Saatvik Green Energy shares to list today. GMP points to mild debut

Saatvik Green Energy is set to make its market debut on September 26 after raising Rs 900 crore through its IPO. The issue, which comprised a fresh issue of Rs 700 crore and an offer for sale of Rs 200 crore, saw strong investor demand across categories. Ahead of listing, the company’s shares are trading at a GMP of Rs 10 in the grey market over the issue price of Rs 465. This translates into a 2% expected gain on listing day

IPO subscription details

Overall, the IPO was subscribed 6.93 times. Qualified institutional buyers led the response with 11.4 times subscription, followed by non-institutional investors at 10.6 times. The retail portion, meanwhile, was subscribed 2.8 times. The company also raised Rs 269.4 crore from anchor investors ahead of the IPO opening, with the anchor lock-in extending through December.

Business overview

Saatvik Green Energy is among India’s leading solar module manufacturers and also provides engineering, procurement and construction (EPC) services. The company manufactures monocrystalline PERC and N-TopCon solar modules in both mono-facial and bifacial configurations, catering to residential, commercial and utility-scale projects.

Its two manufacturing facilities in Ambala, Haryana, have a combined annual capacity of 3.8 GW as of June 2025, a sharp expansion from 125 MW in 2017.

The company has benefitted from the China+1 strategy and anti-dumping duties on imported Chinese modules, which boosted demand for domestic manufacturers. Its customer base includes independent power producers, EPC companies, and developers, positioning it well to tap India’s solar expansion targets.

Financial Performance

The company has posted strong growth, with revenue doubling year-on-year to Rs 2,192 crore in FY25 and profit after tax rising 113% to Rs 214 crore. EBITDA more than doubled to Rs 354 crore, with margins improving to 16.4%.

Return ratios are impressive, with ROE at 63.4% and ROCE at 60.5%. At the issue price of Rs 465, Saatvik commands a market capitalization of Rs 5,910 crore, valuing it at about 27.6 times post-issue earnings.

Use of funds

Proceeds from the IPO will be used to prepay borrowings, fund a subsidiary’s debt repayment, and set up a new 4 GW solar PV module manufacturing facility in Odisha.

Outlook

With a grey market premium of just 2%, Saatvik Green Energy’s listing is expected to be steady rather than spectacular. While the fundamentals and sector tailwinds remain strong, investors may need to look beyond listing day for meaningful gains.

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