Saatvik Green Energy has filed preliminary papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise Rs 1,150 crore through an Initial Public Offering (IPO). The company’s proposed IPO is a combination of a fresh issue of shares worth Rs 850 crore and an offer for sale (OFS) of Rs 300 crore by promoters -- Parmod Kumar and Sunila Garg.
Proceeds from the fresh issue to the tune of Rs 553 crore will be used for setting up a 4 GW solar PV module manufacturing facility in Odisha, Rs 96 crore for investment in its subsidiary Saatvik Solar Industries in the form of debt or equity for payment of borrowings, Rs 12.3 crore will be used to pay the company's debt and a portion will be used for general corporate purposes. Dam Capital Advisors, Ambit, and Motilal Oswal Investment Advisors are the book-running lead managers to the issue.
Saatvik Green Energy is a solar photovoltaic module manufacturer with an operational capacity of about 1.8 GW as of June 30, 2024. The company provides end-to-end engineering, procurement and construction services for solar projects, including ground-mounted solar installations and rooftop solar installations.
| Company Name | CMP |
|---|---|
| Vikram Solar | 218.50 |
| Syrma SGS Technology | 862.00 |
| Saatvik Green Energy | 461.90 |
| Kaynes Technology | 3877.10 |
| Fujiyama Power Syste | 225.85 |
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