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108.1 0 83.5 0 53.8a53.79 53.79 0 0 1 107.58 0c0 29.7-24.1 54.3-53.79 54.3zM447.9 448h-92.68V302.4c0-34.7-.7-79.2-48.29-79.2-48.29 0-55.69 37.7-55.69 76.7V448h-92.78V148.9h89.08v40.8h1.3c12.4-23.5 42.69-48.3 87.88-48.3 94 0 111.28 61.9 111.28 142.3V448z"></path></svg></a></div></div></div></div></div></div><div class="main-content"><div class="styles_container__y7euV"><div class="styles_content__uVpvM"><h1 class="styles_pageTitle__dJCon">Solar Module Manufacturer Saatvik Green Files for ₹11.5 Billion IPO</h1><p class="styles_subTitle__FhnJo">The company plans to set up a 4 GW solar module manufacturing facility in Odisha</p><div class="styles_container__DxsvY"><div class="styles_content__4U0rB"><div class="styles_dateContainer__oudnD"><div class="styles_date__ke60_"><p class="styles_entry__H2YNG">November 20, 2024</p></div><div class="styles_author__PnT6X"> / <a href="/author/arjun-joshi" class="styles_entry__H2YNG">Arjun Joshi</a></div><div class="styles_categoryName__ldITU"> / <a href="/category/financema-solar" class="styles_entry__H2YNG"><span>Finance and M&A</span>, </a><a href="/category/solar" class="styles_entry__H2YNG"><span>Solar</span>, </a></div></div><div class="styles_thumbnail__H8Z6G"><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" aria-hidden="true" src="data:image/svg+xml,%3csvg%20xmlns=%27http://www.w3.org/2000/svg%27%20version=%271.1%27%20width=%27780%27%20height=%27520%27/%3e"/></span><img alt="thumbnail" id="primaryimage" src="https://d382rz2cea0pah.cloudfront.net/wp-content/uploads/2024/11/Solar-Module-Manufacturer-Saatvik-Green-Files-for-%E2%82%B911.5-Billion-IPO.jpg" decoding="async" data-nimg="intrinsic" style="position:absolute;top:0;left:0;bottom:0;right:0;box-sizing:border-box;padding:0;border:none;margin:auto;display:block;width:0;height:0;min-width:100%;max-width:100%;min-height:100%;max-height:100%;object-fit:cover"/></span></div><div><div class="styles_article__xTEpa"><audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls="" controlslist="nodownload"><source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/11/amazon_polly_72863.mp3?version=1732078789"/></audio> <p>Haryana-based solar module manufacturer <a href="https://saatvikgroup.com/" target="_blank" rel="noopener">Saatvik Green Energy</a> has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India to raise up to ₹11.5 billion (~$136.26 million) through an initial public offering (IPO).</p> <p>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 (OFS) of ₹3 billion (~$35.54 million) by promoters. The shares will have a face value of ₹2 (~$0.024).</p> <p>The net proceeds from the offer will be utilized primarily for debt repayment and investments in the company’s wholly-owned subsidiary, Saatvik Solar Industries.</p> <p>Around ~₹123.12 million (~$1.45 million), will be allocated towards prepayment or repayment of certain borrowings by the company. Additionally, ~₹957.51 million (~$11.34 million) will be invested in Saatvik Solar Industries to repay its outstanding borrowings. Around ~₹5.53 billion (~$65.52 million) will also be used to establish a 4 GW solar module manufacturing facility at Gopalpur Industrial Park, Odisha.</p> </div> <div class="styles_article__xTEpa"><p>DAM Capital Advisors, Ambit, and Motilal Oswal Investment Advisors will be the book-running lead manager for the IPO, and KFin Technologies will serve as the registrar.</p> <p>Several clean energy companies have issued IPOs this year. Two leading renewable energy companies—<a href="https://www.premierenergies.com/" target="_blank" rel="noopener">Premier Energies</a> and <a href="https://waaree.com/" target="_blank" rel="noopener">Waaree Energies</a>—raised about $850 million in their initial public offerings this year.</p> <p>ACME Solar Holdings’ ₹29 billion (~$344.85 million) IPO was oversubscribed 2.75 times. Solar module manufacturer Alpex Solar’s $8.9 million IPO was oversubscribed 303 times. Other companies that filed DRHPs include Vikram Solar, Solar91 Cleantech, Solarium Green, and Solarworld Energy.