Gurugram-based Saatvik Green Energy has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise Rs 1,150 crore through an Initial Public Offering (IPO). The proceeds will be used to expand its solar photovoltaic (PV) module manufacturing capacity.
The IPO comprises a fresh issue of equity shares worth Rs 850 crore and an offer-for-sale (OFS) of shares valued at Rs 300 crore by existing shareholders, including Rs 150 crore from promoters Parmod Kumar and Sunila Garg. Additionally, the company may consider a pre-IPO placement of Rs 170 crore, which, if executed, will reduce the size of the fresh issue.
The IPO proceeds will be utilized as follows: ₹552.75 crore will be allocated for establishing a 4 GW solar PV module manufacturing facility in Odisha, ₹108.06 crore will be used for debt repayment or prepayment, and the remaining funds will be directed towards general corporate purposes.
DAM Capital Advisors Limited, Ambit Private Limited, and Motilal Oswal Investment Advisors Limited are acting as the book-running lead managers for the issue, with KFin Technologies serving as the registrar.
The company reported significant growth in both revenue and profit for the financial year ending March 2024. Saatvik Green Energy, expanding its presence in the renewable energy sector, reported a consolidated profit of ₹21.24 crore as of June 2024, demonstrating its continued success and growth potential.
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