Saatvik Green Energy Ltd

Saatvik Green Energy Ltd is engaged in the manufacture of a comprehensive portfolio of solar module products. The idea is to reduce energy loss and enhance overall efficiency of the process. Its annual installed capacity as of date stands at 3.80 GW, with 2 module facilities located at Ambala in Haryana. Its key products include Monocrystalline Passive Emitter and Rear Cells (Mono PERC) modules and N-TOPCON solar modules. 

The IPO is a combination of fresh issue and OFS and the fresh funds will be used for debt repayment and investing in the subsidiaries. Saatvik Green Energy Ltd was promoted by Neelesh Garg, Manek Garg, Manavika Garg, and SPG Trust. The IPO will be lead-managed by DAM Capital, Ambit, and Motilal Oswal; while KFIN Technologies Ltd (KFINTECH) will be the IPO registrar. The company is headquartered at Ambala in Haryana. 

Highlights of the IPO Issue

Here are the key highlights of the public issue of Saatvik Green Energy Ltd. 

1. The IPO of will be open from September 19th, 2025 to September 23rd, 2025. It has a face value of ₹2 per share and IPO price band is set in range of ₹442 to ₹465 per share.
2. The IPO of Saatvik Green Energy Ltd will be a combination of a fresh issue of shares and an offer for sale (OFS) by early shareholders.
3. The fresh issue portion comprises the issue of 1,50,53,763 shares (150.54 lakh shares), which at the upper price band of ₹465 per share translates into ₹700 crore.
4. The OFS of the IPO comprises the sale of 43,01,075 shares (43.01 lakh shares), which at the upper price band of ₹465 per share translates into ₹200 crore.
5. The overall IPO will comprise of a fresh issue and an OFS of 1,93,54,838 shares (193.55 lakh shares) worth ₹900 crore at the upper band price of ₹465 per share. 

The IPO of Saatvik Green Energy Ltd will be listed on the NSE and the BSE on the IPO mainboard. 

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of Saatvik Green Energy Ltd 

Data Source: Company RHP 

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).  

The table below captures the gist of the allocation to various categories. 

Data Source: Security Parameters Filing (NSE) 

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Saatvik Green Energy Ltd for various categories of investors. 

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 32 shares) 

Financial Highlights

The table captures the key financials of Saatvik Green Energy Ltd for last 3 financial years.  

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period) 

The company has shown fairly strong financials in terms of sales growth and in terms of profit growth, which has doubled in the last one year. The PAT margins have stabilized at just under 10% in the last 2 years, while the ROE continues to be very impressive. 

Valuation Metrics

At the current issue price of ₹465 per share, the valuation of the company is at a P/E ratio of 24.4X in terms of latest year EPS of ₹19.07. If we extrapolate the EPS growth, the forward P/E may be actually looking attractive, especially considering the ROE levels. The big advantage for the company is its scale and leadership position in the module manufacturing business, as well as its ability to offer integrated solutions to customers. 

The financial track record of the company has also been solid and this is a space that is likely to see a big growth in demand in the coming years. The industry tailwinds are surely going to be positive for the company. The large order book and a high-quality customer base are added advantages. For now, the financials make the valuations look reasonable, but in an industry with constantly evolving technology, it is best to take a 2–3-year view. 

A Brief on the Anchor Allocation

The anchor issue of Saatvik Green Energy Ltd saw a relatively strong response on 18th September 2025 with 28.87% of the IPO size absorbed by anchors. Out of 2,00,65,517 shares (200.66 lakh shares) on offer, anchors picked up 57,93,547 shares (57.94 lakh shares) accounting for 28.87% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹465 per share. This includes the face value of ₹2 per share plus a share premium of ₹463 per share. The anchor bidding opened and closed on 18th September 2025.  

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of Saatvik Green Energy Ltd 

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery. 

Anchor Allocation Investors

On 18th September 2025, Saatvik Green Energy Ltd allotted 57,93,547 shares to 9 anchor investors. The allocation was done at the upper IPO price band of ₹465 per share which resulted in overall anchor allocation of ₹269.40 crore. The anchors have already absorbed 28.87% of the total issue size of ₹933.05 crore. Listed below are the 9 IPO anchor investors who accounted for anchor collection of ₹269.40 crores, or, 100.00% of anchor allocation. 

