Saatvik Green Energy Shares Make Weak Debut In Indian Markets

Saatvik Green Energy made a soft debut on Friday, listing at a 1% discount on the BSE with an opening price of ₹460 against its issue price of ₹465. Meanwhile, on the NSE, the stock is listed at par.

Ahead of the listing, Saatvik Green Energy shares were trading at a premium of ₹10 in the grey market. At the time of writing, the stock was trading at ₹450 on the NSE and ₹450.85 on the BSE.

IPO Details

The IPO, worth ₹900 crore, had received decent investor interest, being subscribed 6.57 times during its three-day bidding window from September 19 to 23. The price band was fixed at ₹442-₹465 per share, with a minimum lot size of 32 shares.

The IPO consisted of a fresh issue of 1.51 crore shares, amounting to ₹700 crore, and an offer for sale of 0.43 crore shares, totaling to ₹200 crore.

Saatvik Green Energy plans to utilise ₹177 crore of the net fresh issue proceeds for repayment of certain borrowings. ₹477 crore has been earmarked to establish a 4 GW solar PV module manufacturing facility at Ganjam, Odisha, through its subsidiary, Saatvik Solar Industries. The remaining funds will be allocated to general corporate purposes.

DAM Capital Advisors, Ambit, and Motilal Oswal acted as merchant bankers, while Kfin Technologies served as registrar to the issue.

Ahead of the IPO, the company raised ₹269.4 crore through its anchor book, which saw participation from leading domestic institutions, including HDFC Mutual Fund, Nippon Life India, Bandhan MF, SBI General Insurance, and 360 ONE.

Company Details

Saatvik Green Energy is one of India’s leading solar PV module manufacturers, with an existing operational capacity of approximately 3.8 GW.

It also offers engineering, procurement, and construction (EPC) services along with operations and maintenance (O&M) solutions. 

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