Saatvik Green Energy IPO Upcoming
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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
*All figures are in ₹ Crores.
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹1150 crores |
| Fresh Issue | ₹850 crores |
| Offer for sale | ₹300 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Repayment/pre-payment of outstanding borrowings | 12.31 (1.45%) |
| Repayment/pre-payment of outstanding borrowings of subsidiary | 95.75 (11.26%) |
| Capital expenditure of the subsidiary | 552.74 (65.03%) |
| General corporate purposes | (not above 25% of gross proceeds) |
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.