Saatvik Green Energy IPO Subscription Status

The Saatvik Green Energy IPO closed on 23 September 2025 with strong overall subscription of 6.93 times as of 5:00 PM on the final bidding day.

• Qualified Institutional Buyers (QIB): 11.41x
• Non-Institutional Investors (NII): 10.57x
• Retail Individual Investors (RII): 2.81x

Investors placed bids for 9,39,17,792 shares against a total offer size of 1,35,61,291 shares, highlighting healthy institutional and HNI participation.

Daily Subscription Trend:

• Day 1: 0.62x
• Day 2: 1.15x
• Day 3 (Final): 6.93x

The sharp jump on the final day underscores robust last-minute demand and confidence from both QIB and NII segments.

About Saatvik Green Energy Limited

Incorporated in 2015, Saatvik Green Energy Limited is one of India’s leading solar photovoltaic (PV) module manufacturers, recognized for its rapidly expanding production capacity.

• Manufacturing Journey: Commercial operations began in 2016 with an initial capacity of 125 MW.
• By 28 February 2025, the company had scaled up to a formidable 3.80 gigawatt (GW) of operational PV module manufacturing capacity, making it one of the largest domestic players.

Saatvik Green Energy is among the few Indian companies with expertise in both PV module manufacturing and end-to-end engineering, procurement, and construction (EPC) services, enabling it to deliver turnkey solar projects from design to commissioning.

Key Projects and Milestones

The company has successfully executed several large-scale solar installations:

• Jindal Steel & Power Limited (2024): Completed a 12 MW solar installation through its EPC arm.
• Dalmia Bharat Green Vision Limited (2024): Delivered a 16 MW ground-mounted solar project in Sattur, Tamil Nadu.
• Dalmia Cement (Bharat) Limited (2024): Installed an 8.08 MW ground-mounted solar plant in Belgaum, Karnataka.

These projects highlight Saatvik’s ability to handle high-capacity, utility-scale installations across diverse geographies.

Financial Performance

Saatvik Green Energy has demonstrated strong and consistent growth:

• Revenue: ₹2,192.47 crore in FY 2024–25, nearly double the ₹1,097.18 crore recorded in FY 2023–24.
• Profit After Tax (PAT): ₹213.93 crore in FY 2024–25 versus ₹100.47 crore in FY 2023–24—a surge of over 112%, driven by higher capacity utilization and operational efficiency.
• The company also reported healthy EBITDA margins, reflecting cost control and economies of scale as it expanded production.

Grey Market Premium (GMP)

As of Tuesday, 23 September 2025, the Saatvik Green Energy IPO was commanding a grey market premium of ₹19, implying that shares were trading at approximately ₹484—a ₹19 premium over the issue price of ₹465.
This steady GMP signals positive listing expectations, particularly given the company’s strong financial performance and the growing renewable energy market.