Saatvik Green Energy refiles its Draft papers with SEBI intending to raise funds of Rs.1150 crore to enlarge its business with the IPO (initial public offering) after SEBI returned the document in February.
This IPO comprises a mixture of a fresh issue of Rs.850 crore and an OFS(Offer For Sale) of Rs.300 crore by promoters. The company kept the same offer size of the IPO just like it was before in the draft papers.
On November 18, 2024, Saatvik Green Energy approached SEBI by filing draft papers in order to launch its IPO, however, SEBI returned the draft papers on February 10, 2025.
The company may also plan to raise funds of Rs.170 crore in a pre-IPO placement. If they successfully plan to raise funds via the pre-IPO round, then the amount will be deducted from the fresh issue size.
Pramod Kumar and Sunila Garg, the company’s promoters, will be selling their shares through the Offer for Sale (OFS) process.
The promoters of the company Pramod Kumar and Sunila Garg hold 90.05% of shares in the company whereas the remaining 9.95% of shares are owned by one of the close partners of Saatvik Green Energy Prashant Mathur since April 2021, public shareholder Prashant Mathur.
The book-running lead managers for the issue are DAM Capital Advisors Limited, Ambit Private Limited, and Motilal Oswal Investment Advisors Limited, while KFin Technologies is acting as the registrar.
Saatvik Green Energy intends to allocate ₹12.3 crore of the fresh proceeds to fully or partially repay certain outstanding loans or borrowings and ₹95.75 crore in its wholly-owned subsidiary, Saatvik Green Energy Industries Private Limited, to settle certain outstanding debts.
In addition, Saatvik Green Energy has 3.8 GW solar capacity and 2GW is under construction as well. 513 MW of solar power, worth Rs 650 crore of substantial order has been received by Saatvik Green Energy for its expansion.
Furthermore, this company has an array of keys to be innovative in renewable energy compared to peers. It has an aim of 2GW from cell manufacturing and 6GW from module production capacity. Moreover, Saatvik Green Energy consumes standard and effective solar PV modules, including half-cut modules.
Manufacturing facilities and cutting-edge modules adhere to the highest global standards, proudly holding certifications from renowned bodies such as Bureau Veritas, UL, and TUV Rheinland. This demonstrates its unwavering commitment to quality and excellence.
This company also offers engineering, procurement, and construction (EPC) services for solar projects, including both ground-mounted and rooftop solar installations. Additionally, the company provides operations and maintenance services to its clients.
In FY24, the company generated a revenue of Rs.177.91 million from operations compared to FY23, where they generated a revenue of Rs.46.86 million showing a drastic rise in their revenue.
Saatvik Green Energy IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
Saatvik Green Energy Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2023 | ₹617.62 | ₹610.96 | ₹4.75 |
| 2024 | ₹1,097.18 | ₹965.31 | ₹100.47 |
| December 2024 | ₹1,270.51 | ₹1,117.73 | ₹122.73 |
Saatvik Green Energy IPO Valuation – FY2024
Saatvik Green Energy IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹8.96 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 83.21% |
| Net Asset Value (NAV): | ₹10.77 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Waaree Energies Limited | 48.05 | 44.29 | 30.26 | 158.13 | 11,397.61 Cr. |
| Premier Energies Limited | 6.93 | 163.37 | 35.77 | 15.33 | 3,143.79 Cr. |
Objects of the Issue
- Prepayment or scheduled re-payment, in full or in part, of all or a portion of certain outstanding borrowings availed by our Company
- Investment in our wholly owned Subsidiary, Saatvik Solar Industries Private Limited, in the form of debt or equity for repayment/prepayment of borrowings, in full or in part, of all or a portion of certain outstanding borrowings availed by such Subsidiary
- Investment in our wholly owned Subsidiary, Saatvik Solar Industries Private Limited, for setting up of a 4 GW solar PV module manufacturing facility at National Highway – 16, Chamakhandi, Gopalpur Industrial Park, Gopalpur, Ganjam – 761 020, Odisha. (“Project Site”)
- General corporate purposes
IPO Lead Managers aka Merchant Bankers
- DAM Capital Advisors Limited
- Ambit Private Limited
- Motilal Oswal Investment Advisors Limited
