Saatvik Green Energy's IPO Ambitions: Powering a Renewable Future

Saatvik Green Energy is set to raise Rs 1,150 crore through an IPO filing. The IPO includes a Rs 850 crore fresh share issue and a Rs 300 crore offer for sale by promoters. Funds will support a new solar PV facility in Odisha, debt repayment, and corporate purposes.

Saatvik Green Energy, a leading solar panel manufacturer, has initiated steps to raise Rs 1,150 crore through an initial public offering (IPO). The Haryana-based company filed preliminary papers with the Securities and Exchange Board of India (Sebi) to proceed with this financial endeavor.

The proposed IPO consists of a fresh issue worth Rs 850 crore in shares and an additional Rs 300 crore offer for sale by promoters Parmod Kumar and Sunila Garg. According to the draft red herring prospectus (DRHP), these proceeds aim to fuel growth with a significant investment of Rs 553 crore allocated for establishing a 4 GW solar PV module manufacturing facility in Odisha.

Furthermore, the company plans to use Rs 96 crore to support its subsidiary, Saatvik Solar Industries, while also earmarking funds for debt repayment and other general corporate purposes. With a growing footprint in the renewable energy sector, Saatvik Green Energy's consolidated profit reached Rs 21.24 crore by June 2024, highlighting its ongoing success and potential for future expansion.

(With inputs from agencies.)