</p> <p>A few clean energy companies took the QIP (qualified institutional placement) route to raise money. <a href="https://www.adanienergysolutions.com/" target="_blank" rel="noopener">Adani Energy Solutions</a> <a href="https://www.mercomindia.com/adani-energy-solutions-via-qip-route">raised</a> equity capital twice this year through QIPs for a total of $1.5 billion. Its second QIP in October <a href="https://www.mercomindia.com/adani-42-billion-qip" target="_blank" rel="noopener">received</a> bids 4.2 times the deal size. Earlier in the year, <a href="https://www.jsw.in/energy" target="_blank" rel="noopener">JSW Energy</a> <a href="https://www.mercomindia.com/jsw-energy-%E2%82%B950-billion-qualified-institutional-placement" target="_blank" rel="noopener">raised</a> $600 million in a QIP.</p> <p>Reports say two other public sector companies, SJVN Green and NLC India’s green energy arm, are also considering raising money from the market in 2025.</p></div> </div><div class="styles_authorContainer__tQ3xL"><div class="styles_avatar__mdJcN"><span style="box-sizing:border-box;display:inline-block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative;max-width:100%"><span style="box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;max-width:100%"><img style="display:block;max-width:100%;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0" alt="" 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Germany","modifiedGmt":"2024-11-20T04:32:42","featuredImage":{"node":{"mediaItemUrl":"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Mercom-FI-86.jpg"}}},{"id":"cG9zdDo3MjgzNQ==","slug":"masdar-consortium-2-gw-solar-project-saudi-arabia","date":"2024-11-19T17:23:51","title":"Masdar-led Consortium Selected to Develop 2 GW Solar Project in Saudi Arabia","modifiedGmt":"2024-11-19T11:55:18","featuredImage":{"node":{"mediaItemUrl":"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Masdar-led-Consortium-Selected-to-Develop-2-GW-Solar-Project-in-Saudi-Arabia.jpg"}}},{"id":"cG9zdDo3MjgyMA==","slug":"north-east-frontier-railway-floats-tenders-for-5-mw-rooftop-solar-systems","date":"2024-11-19T13:50:25","title":"North East Frontier Railway Floats Tenders for 5 MW Rooftop Solar Systems","modifiedGmt":"2024-11-19T08:20:25","featuredImage":{"node":{"mediaItemUrl":"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Standard-Mercom-37-1.jpg"}}}],"post":{"id":"cG9zdDo3Mjg2Mw==","slug":"saatvik-green-files-ipo","date":"2024-11-20T10:29:31","content":"\n\t\t\t\t\t\u003ctable id=\"amazon-polly-audio-table\"\u003e\n\t\t\t\t\t\t\u003ctr\u003e\n\t\t\t\t\t\t\u003ctd id=\"amazon-polly-audio-tab\"\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-label\"\u003eListen to this article\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-ai-player-container\"\u003e\n\t\t\t\u003caudio class=\"amazon-ai-player\" id=\"amazon-ai-player\" preload=\"none\" controls controlsList=\"nodownload\" \u003e\n\t\t\t\t\u003csource type=\"audio/mpeg\" src=\"https://cms.mercomindia.com/wp-content/uploads/2024/11/amazon_polly_72863.mp3?version=1732078789\"\u003e\n\t\t\t\u003c/audio\u003e\n\t\t\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-subscribe-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\t\u003cdiv id=\"amazon-polly-by-tab\"\u003e\u003c/div\u003e\n\t\t\t\t\t\t\u003c/td\u003e\n\t\t\t\t\t\t\u003c/tr\u003e\n\t\t\t\t\t\u003c/table\u003e\u003cp\u003eHaryana-based solar module manufacturer \u003ca href=\"https://saatvikgroup.com/\" target=\"_blank\" rel=\"noopener\"\u003eSaatvik Green Energy\u003c/a\u003e has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India to raise up to ₹11.5 billion (~$136.26 million) through an initial public offering (IPO).\u003c/p\u003e\n\u003cp\u003eThe company\u0026#8217;s proposed IPO is a combination of a fresh issue of shares worth ₹8.5 billion (~$100.71 million) and an offer for sale (OFS) of ₹3 billion (~$35.54 million) by promoters. The shares will have a face value of ₹2 (~$0.024).\u003c/p\u003e\n\u003cp\u003eThe net proceeds from the offer will be utilized primarily for debt repayment and investments in the company’s wholly-owned subsidiary, Saatvik Solar Industries.\u003c/p\u003e\n\u003cp\u003eAround ~₹123.12 million (~$1.45 million), will be allocated towards prepayment or repayment of certain borrowings by the company. Additionally, ~₹957.51 million (~$11.34 million) will be invested in Saatvik Solar Industries to repay its outstanding borrowings. Around ~₹5.53 billion (~$65.52 million) will also be used to establish a 4 GW solar module manufacturing facility at Gopalpur Industrial Park, Odisha.