Saatvik Green Energy IPO Day 1: Subscribed 18% So Far; GMP at ₹65 Indicates ~14% Listing Premium

Mumbai | September

The Saatvik Green Energy IPO opened for subscription on Friday, September 19, and saw a muted response in early trade. As per NSE data, bids were placed for 25.39 lakh shares against 1.35 crore shares on offer, translating to a subscription status of 18% so far on Day 1.

The retail investor quota was subscribed 30%, the non-institutional investors (NII) portion was booked 16%, while the qualified institutional buyers (QIBs) category had not yet received bids.

IPO Price Band, Size and Anchor Investment

The Saatvik Green Energy IPO is valued at ₹900 crore, comprising a fresh issue of ₹700 crore and an offer for sale (OFS) of ₹200 crore by promoters Parmod Kumar and Sunila Garg.

The IPO has a price band of ₹442–₹465 per share, with a lot size of 32 shares. At the upper price band, the company is valued at approximately ₹5,910 crore.

Ahead of the opening, the company mobilised ₹269.4 crore from anchor investors, allotting 57.93 lakh shares at ₹465 apiece to nine funds, including HDFC Mutual Fund, Bandhan Mutual Fund, Nippon India Mutual Fund, and SBI General Insurance.

Objectives of the Issue

Proceeds from the fresh issue will be directed towards:
– ₹477.23 crore investment in subsidiary Saatvik Solar Industries Pvt Ltd to establish a 4 GW solar PV module plant in Odisha.
– ₹166.44 crore for repayment or prepayment of borrowings at the subsidiary level.
– ₹10.82 crore to clear certain borrowings at the parent level.
– The balance for general corporate purposes.

Company Overview

Saatvik Green Energy, based in Haryana, is a leading solar photovoltaic (PV) module manufacturer with an operational capacity of 3.8 GW as of June 2025. The company also provides end-to-end EPC (engineering, procurement and construction) services for both rooftop and ground-mounted solar projects.

With the planned Odisha facility, Saatvik aims to scale its capacity further, supporting India’s push for renewable energy and solar manufacturing self-reliance.

Apply to the Saatvik Green Energy IPO via PL Capital’s e-IPO platform here.

Grey Market Premium (GMP) Today

In the unlisted market, the Saatvik Green Energy IPO GMP today is ₹65 per share. Shares are trading at ₹530, compared to the IPO’s upper band of ₹465. This signals a potential 13.98% listing premium, suggesting positive investor sentiment despite slow Day 1 subscription.

 For detailed company analysis and IPO insights, read our full blog here

Disclaimer: ‘Grey Market Premium’ (GMP) indicates investors’ willingness to pay more than the IPO issue price in the unregulated market. GMP data is unofficial, subject to volatility, and should not be the sole basis for investment decisions. Investors are advised to consider fundamentals and risk factors before investing.