Saatvik Green Energy IPO Subscription Reaches 0.62 Times on Day 1

The Saatvik Green Energy IPO has received a strong response from investors, with a subscription of 0.62x by the end of Day 1. The company is offering shares at a price of Rs. 442 to Rs 465 per share, with a minimum lot size of 32 shares. The issue size stands at 1,93,54,838 shares (aggregating up to Rs 900 crore), comprising only offer for sale. Stay tuned for the latest updates on the Saatvik Green Energy  IPO subscription status as the offering progresses.

Saatvik Green Energy IPO Subscription Status - Day 1

The Saatvik Green Energy IPO was subscribed 0.62 times on Day 1, with Retail Investors at 0.93 times, Non-Institutional Investors (NIIs) with a demand at 0.70 times, and Qualified Institutional Buyers (QIBs) at 0.01 times.

Last updated: 05:04 PM, Friday, 19 Sept 2025

Company Overview of the Saatvik Green Energy IPO

Saatvik Green Energy, also known as Saatvik Solar, is among the leading solar panel manufacturers in India, with a current annual production capacity of 4.8 GW. The company operates a state-of-the-art manufacturing facility in Ambala, Haryana, producing high-quality solar PV modules such as MonoPERC, Bifacial, and N-TopCon designed for residential, commercial, and utility-scale solar applications. Saatvik has a strong focus on advanced solar technology and sustainability, having supplied over 500 high-efficiency solar modules domestically and internationally. They plan to expand their manufacturing with integrated cell and module plants in Odisha by FY26 and FY27. Their modules offer robust efficiency, durability and come with comprehensive warranties, targeting reliable, long-term energy generation.

In addition to manufacturing, Saatvik Solar provides comprehensive EPC (Engineering, Procurement, and Construction) services,delivering complete solar solutions from design through commissioning. With projects exceeding 500 MW, including significant ventures like the Ramagundam Floating Solar Project and Raghanseda Solar Park, the company emphasizes quality, innovation, and customer satisfaction. Saatvik also offers high-efficiency solar-powered surface and submersible DC pumps with smart controls for agricultural and industrial water management. 

Strengths and Risks of Saatvik Green Energy IPO

Let’s dive into the strengths and risks to assess if the Saatvik Green Energy IPO is good or bad for investors

Strengths

• Large and Growing Manufacturing Capacity: Saatvik operates a significant 3.8 GW module manufacturing capacity, among the largest single-location setups in India, with plans to expand to 8.8 GW, including the new Odisha facility, positioning it well to meet growing demand.

• Strong Order Book and Revenue Visibility: The company had confirmed orders of over 4 GW, approximately Rs 5,076 crore, providing strong near-term revenue visibility and supporting growth projections.

• Technologically Advanced Product Portfolio: Saatvik offers advanced Mono PERC and N-TopCon solar modules with high efficiencies up to 25.2%, designed for various applications, bolstering market competitiveness.

• Government Incentives and Policy Support: It benefits from domestic policies like the Production Linked Incentive (PLI) scheme, anti-dumping duties on imports, and state subsidies, reducing import dependence and supporting manufacturing growth.

• Diversified Customer Base and Export Expansion: The company serves reputed clients, including JSW Neo Energy and SJVN Green Energy, and is expanding internationally through its U.S. subsidiary, positioning for future export growth.

Risks

• Dependence on Imported Raw Materials: Despite backward integration plans, about 42% of raw materials like cells and aluminum frames were imported from China in FY25, exposing the company to supply chain and cost risks.

• Project Execution Risks in Expansion: The new 4 GW Odisha solar module and cell manufacturing facility faces risks of delays, cost overruns, and timely approvals, which could impact growth and profitability.

• Customer Concentration Risk: The top 10 clients contributed over 57% of the revenue in FY25, indicating revenue concentration risk, which could affect stability if any large client reduces business.

• High Competitive Intensity: Intense competition from larger domestic and international solar manufacturers, including Adani Solar and Waaree, may pressure pricing and margins.

• Financial and Regulatory Risks: The company has a relatively high debt-to-equity ratio compared to peers, and ongoing indirect tax and customs disputes, as well as policy changes (ALMM, BCD, GST) may impact financial condition and operations

Saatvik Green Energy IPO Details

• IPO Date: September 19, 2025, to September 23, 2025

• Issue Price: Rs 442 to Rs 465 per share

• Lot Size: 32 shares

• Total Issue Size: 1,93,54,838 shares (aggregating up to Rs 900 crore)

• Tentative Allotment Date: Wednesday, September 24, 2025

• Tentative Listing Date: Friday, September 26, 2025

How to Apply for Saatvik Green Energy IPO

• Visit the Rupeezy app or Rupezy DOCK.

• Navigate to the IPO section on the Home Page

• Here, you can view all the IPOs with details such as market lot, minimum bid quantity, price range, and analysis.

• You can read the Red Herring Prospectus for the issue details.

• Click on Apply.

• Enter your UPI ID for payment & place the bid.

• While placing the bid, enter the cutoff price or desired price in the range specified. Select quantity as per lot size. 

• Submit to complete the order