Saatvik Green Energy Raises Rs 269 Crore From Anchor Investors Prior To IPO Launch

Saatvik Green Energy Ltd. has raised Rs 269 crore from anchor investors on Thursday, ahead of its initial public offering. The company allotted 57.94 lakh shares at Rs 465 apiece to nine anchor investors.

HDFC mutual fund- HDFC Manufacturing fund got the highest allocation of 25.86%. 3P India Equity Fund I got the second highest allotment of 18.56% and Nippon Life India Trustee Ltd. A/C Nippon India Value Fund got 17.63% stake in the company.

Three domestic mutual funds have applied through six schemes, the green energy company said in an exchange filing on Thursday. They have collectively netted 74.16% of the anchor portion. HDFC Mutual Fund, Nippo Life India and Bandhan Small Cap fund were the major fund houses in this category.

DAM Capital Advisors Ltd., Ambit Pvt. and Motilal Oswal Investment Advisors Ltd. are the book-running lead managers to the issue.

The company will launch its initial public offering on Friday to raise up to Rs 900 crore. The company has set a price band of Rs 442-465 per share for its three-day IPO. Saatvik Green Energy aims to raise up to Rs 700 crore via a fresh issue, while existing shareholders will sell shares via an offer for sale aggregating up to Rs 200 crore. The minimum application lot size is 102 shares.

The offer, which concludes on Tuesday, is set to list on the BSE and the National Stock Exchange.

The green energy company will invest Rs 477.23 crore in Saatvik Solar Industries Pvt., a subsidiary of the company, for setting up a 4-gigawatt solar PV module manufacturing facility in Gopalpur. Saatvik Green Energy will also be using Rs 166.44 crore for prepayment or scheduled re-payment of outstanding borrowings of the subsidiary while it will use 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 that, as of June, had an operational capacity of 1.8 GW. The company's solar energy product includes Mono PERC modules and N-TopCon solar modules that are suitable for various applications and sectors, including residential, commercial and utility scale solar projects.

Saatvik Green Energy also provides engineering, procurement and construction services for solar projects, which include ground-mounted solar installations and rooftop solar installations. It also provides operations and maintenance services to customers.