Saatvik Green Energy Ltd.'s initial public offering is set to open for its second day subscription on Sep. 22. The IPO was subscribed 0.59 times on its first day on Friday.
The manufacturer of solar photovoltaic modules in India and integrated solar project solution provider has fixed the price band in the range of Rs 442 to Rs 465 per equity share.
The Rs 900-crore IPO comprises of fresh issue of 1.51 crore shares, worth Rs 700 crore, and an offer-for-sale component of 43 lakh shares, amounting to Rs 200 crore.
The company 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.
The proceeds from the issue 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.
The company is set to list on the BSE and the National Stock Exchange.
About The Company
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.
Subscription: Day 2
Saatvik Green Energy IPO was subscribed 0.86 times as of 12:03 p.m., so far on Monday.
Institutional buyers: 0.01 times
Non-institutional investors: 0.99 times
Retail investors: 1.27 times
Employee reserved: 2.90 times
IPO GMP Today
The grey market premium (GMP) for the Saatvik Green Energy IPO was Rs 18 per share on Sept. 22, as of 11:32 a.m. The latest GMP indicates an estimated listing price of Rs 483 apiece at a premium of 3.87% over the upper limit of the IPO price band.
Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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