\u003c/p\u003e\n\u003cp\u003eDAM Capital Advisors, Ambit, and Motilal Oswal Investment Advisors will be the book-running lead manager for the IPO, and KFin Technologies will serve as the registrar.\u003c/p\u003e\n\u003cp\u003eSeveral clean energy companies have issued IPOs this year. Two leading renewable energy companies—\u003ca href=\"https://www.premierenergies.com/\" target=\"_blank\" rel=\"noopener\"\u003ePremier Energies\u003c/a\u003e and \u003ca href=\"https://waaree.com/\" target=\"_blank\" rel=\"noopener\"\u003eWaaree Energies\u003c/a\u003e—raised about $850 million in their initial public offerings this year.\u003c/p\u003e\n\u003cp\u003eACME Solar Holdings’ ₹29 billion (~$344.85 million) IPO was oversubscribed 2.75 times. Solar module manufacturer Alpex Solar’s $8.9 million IPO was oversubscribed 303 times. Other companies that filed DRHPs include Vikram Solar, Solar91 Cleantech, Solarium Green, and Solarworld Energy.\u003c/p\u003e\n\u003cp\u003eA few clean energy companies took the QIP (qualified institutional placement) route to raise money. \u003ca href=\"https://www.adanienergysolutions.com/\" target=\"_blank\" rel=\"noopener\"\u003eAdani Energy Solutions\u003c/a\u003e \u003ca href=\"https://www.mercomindia.com/adani-energy-solutions-via-qip-route\"\u003eraised\u003c/a\u003e equity capital twice this year through QIPs for a total of $1.5 billion. Its second QIP in October \u003ca href=\"https://www.mercomindia.com/adani-42-billion-qip\" target=\"_blank\" rel=\"noopener\"\u003ereceived\u003c/a\u003e bids 4.2 times the deal size. Earlier in the year, \u003ca href=\"https://www.jsw.in/energy\" target=\"_blank\" rel=\"noopener\"\u003eJSW Energy\u003c/a\u003e \u003ca href=\"https://www.mercomindia.com/jsw-energy-%E2%82%B950-billion-qualified-institutional-placement\" target=\"_blank\" rel=\"noopener\"\u003eraised\u003c/a\u003e $600 million in a QIP.\u003c/p\u003e\n\u003cp\u003eReports say two other public sector companies, SJVN Green and NLC India’s green energy arm, are also considering raising money from the market in 2025.\u003c/p\u003e\n","title":"Solar Module Manufacturer Saatvik Green Files for ₹11.5 Billion IPO","articleSubtitle":"The company plans to set up a 4 GW solar module manufacturing facility in Odisha","modifiedGmt":"2024-11-20T04:59:31","categories":{"nodes":[{"name":"Finance and M\u0026A","slug":"financema-solar"},{"name":"Solar","slug":"solar"}]},"featuredImage":{"node":{"mediaItemUrl":"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Solar-Module-Manufacturer-Saatvik-Green-Files-for-%E2%82%B911.5-Billion-IPO.jpg"}},"author":{"node":{"avatar":{"url":"https://secure.gravatar.com/avatar/75f99b03128025846d76bc2b59c041bb?s=96\u0026d=mm\u0026r=g"},"name":"Arjun Joshi","slug":"arjun-joshi","description":"\u003cdiv class=\"designboxt\"\u003e\r\n\r\n\u003cimg class=\"alignleft\" style=\"border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451\" src=\"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png\" width=\"50\" /\u003e\u003cstrong\u003eArjun Joshi,\u003c/strong\u003e Staff reporter at Mercom India\r\n\u003ca href=\"https://mercomindia.com/author/arjun-joshi/\" rel=\"noopener\"\u003eMore articles from Arjun Joshi.\u003c/a\u003e\r\n\r\n\u003c/div\u003e\r\n\u003cdiv class=\"authorboxn\"\u003e\u003cimg class=\"alignleft\" src=\"https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png\" alt=\"Arjun\" width=\"85\" height=\"101\" /\u003e\r\n\u003ca href=\"https://mercomindia.com/author/arjun-joshi/\" rel=\"noopener\"\u003e\u003cstrong\u003eArjun Joshi\u003c/strong\u003e \u003c/a\u003eis a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. \u003ca href=\"https://mercomindia.com/author/arjun-joshi\" rel=\"noopener\"\u003eMore articles from Arjun Joshi.\u003c/a\u003e\u003c/div\u003e"}},"next":{"slug":"adani-acquires-project-to-energy-from-khavda"},"previous":{"slug":"daily-news-wrap-up-hindustan-petroleum-tenders-105-mw-of-solar-projects"},"tags":{"edges":[{"node":{"name":"finance","slug":"finance"}},{"node":{"name":"IPO","slug":"ipo"}},{"node":{"name":"Saatvik Green","slug":"saatvik-green"}},{"node":{"name":"Solar Module Manufacturing","slug":"solar-module-manufacturing"}}]},"videoFields":{"videoLink":null}}},"__N_SSG":true},"page":"/[postSlug]","query":{"postSlug":"saatvik-green-files-ipo"},"buildId":"7kIv1I28oDsn84H6_RHDq","isFallback":false,"gsp":true,"scriptLoader":[]}</script></body></html>