Data Source: BSE Filings (Value Allocated in ₹ in Crore) 

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below. 

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20250918-41&attachedId=b9d066ee-5db4-48ef-9624-ffdd95f46a40 

Out of the 57,93,547 shares allocated to the anchors in the IPO, there were a total of 42,96,768 shares allocated to domestic mutual funds regulated by SEBI. This allocation was done across 6 mutual fund Schemes of 3 AMCs in India. Mutual Funds accounted for 74.16% of the overall anchor allocation absorbed. Most of the other anchor shares were allocated to alternative investment funds (AIFs) and insurance companies. 

Next Step in the IPO

Post the closure of the IPO subscription on 23rd September 2025, the basis of allotment will be finalized on 24th September 2025 and the refunds will be initiated on 25th September 2025. In addition, the demat credits are expected to also happen on 25th September 2025 and the stock will list on 26th September 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 25th September 2025 under ISIN (INE13B501022). 

IPO Subscription Status On Day-1

As of 5.30 pm on 19th September 2025, out of the 142.72 lakh shares on offer in the IPO (excluding anchor portion), Saatvik Green Energy Ltd saw bids for 84.11 lakh shares. This implies an overall subscription of 0.59X at a macro level. The granular break-up of subscriptions as of the close of Day-1 of the IPO of Saatvik Green Energy Ltd was as under: 

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-1 of the IPO) 

The IPO is open up to September 23, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-2

As of 5.25 pm on 22nd September 2025, out of the 142.72 lakh shares on offer in the IPO (excluding anchor portion), Saatvik Green Energy Ltd saw bids for 155.04 lakh shares. This implies an overall subscription of 1.09X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of Saatvik Green Energy Ltd was as under: 

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-2 of the IPO) 

The IPO is open up to September 23, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-3

As of 7.15 pm on 23rd September 2025, out of the 142.72 lakh shares on offer in the IPO (excluding anchor portion), Saatvik Green Energy Ltd saw bids for 938.09 lakh shares. This implies an overall subscription of 6.57X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the IPO of Saatvik Green Energy Ltd was as under: 

The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-3 of the IPO) 

The IPO was open up to September 23, 2025. As of the close of market hours on September 23, 2025, the IPO of Saatvik Green Energy Ltd has closed for subscription. The updated subscription status that you see above represents the final subscription status at close. This status is after 7.00 pm on the closing day, when the IPO subscription status is finalized. 

About Saatvik Green Energy Ltd.

The IPO of Saatvik Green Energy Ltd opened on September 19th, 2025 and closed on September 23rd, 2025. The IPO comprised of a Fresh Issue and an offer for sale (OFS) of 2,00,65,517 shares (200.66 lakh shares) worth ₹933.05 crore at the upper band price of ₹465 per share. The allotment status will be finalized by EOD of September 24, 2025. Here is how to check allotment status for the IPO of Saatvik Green Energy Ltd. You can check IPO status on BSE or NSE or IPO Registrar website (KFIN Technologies). 

Checking The Allotment Status of IPO on BSE Website

This is a common link for all mainboard IPOs. Click on BSE link for IPO allotment as below.  

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity Option 
2. Under Issue Name – Select Saatvik Green Energy Ltd from the drop-down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip 
4. Alternatively, Enter your PAN (10-digit alphanumeric) number 
5. Once this is done, you need to click on the Captcha to verify you are not a robot 
6. Finally click on the Search Button 

You can use either of the parameters to query; Application / CAF number or Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Saatvik Green Energy Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits. 

Checking The Allotment Status of IPO on NSE Website

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.  

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity & SME IPO Details Option 
2. Under SELECT SYMBOL – Select SAATVIK from the drop-down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once both are entered, click on the Submit Button 

You must input the Application / CAF number and the Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Saatvik Green Energy Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits. 

Checking The Allotment Status of IPO on KFIN Technologies Ltd.

Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below: 

https://kosmic.kfintech.com/ipostatus/ 

KFIN Technologies Ltd provides details of IPOs managed by them and where allotment status is finalized. Radio buttons allow you to opt to see all IPOs or just recent IPOs. The latter option reduces the list of IPOs to search. Once you click on Recent IPOs, dropdown shows recent active IPOs, where allotment status is finalized. Select Saatvik Green Energy Ltd.  

