Haryana-based solar module manufacturer Saatvik Green Energy‘s initial public offering (IPO) was oversubscribed 6.57 times at the end of the bidding window on September 23, 2025.

The price band was set at ₹442 (~$5) to ₹465 (~$5.26) per equity share with a face value of ₹2 (~$0.02). The IPO saw bids for 93.8 million shares, exceeding the 14.27 million shares on offer.

Qualified institutional buyers led the demand, with a subscription rate of 10.84, followed by non-institutional investors at 10.04 and the employee portion at 5.29. The portion allocated to retail individual investors was oversubscribed by 2.66 times.

The shares are expected to be listed on the BSE and NSE on September 26, 2025.

In November 2024, Saatvik Green filed its draft red herring prospectus with the Securities and Exchange Board of India to raise up to ₹11.5 billion (~$136.26 million) through the IPO route.

The company’s proposed IPO is a combination of a fresh issue of shares worth ₹8.5 billion (~$100.71 million) and an offer for sale of ₹3 billion (~$35.54 million) by promoters. The shares will have a face value of ₹2 (~$0.024).

The net proceeds from the offer will be primarily utilized for debt repayment and investments in the company’s wholly owned subsidiary, Saatvik Solar Industries.

Approximately ₹123.12 million (~$1.45 million) will be allocated towards the prepayment or repayment of the company’s certain borrowings. Additionally, ~₹957.51 million (~$11.34 million) will be invested in Saatvik Solar Industries to repay its outstanding borrowings.

The company will also utilize approximately ₹5.53 billion (~$65.52 million) of the net proceeds to establish a 4 GW solar module manufacturing facility at the Gopalpur Industrial Park in Odisha.

The Gopalpur facility will also have 4.8 GW of solar cell manufacturing capacity, which is scheduled to be operational by the end of fiscal 2027.

Saatvik Green Energy emerged as one of the top leading Indian module suppliers in 2024, according to Mercom’s recently released India’s Solar Market Leaderboard 2025.