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Saatvik Green Energy IPO in focus: Saatvik Green Energy’s initial public offering (IPO) is set to open for subscription tomorrow, September 19, and will remain open until Tuesday, September 23.

The company plans to raise ₹900 crore through the offering, consisting of a fresh issue of 1.51 crore shares aggregating to ₹700 crore and an offer for sale of 0.43 crore shares aggregating to ₹200 crore.

The IPO price band has been fixed at ₹442 to ₹465 per share. Retail investors can bid for a minimum of 32 shares in one lot and up to 13 lots. At the upper end of the price band, ₹465 per share, the minimum investment required for retail investors would be ₹14,880 per lot.

The company proposes to utilize the proceeds from the issue towards prepayment or scheduled repayment, in full or in part, of certain outstanding borrowings availed by the company; investment in its wholly owned subsidiary, Saatvik Solar Industries Private Limited, for repayment/prepayment of borrowings; and for the establishment of a 4 GW solar PV module manufacturing facility.

Solar module manufacturer: Established in 2016, the company is among the leading module manufacturers in India in terms of operational solar photovoltaic (PV) module manufacturing capacity, with an operational capacity of about 3.80 gigawatt (GW) modules as of March 31, 2025. Since inception, it has supplied more than 2.50 GW of high-efficiency solar PV modules both domestically and internationally.

Product portfolio: The company offers a wide portfolio of solar module products manufactured with advanced technologies designed to minimize energy loss and enhance overall efficiency. Its products include monocrystalline passive emitter and rear cell (Mono PERC) modules and N-TopCon solar modules, both available in mono-facial and bifacial options. These are suitable for diverse applications across residential, commercial, and utility-scale solar projects.

Notable projects: The company’s modules have been deployed across various solar installation projects, including floating solar PV plants. Notable projects include the 61.42 MW floating solar power project at Ramagundam, Telangana, in fiscal 2023, one of India’s largest floating solar power plants, and the supply of 72.15 MW of solar modules for the Raghanseda Solar Park in Banaskantha, Gujarat, in fiscal 2023.

Order Book details: As of June 30, 2025, the company had a robust domestic order book of about 4.01 GW in solar PV modules. By March 31, 2025, it had successfully executed 12 solar power projects with an aggregate capacity of 69.12 MW, setting new benchmarks in India’s solar and EPC landscape.

Capacity expansion: In Fiscal 2025, it reported a high-capacity utilization of 83.70%. The company is adding 1 GW capacity at its Ambala facility, expected to be operational in Q2 of fiscal 2026. This will take Ambala’s total installed capacity to 4.80 GW.

Upcoming integrated manufacturing facilities: The company is expanding further by setting up an integrated cell and module manufacturing facility in Odisha, with a 4.80 GW cell line capacity (expected to be operational in Fiscal 2027) and a 4.00 GW module production capacity (expected in Fiscal 2026).

Additionally, it plans to establish a facility for ingots, cells, and wafers in Mohasa–Babai, Madhya Pradesh.

Key customer base: Some of the company’s major clients include Solarcraft Power India 21, Enrich Energy, Shree Cement, Solarcraft Power India 9, Kiana Energy Solutions, SJVN Green Energy, Prozeal Green Energy, Amplus KN One Power, JSW Neo Energy, Stockwell Solar Services, and Megha Engineering and Infrastructure.

Customer dependence and other risks: The business relies heavily on certain key customers. The top 10 customers contributed 57.77%, 63.86%, and 79.38% of revenue from operations in Fiscals 2025, 2024, and 2023, respectively. A decline in solar PV module prices may adversely impact business performance, profitability, and cash flows.

Allotment and listing details: The allotment of shares is expected to be finalized on September 24, 2025, with a tentative listing on both the BSE and NSE scheduled for Friday, September 26, 2025.

Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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