subsidiary for setting up a 4 GW solar PV module manufacturing facility at Chamakhandi, Gopalpur Industrial Park, Odisha.
- General corporate purposes.
Strengths of Saatvik Green Energy Limited IPO
- Strong growth in scale & revenue
- The company has shown rapid expansion: revenue rising substantially (from FY22 → FY24) and order book getting large, giving good visibility into future revenue.
- Healthy operating margins & improving efficiencies
- Operating margin (EBITDA margin) has improved significantly, helped by economies of scale, decline in input cost, and favorable demand. Crisil expects margins of ~14-15% in FY25.
- Capacity ramp-up / expansion & backward integration plans
- Saatvik is increasing module manufacturing capacity (from ~1.8 GW to higher), and plans cell manufacturing (backward integration) to reduce dependency on imports. This helps control supply-chain risk.
- Favourable regulatory & policy tailwinds
- Government policies like ALMM (Approved List of Module Manufacturers), Basic Customs Duty (BCD) on solar modules and cells, and increasing renewable energy targets provide a supportive environment for domestic players.
- Diversified customer base & decent order book
- Having multiple large customers, order book of large size, and less concentration risk. Top few customers account for less than a large share, giving buffer.
Risks of Saatvik Green Energy Limited IPO
- Volatility in raw material costs & dependence on imports
- A big portion of cost of goods sold comes from imported materials (solar cells, polysilicon, glass etc.). Price fluctuations, supply chain disruptions or forex shifts can squeeze margins.
- Regulatory / policy risks
- Although policy tailwinds are strong, changes in government policy (incentives, import duty, domestic content requirements etc.) or regulatory uncertainty could adversely affect competitiveness.
- Execution risk on capacity expansion
- The plan to build new facilities (e.g. Odisha module facility, cell manufacturing lines) entails large capital expenditure; any delays, cost overruns, commissioning delays or under-utilization could hurt returns.
- Competition
- Both from domestic manufacturers (some of whom might be more vertically integrated or have lower cost) and imported modules (especially from China) remains a big competitive pressure. Pricing pressures may arise.
- Concentration risk (some customers or product types)
- In some cases, a small set of customers contribute a large portion of revenue; also, product mix is skewed toward certain module technologies (e.g. Mono-PERC). If demand shifts or a big customer pulls back, risk arises.
Saatvik Green Energy Limited Contact Details
Here are the contact details for Saatvik Green Energy Limited as publicly disclosed:
Corporate / Registered Office
- Address: Tower A, IFFCO Complex, Plot No. 3, Institutional Area, Sector 32, Gurugram, Haryana 122001
- Registered Address (Plant / Registered Office): Village Dubli, Tehsil Barara, District Ambala, Haryana 133101
Investor / Compliance Contact
- Email: investors@saatvikgroup.com
- Telephone: +91-124-3626755
- Contact Person: Bhagya Hasija, Company Secretary & Compliance Officer
Other Contact Info (Sales / Customer Support)
- Toll-free number: 1800-547-1151
- General / Info Email: info@saatvikgroup.com
- Sales Email: sales@saatvikgroup.com
- Customer/Product Support: crm.solarmodule@saatvikgroup.com; support@saatvikgroup.com
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