Saatvik Green Energy IPO Subscription Status

The Saatvik Green Energy IPO recorded healthy demand on the second day of bidding, reaching 1.15 times subscription by 5:00 PM on September 22, 2025.

• Qualified Institutional Buyers (QIBs): 0.01× subscribed
• Non-Institutional Investors (NIIs/HNIs): 1.45× subscribed
• Retail Investors (RIIs): 1.65× subscribed

By the close of day two, the IPO received bids for 1,55,81,472 shares against the total offer of 1,35,61,291 shares. On the opening day (Day 1), the issue had been subscribed 0.62×, reflecting a sharp uptick in investor interest on Day 2.

About Saatvik Green Energy

Founded in 2015, Saatvik Green Energy is among India’s leading solar photovoltaic (PV) module manufacturers. The company operates one of the country’s largest module manufacturing facilities with an installed capacity of approximately 3.80 GW as of February 28, 2025—a remarkable expansion from 125 MW in March 2017.

What sets Saatvik apart is its integrated expertise, offering not only module production but also engineering, procurement, and construction (EPC) services for large-scale solar projects. Commercial production commenced in 2016, and the company continues to scale aggressively to meet rising renewable-energy demand.

Key Projects

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

These projects underscore Saatvik’s capability to handle high-capacity installations and complex on-ground engineering challenges.

Financial Performance

Saatvik has shown robust growth over the last fiscal year:

• Revenue: ₹2,192.47 crore in FY 2025, up from ₹1,097.18 crore in FY 2024
• Net Profit: ₹213.93 crore in FY 2025, compared to ₹100.47 crore in FY 2024

The company’s strong balance sheet and expanding order book highlight its ability to capitalize on India’s accelerating renewable-energy sector.

Grey Market Premium (GMP)

As of Monday, September 22, 2025, the IPO’s grey market premium (GMP) stood at ₹19, implying an estimated listing price of around ₹484 per share—a premium over the upper issue price of ₹465.

With India’s push toward 500 GW of renewable energy capacity by 2030 and steady policy support for solar energy, Saatvik Green Energy is well positioned for long-term growth. Investors tracking the renewable energy sector may view this IPO as a strategic play on the country’s green energy expansion.