Saatvik Green Energy IPO Oversubscribed 6.57 Times, Allotment Expected Soon
Saatvik Green Energy's IPO closed with strong investor interest, oversubscribed 6.57 times. The Rs 900 crore issue received bids for 9.38 crore shares against 1.43 crore offered. QIBs oversubscribed 10.84 times, NIIs 10.04 times, and retail investors 2.66 times. The price band was Rs 442-465 per share. Share allotment is expected on September 24, with listing on BSE and NSE scheduled for September 26. The grey market shows a premium of Rs 13. Funds will be used for debt clearance, subsidiary investments, and corporate purposes.
*this image is generated using AI for illustrative purposes only.
Saatvik Green Energy, a leading solar panel manufacturer, has concluded its Initial Public Offering (IPO) with robust investor interest, marking a significant milestone for the company. The IPO, which closed recently, saw an impressive oversubscription of 6.57 times, highlighting strong market confidence in the renewable energy sector.
Subscription Details
The IPO received bids for 9.38 crore shares against the 1.43 crore shares on offer, indicating substantial demand across investor categories:
- Qualified Institutional Buyers (QIBs): 10.84 times oversubscribed
- Non-Institutional Investors (NIIs): 10.04 times oversubscribed
- Retail Investors: 2.66 times oversubscribed
IPO Specifics
| Item | Details |
|---|---|
| Total Issue Size | Rs 900.00 crore |
| Price Band | Rs 442 - Rs 465 per share |
| Fresh Issue | Rs 700.00 crore |
| Offer-for-Sale | Rs 200.00 crore |
Key Dates
| Event | Date |
|---|---|
| Share Allotment | Expected on September 24 |
| Refund Processing | Scheduled for September 25 |
| Listing Date | September 26 on BSE and NSE |
Grey Market Premium
The grey market is showing a premium of Rs 13, suggesting a potential listing price of Rs 478 per share. However, investors should note that grey market premiums are unofficial and subject to change.
About Saatvik Green Energy
Saatvik Green Energy has established itself as a prominent player in the solar energy sector with an annual production capacity of 4.8 GW for solar panels. This substantial capacity positions the company well in the rapidly growing renewable energy market.
Utilization of IPO Proceeds
The company plans to use the funds raised from the IPO for:
- Clearing existing debt
- Investing in subsidiaries
- General corporate purposes
This strategic allocation of funds is expected to strengthen Saatvik Green Energy's financial position and support its growth initiatives in the competitive solar panel manufacturing industry.
The successful completion of the IPO and the strong oversubscription rates across investor categories reflect the positive sentiment towards the renewable energy sector in India. As the country continues to push for clean energy adoption, companies like Saatvik Green Energy are well-positioned to play a crucial role in this transition.
Investors who have applied for shares in the IPO should keep an eye on the allotment status, which is expected to be announced on September 24. The company's performance post-listing will be closely watched by market participants as an indicator of investor appetite for renewable energy stocks.
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