Saatvik Green Energy IPO Shines with Overwhelming Response

Saatvik Green Energy's initial public offering (IPO) witnessed a tremendous response, achieving a 6.57 times subscription by the close of bidding on Tuesday. Investors showed keen interest, with bids for over 9.3 crore shares against the 1.4 crore available.

The Qualified Institutional Buyers' (QIBs) segment was particularly active, subscribing 10.84 times, while non-institutional investors submitted bids for 10.04 times the shares on offer. Retail investors contributed to 2.66 times subscription. The company mobilized over Rs 269 crore from anchor investors.

Proceeds from the IPO, priced between Rs 442 and Rs 465 per share, valued Saatvik Green Energy at approximately Rs 5,910 crore at its upper range. Funds will support significant expansions, including a 4 GW solar PV module facility in Odisha and debt repayments, with lead managers including Dam Capital Advisors, Ambit, and Motilal Oswal Investment Advisors guiding the IPO process.

(With inputs from agencies.)