Saatvik Green Energy Shares List Below IPO Price

The latest grey market premium for the Saatvik Green Energy IPO was Rs 10 per share, indicating a listing price of Rs 475 apiece and a premium of 2%, as per Investorgain. 

The IPO of Saatvik Green Energy was subscribed 6.57 times on the third and final day of bidding on Sept. 23. The issue received bids for 9,38,08,672 shares against 1,42,71,970 offered.

The Qualified Institutional Buyers (QIBs) booked the issue 10.84 times. The Non-Institutional Investors’ (NIIs) category was subscribed 10.04 times. Retail investors booked their quota 2.66 times. 

The IPO was a book-build issue of Rs 900 crore. It comprised a fresh issue of 1.51 crore shares worth Rs 700 crore and an offer-for-sale (OFS) of 43 lakh shares amounting to Rs 200 crore. The price band for the IPO was set between Rs 442 and Rs 465 per share.

The proceeds from the issue to the tune of Rs 477.23 crore will be invested in Saatvik Solar Industries Pvt., a subsidiary of the company, for setting up a 4-gigawatt solar PV module manufacturing facility in Gopalpur.

The company raised Rs 269 crore from anchor investors last week, ahead of its initial public offering. It allotted 57.94 lakh shares at Rs 465 apiece to nine anchor investors.

Saatvik Green Energy will also be using Rs 166.44 crore for prepayment or scheduled repayment of outstanding borrowings of the subsidiary, while it will use Rs 10.82 crore to repay certain borrowings at the parent level, and the remaining funds will be set aside for general corporate purposes.

The company is one of the leading solar panel manufacturers in the country. It has an annual production capacity of 4.8 GW.