Solar panel maker Saatvik Green Energy is set to launch its ₹900-crore initial public offering (IPO) on September 19. The IPO will close on September 23, while anchor investors can bid a day earlier, on September 18.

The company has fixed the price band at ₹442–465 per share, valuing Saatvik at around ₹5,910 crore at the upper end.

This will be the company’s maiden public offering, consisting of a fresh issue of ₹700 crore and an offer-for-sale (OFS) of ₹200 crore by its promoters.

Of the total proceeds, about ₹477.23 crore will be used to set up a 4 GW solar PV module manufacturing facility at Gopalpur Industrial Park in Odisha, while ₹166.44 crore will go toward repaying borrowings of its subsidiary. 

Out of the total funds, about ₹10.82 crore will be used to clear some debts at the parent company level, while the remaining money will go toward general business needs. Saatvik Green Energy currently has a production capacity of 3.8 GW and also handles complete solar project services, from design and procurement to construction, for both large ground-mounted plants and rooftop installations.

For the IPO, half of the shares are set aside for qualified institutional buyers (QIBs), 35% are reserved for small retail investors, and the remaining 15% are for non-institutional investors.

Dam Capital Advisors, Ambit, and Motilal Oswal Investment Advisors are the lead managers for the issue. The company’s shares are expected to list on the stock exchanges on September 26.

Source

https://money.rediff.com/news/market/saatvik-green-energy-ipo-opens-sep-19-price-band/33739820250916