Saatvik Green Energy, a prominent solar module manufacturer, has secured approval from the Securities and Exchange Board of India (SEBI) to proceed with its ₹1,150 crore Initial Public Offering (IPO). The offering includes a fresh issue of shares worth ₹850 crore and an Offer-for-Sale (OFS) component of ₹300 crore by existing promoters.
The capital raised through the fresh issue will be deployed across key strategic areas. A major portion, approximately ₹553 crore, is allocated toward the establishment of a new solar manufacturing facility in Odisha. Additionally, about ₹96 crore will be used to repay debt in its subsidiary, Saatvik Solar Industries, while ₹12.3 crore is earmarked for settling other financial obligations. Remaining proceeds will go toward general corporate purposes.
Saatvik has shown strong financial growth in recent years. For FY2024, the company reported a net profit of ₹100.47 crore, a sharp increase from ₹4.74 crore in the previous year. The IPO will be managed by DAM Capital Advisors, Ambit Private Limited, and Motilal Oswal Investment Advisors. KFin Technologies will serve as the registrar. This IPO is poised to reinforce investor interest in India’s solar manufacturing landscape and reflects the sector’s strong growth trajectory.
Last year in November, the company filed draft papers with the Securities and Exchange Board of India (SEBI) to raise ₹1,150 crore through an IPO.
https://solarquarter.com/2024/11/20/saatvik-green-energy-files-for-%e2%82%b91150-crore-ipo-to-expand-solar-pv-manufacturing-capacity/
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