Shares Of Saatvik Green Energy To List Today; Latest GMP Indicates Muted Debut

Shares of Saatvik Green Energy will be listed on the BSE and NSE on Friday, September 26. The share allotment status for the Saatvik Green Energy initial public offering (IPO) was confirmed on September 24. The transfer of shares to successful bidders and refunds for non-allottees were completed on September 25. 

Those who received allotments are now keeping an eye on its grey market premium (GMP) ahead of its listing today. The subscription window for the IPO was open from September 19 to Sept. 23.

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

Here’s a look at what the GMP indicates for the issue in the run-up to its listing.

The GMP for the Saatvik Green Energy IPO stood at Rs 10 as of 7:30 a.m. on September 26. The latest GMP indicates a listing price of Rs 475 per share at a premium of 2.15% over the upper limit of the price band.

This means the shares of Saatvik Green Energy are expected to debut at Rs 475 per share, a potential upside of around 2% over the issue price.

Note: GMP does not represent official data and is based on speculation. GMP data from InvestorGain.

The Saatvik Green Energy 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.

Retail investors needed to bid for a single lot size of 32 shares, requiring an investment of Rs 14,880.

Dam Capital Advisors Ltd. was the book-running lead manager and KFin Technologies Ltd. was the registrar for the issue.

The company will use proceeds from the IPO to clear debt, invest in its subsidiary and for general corporate purposes. 

Saatvik Green Energy is one of the leading solar panel manufacturers in the country. It has an annual production capacity of 4.8 GW.

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.