Saatvik Green Energy's IPO Shines Bright with Full Subscription

Saatvik Green Energy's IPO was fully subscribed by the second day, attracting bids for over 1.55 crore shares against 1.42 crore shares on offer. Retail investors showed significant interest, subscribing 1.56 times. Proceeds from the offer will fund solar module manufacturing and debt repayment initiatives.

On Monday, Saatvik Green Energy's initial public offering (IPO) achieved full subscription by its second day of bidding, depicting strong market interest. The IPO attracted bids for 1.55 crore shares compared to 1.42 crore shares on offer, marking a 1.09 times subscription rate as reported by the NSE.

Retail Individual Investors enthusiastically participated, with their portion oversubscribed by 1.56 times, while non-institutional investors subscribed 1.38 times their quota. Meanwhile, the category earmarked for Qualified Institutional Buyers saw just a 1 per cent subscription.

The Haryana-based solar panel manufacturer aims to raise Rs 700 crore from a fresh share issue, coupled with a Rs 200 crore offer for sale by its promoters. Proceeds will finance a 4 GW solar module facility in Odisha, debt repayment, and general corporate purposes. Dam Capital Advisors, Ambit, and Motilal Oswal Investment Advisors are leading the issue.

(With inputs from agencies.)