Saatvik Green Energy IPO
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Schedule of Saatvik Green Energy
| Issue open date | 19 Sep 2025 |
| Issue close date | 23 Sep 2025 |
| UPI mandate deadline | 23 Sep 2025 (5 PM) |
| Allotment finalization | 24 Sep 2025 |
| Refund initiation | 25 Sep 2025 |
| Share credit | 25 Sep 2025 |
| Listing date | 26 Sep 2025 |
| Mandate end date | 08 Oct 2025 |
| Lock-in end date for anchor investors (50%) | 24 Oct 2025 |
| Lock-in end date for anchor investors (remaining) | 24 Dec 2025 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Saatvik Green Energy
Founded in 2015, Saatvik Green Energy is a leading Indian solar PV module manufacturer based in Ambala, Haryana. It specialises in high-efficiency Mono PERC and N-Type TOPCon modules for IPPs, EPC contractors, and commercial clients in India and select global markets. With a current capacity of 3.2 GW, the company is expanding with a 4.0 GW Odisha plant and a 4.8 GW cell line, aiming for full backward integration. Supported by strong customer ties, government incentives, and experienced leadership, it is well-positioned in India’s growing renewable energy sector.
Financials of Saatvik Green Energy
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹900 crores |
| Fresh Issue | ₹700 crores |
| Offer for sale | ₹200 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Repayment/pre-payment of outstanding borrowings | 10.82 (1.54%) |
| Repayment/pre-payment of outstanding borrowings of subsidiary | 166.44 (23.77%) |
| Capital expenditure of the subsidiary | 477.23 (68.17%) |
| General corporate purposes | 45.51 (6.5%) |
Strengths
- Established customer base with a strong and diversified order book.
- Among India’s leading module manufacturers with integrated IPP offerings.
- Known for innovation and technology-driven solar solutions.
- Well-positioned to capitalise on favourable industry dynamics.
- Backed by strong promoters and seasoned leadership team.
Risks
- Mono PERC modules constitute up to 87% of operational income.
- Odisha manufacturing project is vulnerable to delays and cost escalations.
- Significant dependence on Chinese imports for critical raw materials.
- Global supply glut is exerting downward pressure on solar module pricing.
- Only 10 top customers contribute to 80% of the total revenue.
Allotment Status for Saatvik Green Energy
To check your allotment status – click here.