Saatvik Green Energy Limited, a fast-growing Indian solar module manufacturer, raised ₹900 crore via its initial public offering, comprising both a fresh issue and an offer for sale component.

The proceeds are expected to be used to expand manufacturing capacity, repay debt, and support working capital needs. The IPO marks a significant milestone in the company’s growth trajectory in India’s renewable energy sector.

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Legal Advisory & Deal Teams

AZB & Partners — Legal Counsel to the Issuer, Saatvik Green Energy

Transaction Team

• Varoon Chandra, Senior Partner

• Agnik Bhattacharyya, Senior Partner

• Tanaiy Tewari, Associate

• Harsh Vardhan Singh, Associate

• Damini Mathur, Associate

• Shivani Singh, Associate

• Vaibhav Kumar Shah, Associate

• Vinayak Gupta, Associate

Khaitan & Co — Counsel to Book Running Lead Managers

Khaitan & Co advised the Book Running Lead Managers — DAM Capital Advisors Limited, Ambit Private Limited, and Motilal Oswal Investment Advisors Limited — on this IPO.

Legal Team

• Gautham Srinivas, Partner

• Sathvik Ponnappa, Partner

• Sanjeev Chowdhary, Principal Associate

• Vaishnavi Gupta, Senior Associate

• Sarvesh Sharma, Associate

• Shambhavi Gautam, Associate

• Vidushi Tanya, Associate

• Naman Seth, Associate

• Swadha Swaroop, Associate

About Saatvik Green Energy

Saatvik Green Energy is a leading manufacturer of solar photovoltaic (PV) modules in India. It operates with state-of-the-art manufacturing facilities in Ambala, Haryana, and has an annual production capacity of 3.8 GW.

The company is also active in EPC (engineering, procurement, construction) services for solar projects.

Strategic & Market Context

• The IPO comes at a time when India’s solar manufacturing sector is receiving strong policy support under schemes like PLI (Production-Linked Incentives) and import duty safeguards.

• According to a recent Reuters report, Saatvik Green has opted to focus more on the domestic market, citing regulatory and tariff risks in the U.S. export market.

• In its first quarter post-listing, Saatvik reported a 459% YoY increase in PAT and a 272% jump in revenue, showcasing strong operational momentum.

• On its listing day, the stock opened nearly flat; on the BSE it listed slightly below the IPO price (₹460 vs ₹465, ~1% discount).

Key Transaction Highlights

• Issue Amount: ₹900 crore

• Component: Fresh issue + Offer for Sale

• Oversubscription / Market Response: The issue was subscribed several times, showing strong investor demand.

• Post-IPO Performance: Reports show strong growth in profitability and orders post listing.

• Strategic Shift: The company indicates withdrawal or scaling back from U.S. exports due to tariff risks, focusing more domestically.

Why It Matters

• This IPO underscores confidence in solar manufacturing as a core pillar of India’s renewable energy ambitions.

• Demonstrates how solar module companies have matured to attract large capital market interest.

• The shifting export strategy by Saatvik signals evolving dynamics in global solar trade flows amid regulatory pressures.

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Disclaimer

This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions