**Saatvik Green Energy’s ₹900 Crore IPO Now Open: Should You Bid?**
*By Mudit Dube | Sep 19, 2025, 02:10 PM*
Saatvik Green Energy, a leading solar panel manufacturer, has launched its much-anticipated initial public offering (IPO) today. The issue is priced in the range of ₹442 to ₹465 per share and will remain open for subscription until September 23, 2025.
### IPO Details
The total issue size is approximately ₹900 crore, comprising a fresh issue of shares worth ₹700 crore and an Offer For Sale (OFS) of ₹200 crore by the promoters.
### Fund Utilization
The fresh issue proceeds of ₹477.23 crore will be invested to establish a 4GW solar photovoltaic (PV) module manufacturing facility at the Gopalpur Industrial Park in Odisha. Additionally, ₹166.44 crore is earmarked for repayment or prepayment of borrowings by the company’s subsidiary. The company also plans to utilize around ₹10.82 crore to repay certain borrowings at the parent level, with the remaining funds allocated for general corporate purposes.
### Strong Anchor Investor Support
Ahead of the IPO, Saatvik Green Energy successfully raised ₹269 crore from anchor investors through the allotment of 57.93 lakh shares at ₹465 each. Notable anchor investors include HDFC Mutual Fund, Nippon India Mutual Fund, Bandhan Mutual Fund, and SBI General Insurance Company. This robust backing from prominent institutional players highlights strong investor confidence in the company’s growth potential.
### Company Overview
As of March 31, 2025, Saatvik Green Energy boasts an operational capacity of approximately 3.8 GW. The company has supplied over 2.5 GW of high-efficiency solar modules across domestic and international markets. It is recognized for its integrated module manufacturing capabilities and offers comprehensive EPC (Engineering, Procurement, and Construction) and O&M (Operation & Maintenance) services. Saatvik provides end-to-end solar project solutions, including ground-mounted and rooftop solar installations.
### Analyst Outlook
At the upper end of the price band, Saatvik Green Energy is valued at a price-to-earnings (P/E) ratio of 27.6x based on FY25 earnings per share (EPS) of ₹16.8. This valuation is considered attractive as it is lower than many of its peers. Analysts at Choice International have assigned a “Subscribe” rating to the IPO, pointing to the company’s diversified portfolio, expanding order book, strong execution track record, and alignment with India’s renewable energy goals as key drivers for significant long-term growth.
### Should You Subscribe?
With its solid fundamentals, strong institutional backing, and sector tailwinds from India’s growing renewable energy focus, Saatvik Green Energy’s IPO presents an attractive investment opportunity for investors seeking exposure to the solar manufacturing industry.
*The IPO closes on September 23, 2025. Investors should consider their risk tolerance and investment horizon before bidding.*
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