Saatvik Green Energy IPO Day 2: Strong Retail Response, Employee Quota Oversubscribed

New Delhi, September 22, 2025 – Saatvik Green Energy Limited received strong bids for the second day for its ₹900 crore initial public offer (IPO). A healthy demand from retail and employee investors supports the subscription.

Saatvik Green Energy Limited is an Indian firm that was started in 2015 and is located in Ambala, Haryana. It is one of the leading manufacturers of solar photovoltaic (PV) modules with an installed capacity of 3.2 GW.

The capital obtained after the IPO will help to finance the development of a 4 GW PV module fabrication plant in Odisha, a 4.8 GW solar cell fabrication plant via a subsidiary and other miscellaneous corporate requirements.

Overall Subscription Status on Day 2

At 11:30 a.m., Saatvik Green Energy IPO had cumulative subscriptions of 0.77 times, which compares to 1.10 crore shares subscribed out of 1.42 crore. According to the consolidated information from the BSE and NSE, Retail Individual Investors (RIIs) took the lead, subscribing to their share of 1.14 times and applying for another 67.57 lakh shares through cut-off bids.

Employee Quota Oversubscribed

Employees showed high levels of enthusiasm and nearly tripled their reserve allocation (2.92 times) with a base of 1.24 lakh bids for 50,251 shares, showing strong internal conviction regarding the business growth outlook.

Non-Institutional and High Net-Worth Investors

The total subscription from Non-Institutional Investors (NIIs) was 0.90 times covered. The ₹2–10 lakh category was subscribed 1.49 times, reflecting good demand, while the above ₹10 lakh category was subscribed only 0.61 times, reflecting weak demand. Total subscription from High Net-Worth Investors (HNIs) was 0.68 times, indicating moderate demand.

Qualified Institutional Buyers Hold Back

The Qualified Institutional Buyers (QIBs), who are more likely to narrow down the bid as the issue ends, only subscribed 0.01 times by the second day, and analysts anticipate greater institutional participation on the final day of the bids.

Price-Wise Demand Highlights Confidence

At the price cap of ₹465, total bids reached 1.10 crore shares, with cut-off bids contributing 68.8 lakh shares, showcasing a robust retail conviction in the valuation and future of the solar energy company.

IPO Structure and Listing Details

This IPO is an entirely fresh issue, with the shares priced between an issue price of ₹442 and ₹465 per share and issued in lots of 32 shares, which would cost ₹14,880 at the upper band. The shares will be listed on BSE and NSE on September 26, 2025.

Disclaimer: At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.

If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.

Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations