IPO
Solar panel maker Saatvik Green Energy’s Rs.900-Cr IPO fully subscribed
Haryana-based solar panel maker Saatvik Green Energy 's initial public offering (IPO) saw 657% subscription. The IPO got bids for 9,38,08,128 shares against 1,42,71,970 shares on offer. The company's public offering is a combination of a fresh issue of shares worth INR 700 crore and an offer for sale (OFS) of INR 200 crore by promoters.The category allocated for Retail Individual Investors (RIIs) received 266% subscription, while the portion for non-institutional investors got subscribed 10.04 times. The Qualified Institutional Buyers (QIBs) portion received 10.84 times. At the upper end, the company is valued at around INR 5,910 crore.Dam Capital Advisors, Ambit, and Motilal Oswal Investment Advisors are the book-running lead managers to the issue.Saatvik Green Energy had mobilised over INR 269 crore from anchor investors.The firm provides end-to-end engineering, procurement and construction (EPC) services for solar projects, including ground-mounted solar installations and rooftop solar installations.About INR 477 crore of the proceeds from the fresh issue will be invested in Saatvik Solar Industries Pvt Ltd for setting up a 4 GW solar PV module manufacturing facility at Gopalpur Industrial Park in Odisha, and INR 166.44 crore will be infused into the subsidiary for repayment of debt.
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