**Saatvik Green Energy’s ₹900 Crore IPO Now Open: Should You Bid?**
*By Mudit Dube | Sep 19, 2025, 02:10 PM*

**Overview**
Saatvik Green Energy, a prominent solar panel manufacturer, has launched its initial public offering (IPO) today. The issue is priced in the range of ₹442 to ₹465 per share and will remain open until September 23. The IPO comprises a fresh issue of shares worth ₹700 crore along with an offer for sale (OFS) of ₹200 crore by the promoters.

**Use of Funds**
The fresh issue proceeds, totaling ₹477.23 crore, will be utilized to establish a 4GW solar photovoltaic (PV) module manufacturing facility at the Gopalpur Industrial Park in Odisha. Additionally, ₹166.44 crore will be infused into a subsidiary company for repayment or prepayment of its borrowings.

At the parent company level, around ₹10.82 crore will be allocated towards repaying certain borrowings. The remaining funds raised will be directed towards general corporate purposes.

**Strong Investor Support**
Ahead of the IPO, Saatvik Green Energy secured robust backing by raising over ₹269 crore from anchor investors through the allotment of 57.93 lakh shares at ₹465 each. Notable anchor investors include HDFC Mutual Fund, Nippon India Mutual Fund, Bandhan Mutual Fund, and SBI General Insurance Company. This strong institutional participation highlights growing investor confidence in the company’s growth prospects.

**Company Profile**
As of March 31, 2025, Saatvik Green Energy boasts an operational capacity of approximately 3.8 GW. The company has supplied over 2.5 GW of high-efficiency solar modules to both domestic and international markets. Known for its integrated operations, the company specializes in module manufacturing, EPC (Engineering, Procurement, and Construction), and O&M (Operation & Maintenance) services.

Saatvik Green Energy offers comprehensive engineering procurement construction services for solar projects, including ground-mounted and rooftop solar installations, providing end-to-end solutions.

**Analyst Outlook**
At the upper price band, the company is valued at a price-to-earnings (P/E) ratio of 27.6x based on its FY25 EPS of ₹16.8. This valuation is lower than several of its peers in the renewable energy sector.

Analysts at Choice International have assigned the IPO a “Subscribe” rating. They cite the company’s diversified portfolio, expanding order book, proven execution track record, and alignment with India’s renewable energy goals as key factors supporting long-term growth potential.

**Should You Bid?**
Given the company’s strong fundamentals and supportive market conditions for renewable energy, Saatvik Green Energy’s IPO presents an attractive opportunity for investors eyeing the solar sector. However, investors are advised to consider their risk appetite and conduct further due diligence before bidding.

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