Saatvik Green Energy Limited IPO

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Saatvik Green Energy Limited is among India’s leading solar photovoltaic (PV) module manufacturers, with an operational capacity of 3.80 GW as of March 31, 2025. Since inception, the company has supplied more than 2.50 GW of high-efficiency solar PV modules across domestic and international markets. Recognized as a key player in India’s solar energy market, Saatvik is also one of the fastest-growing module manufacturers in the country.

Business Segments

1) Module Manufacturing: Produces Mono PERC and N-TopCon solar modules (mono-facial and bifacial) using M10, G12, M10R, and G12R technologies.

2) EPC Services: End-to-end engineering, procurement, and construction services for ground-mounted and rooftop solar projects.

3) O&M Services: Long-term operations and maintenance contracts for solar installations.

4) Trading Activities: Sourcing and supply of PV cells, solar modules, and other solar products.

Key Projects

i) 61.42 MW Floating Solar Project – Ramagundam, Telangana (one of India’s largest).
ii) 72.15 MW Module Supply – Raghanseda Solar Park, Gujarat.
iii) 12 MW Rooftop Project – Jindal Steel & Power Ltd (one of the largest in India).
iv) Ground-Mounted Projects – 16 MW for Dalmia Bharat Green Vision (Tamil Nadu) and 8.08 MW for Dalmia Cement (Karnataka).
v) Upcoming Projects – 5 MW in Punjab, 11 MW + 12 MW in Himachal Pradesh, and a 40 MW plant in Maharashtra.
vi) BESS Project – 30 MW for Bihar State Power Generation Company.

Manufacturing Infrastructure

Saatvik Green Energy operates three advanced module manufacturing plants in Ambala, Haryana, spread across 724,225 sq. ft. with a capacity utilization of 83.70%. The company is expanding capacity by adding 1 GW in Ambala by FY26 (total 4.80 GW), setting up an integrated cell and module facility in Odisha (4.8 GW cells, 4.0 GW modules), and establishing an ingot, wafer, and cell manufacturing plant in Madhya Pradesh.

Market Presence

Saatvik operates across India and internationally, serving utility-scale developers, IPPs, commercial & industrial clients, PSUs, and distributors. As of June 30, 2025, its domestic solar PV module order book stood at ~4.01 GW. The company maintains 53 selling partners, including resellers, distributors, and channel partners.

Objects of the Saatvik Green Energy Limited IPO:

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: 1. Prepayment or scheduled re-payment of all or a portion of certain outstanding borrowings (₹10.8 cr) 2. Investment in the wholly owned Subsidiary, Saatvik Solar Industries Pvt. Ltd, in the form of debt or equity for repayment/prepayment of borrowings of certain outstanding borrowings (₹166.4 cr) 3. Investment in the wholly owned Subsidiary, Saatvik Solar Industries Pvt. Ltd, for setting up of a 4 GW solar PV module manufacturing facility (₹477.2 cr) 4. General Corporate Purpose.
DRHP of Saatvik Green Energy Limited IPO
RHP of Saatvik Green Energy Limited IPO

Saatvik Green Energy Limited IPO Details:

Open Date: Sep 19 2025
Close Date: Sep 23 2025
Total Shares: 1,93,54,838
Face Value: ₹ 2 Per Equity Share
Issue Type: Book Building
Issue Size: 900 Cr.
Lot Size: 32 Shares
Issue Price: ₹ 442-465 Per Equity Share
Listing At: NSE,BSE
Listing Date: Sep 26 2025

Promoters And Management:

1. Neelesh Garg serves as the Chairman and Managing Director of the Company. He holds a B.Tech in Computer Science and Engineering from IIT Delhi and an M.Sc. in Management and Strategy from the London School of Economics. With over nine years of experience in the renewable energy sector, he is responsible for defining strategy, establishing technical parameters, and overseeing operations. 2. Manik Garg is a Managing Director of the Company. He holds a B.Com (Hons.) from the University of Delhi and an M.Sc. in Finance from the London School of Economics. He has also completed the Program for Leadership Development at Harvard Business School. With more than three years of experience in the renewable energy sector, he manages finance and economics-related matters for the Company. 3. Manavika Garg is a Non-Executive Director of the Company. She holds a BCA from St. Bede’s College, an MBA from Nirma University, and an MCA from Mody University of Science and Technology. With over seven years of experience in the IT sector, she has been associated with the Company since September 2024, while also working full-time with Accenture Solutions Private Limited.

Financials of Saatvik Green Energy Limited IPO: 

To be updated shortly

Comparison With Peers:

To be updated shortly

Lead Manager of Saatvik Green Energy Limited IPO:

  1. Ambit Capital Private Limited
  2. DAM Capital Advisors Ltd (Formerly IDFC Securities Ltd)
  3. Motilal Oswal Investments Advisors Private Limited

Registrar of Saatvik Green Energy Limited IPO:

  1. Kfin Technology Private Limited

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