Muted Market Debut for Saatvik Green Energy's IPO
Shares of Saatvik Green Energy Ltd listed slightly below their issue price, debuting at Rs 460 on BSE. Despite a strong IPO subscription, the shares fell further in value. Proceeds from the IPO will fund solar manufacturing expansion and loan repayments. The company specializes in solar PV modules and project services.
- Country:
- India
Saatvik Green Energy Ltd's shares began trading lower than the anticipated price following its initial public offering (IPO). The shares were listed at Rs 460 on the BSE, a slight drop from the issue price of Rs 465. Subsequently, they decreased by 3.93 percent to Rs 446.70.
On the NSE, the shares were pegged at their issue price but soon fell to Rs 447, marking a 3.87 percent decline. Saatvik's IPO collected 6.57 times subscription, displaying robust investor interest despite the eventual downturn in stock value.
Proceeds from the IPO, comprising a fresh issue and an offer for sale, will finance a new 4 GW solar photovoltaic module facility and repay existing borrowings. Saatvik specializes in solar panel manufacturing and offers comprehensive solar project services.
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