Saatvik Green Energy Limited has announced that it will open bidding for its initial public offering (IPO) of equity shares on Friday, September 19, 2025. The IPO will have a total offer size of up to ₹9,000 million (₹900 crore). This includes a fresh issue of equity shares worth up to ₹7,000 million (₹700 crore) and an offer for sale by existing shareholders worth up to ₹2,000 million (₹200 crore). The offer for sale will consist of equity shares worth ₹1,120 million being sold by Parmod Kumar and ₹880 million being sold by Sunila Garg, who is a promoter selling shareholder.
The bidding for anchor investors will take place on Thursday, September 18, 2025. The subscription period for all other investors will open on Friday, September 19, 2025, and close on Tuesday, September 23, 2025. The price band for the shares has been set between ₹442 and ₹465 per equity share. Eligible employees applying under the employee reservation portion will be offered a discount of ₹44 per share. Bids can be made for a minimum of 32 shares and in multiples of 32 shares thereafter.
The company plans to use the net proceeds from the fresh issue for several purposes. These include prepayment or repayment (in full or in part) of certain borrowings taken by the company, investment in its wholly owned subsidiary Saatvik Solar Industries Private Limited to repay borrowings, and funding the establishment of a 4 GW solar PV module manufacturing facility. The facility will be located at National Highway–16, Chamakhandi, Gopalpur Industrial Park, Gopalpur, Ganjam, Odisha. Any remaining funds will be used for general corporate purposes.
DAM Capital Advisors Limited, Ambit Private Limited, and Motilal Oswal Investment Advisors Limited are acting as the Book Running Lead Managers (BRLMs) for the IPO. The shares will be offered through the red herring prospectus dated September 15, 2025, which has been filed with the Registrar of Companies in Delhi and Haryana. The equity shares are proposed to be listed on both BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE).
The IPO is being made in accordance with Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, and under the Book Building Process as per SEBI’s Issue of Capital and Disclosure Requirements (ICDR) Regulations. Under these regulations, not more than 50% of the net offer will be allocated to Qualified Institutional Buyers (QIBs) on a proportionate basis. The company may allocate up to 60% of the QIB portion to anchor investors on a discretionary basis, of which at least one-third will be reserved for domestic mutual funds. Any unsubscribed portion of the anchor allocation will be added back to the QIB category. Five percent of the net QIB portion will be set aside exclusively for mutual funds, with the remaining shares distributed among other QIBs and mutual funds on a proportionate basis.
At least 15% of the net offer will be allocated to Non-Institutional Bidders (NIBs). Among NIBs, one-third of this portion will be reserved for applications between ₹200,000 and ₹1,000,000, while the remaining two-thirds will be for applications exceeding ₹1,000,000. Any unsubscribed shares in one NIB sub-category can be reallocated to the other sub-category. At least 35% of the net offer will be reserved for Retail Individual Bidders (RIBs). Additionally, up to a specified number of shares worth ₹20 million will be allocated to eligible employees under the employee reservation portion.
All bidders, except anchor investors, must use the Application Supported by Blocked Amount (ASBA) process, which requires providing bank account or UPI details to block the bid amount. Anchor investors are not allowed to participate in their portion of the offer through the ASBA process. Investors can find more information on the offer procedure on page 557 of the company’s red herring prospectus.
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