THERE ARE 3 WAYS TO QUERY ALLOTMENT STATUS ON KFIN TECHNOLOGIES LTD 

To Query by Application Number, check the appropriate box and follow these steps. 

1. Enter the Application Number as it is 
2. Enter the 6-digit Captcha Code 
3. Click on Submit button 
4. Allotment Status gets displayed on screen 

Unlike in the past, now you do not have to select ASBA versus Non-ASBA option. 

To Query by Demat Account, check the appropriate box and follow these steps. 

1. First select the depository (NSDL / CDSL) 
2. Enter the DP-ID (Alphanumeric for NSDL and Numeric for CDSL) 
3. Enter the Client-ID in the second box 
4. For NSDL, the Demat account is 2 strings; for CDSL it is just 1 string 
5. Enter the 6-digit Captcha Code 
6. Click on Submit button 
7. Allotment Status gets displayed on screen 

To Query by PAN, check the appropriate box and follow these steps. 

1. Enter the 10-Character PAN number, available on your PAN card 
2. After you enter the PAN number, Enter the 6-digit numeric Captcha Code 
3. Click on Submit button 
4. Allotment status gets displayed on screen 

If captcha code is not clear; toggle for more options. Retain a screenshot of the allotment status output for future reference. This can be tallied with demat credit post allotment.  

Flat Listing For Saatvik Green Energy Ltd

Saatvik Green Energy Ltd had a flat listing on 26th September 2025. On the NSE, the stock of Saatvik Green Energy Ltd listed at ₹465, exactly at the issue price of the IPO. The issue was subscribed just 6.57 times overall at the close of the IPO, so opening sentiments being flat to weak was along expected lines. However, had the market sentiments been stronger, the post listing performance could have been better. 

On the BSE, the listing of Saatvik Green Energy Ltd was at a discount. Against the issue price of ₹465 per share, the stock listed at ₹460, a discount of -1.08% to the issue price. The stock of Saatvik Green Energy Ltd is on T+1 rolling settlement system. 

How The Stock of Saatvik Green Energy Ltd Moved During the Day?

After opening flat at ₹465 per share on the NSE, the stock traded below the listing price for most of the day. During the day, the stock of Saatvik Green Energy Ltd touched a high of ₹465 and an intraday low of ₹427.30. On the NSE, the upper circuit band of the stock is set at ₹511.50 while the lower circuit band is set at ₹418.50 per share. Effectively, the stock remained well short of the listing levels. 

What about the BSE? After opening lower at ₹460 per share on the BSE, the stock hovered below the listing price for a better part of the day. During the day, the stock of Saatvik Green Energy Ltd touched a high of ₹464.35 and an intraday low of ₹427.10. On the BSE, the upper circuit band of the stock is set at ₹505.95 while the lower circuit band is set at ₹414 per share. Even on BSE, the stock remained in a range, but got close to lower circuit. 

How Did the Stock of Saatvik Green Energy Ltd Close on Listing Day?

Here is how the stock of Saatvik Green Energy Ltd closed on the NSE. The closing price of ₹444.30 per share is at a discount of -4.45% to the IPO issue price and also at a discount of -4.45% to the listing price of ₹465 per share on the NSE. The company had a market cap of ₹5,647 crore at close. During the day, the stock of Saatvik Green Energy Ltd traded 67.50 lakh shares on the NSE, with total traded value of ₹306.88 crore. Deliveries were 67.65% of the total volumes on NSE. 

Here is how the stock of Saatvik Green Energy Ltd closed on the BSE. The closing price of ₹439.70 per share is at a discount of -5.44% to the IPO issue price and a discount of -4.41% to the listing price of ͭ₹460 on the BSE. The company had a market cap of ₹5,589 crore as of close. During the day, the stock of Saatvik Green Energy Ltd traded 4.57 lakh shares on the BSE, having a total traded value of ₹20.63 crore. Deliveries were 58.13% on the BSE. 

The stock trades under the codes: NSE (SAATVIKGL), BSE (544526), ISIN (INE13B501022).