Saatvik Green Energy Shares Decline After Market Debut

New Delhi, Sep 26 (PTI) Shares of solar panel maker Saatvik Green Energy Ltd on Friday made a disappointing market debut and settled lower by over 5 per cent against the issue price of Rs 465.

The stock listed at Rs 460, a discount of 1.07 per cent from the issue price of Rs 465 on the BSE. Later, it fell by 8.15 per cent to Rs 427.10. Shares of the firm finally ended at Rs 439.70, down 5.44 per cent.

At the NSE, the stock listed at par with the issue price of Rs 465. It later ended at Rs 440.70, down by 5.22 per cent.

The company's market valuation stood at Rs 5,588.81 crore.

Saatvik Green Energy's initial public offer garnered 6.57 times subscription on the closing day of bidding on Tuesday.

The IPO had a price band of Rs 442 to Rs 465 per share.

The company's public offering was a combination of a fresh issue of shares worth Rs 700 crore and an offer for sale (OFS) of Rs 200 crore by promoters.

Proceeds from the fresh issue worth Rs 477.23 crore will be invested in Saatvik Solar Industries Private Limited for setting up a 4 GW solar PV module manufacturing facility at Gopalpur Industrial Park in Odisha, and Rs 166.44 crore will be infused into the subsidiary for repayment or prepayment of its outstanding borrowings.

Additionally, the company will use around Rs 10.82 crore to repay certain borrowings at the parent level, while the remaining funds will be set aside for general corporate purposes.

Saatvik Green Energy is a solar photovoltaic module manufacturer with an operational capacity of about 3.8 GW as of June 30, 2025.

The company provides end-to-end engineering, procurement and construction services for solar projects, including ground-mounted solar installations and rooftop solar installations.