Solar panel maker Saatvik Green Energy to raise Rs 1,150 crore through IPO

Saatvik Green Energy, a Haryana-based star panel-making firm, has filed its draught reddish herring prospectus (DRHP) with marketplace regulator Sebi to rise Rs 1,150 crore done an archetypal nationalist offering (IPO).

The projected IPO is simply a operation of a caller contented of shares worthy Rs 850 crore and an connection for merchantability (OFS) of Rs 300 crore by promoters -- Parmod Kumar and Sunila Garg, according to the DRHP filed connected Monday, November 18.

At present, promoters clasp implicit 90 per cent involvement successful the company.

Saatvik Green plans to usage astir Rs 553 crore money for mounting up a 4 GW star PV module manufacturing installation successful Odisha, Rs 96 crore for concern successful its subsidiary Saatvik Solar Industries successful the signifier of indebtedness oregon equity for outgo of borrowings, Rs 12.3 crore volition beryllium utilized to wage the company's indebtedness and a information volition beryllium utilized for wide firm purposes.

As of June 2024, the company's full borrowing stood astatine Rs 256 crore.

Saatvik Green Energy is simply a star photovoltaic module shaper with an operational capableness of astir 1.8 GW arsenic of June 30, 2024. The institution provides end-to-end engineering, procurement and operation services for star projects, including ground-mounted star installations and rooftop star installations.

Renewable vigor installations (including ample hydro) person accrued to astir 191 GW arsenic of March 2024 compared to 63 GW arsenic of March 2012, with star powerfulness accounting for a stock of 43 per cent arsenic of March 2024, the draught papers said, citing a Crisil report.

In FY24, star capableness additions stood astatine 15 GW, with 3 GW from grid-connected rooftop star projects. India has the imaginable to enactment 750 GW of star vigor installations and has been offering respective incentives and schemes to promote the improvement of star powerfulness plants, it added.

On the fiscal front, Saatvik Green Energy posted a consolidated nett of Rs 21.24 crore successful the 3 months ended June 2024 against Rs 14 crore successful the year-ago period. Its revenues from operations roseate to Rs 246 crore successful the 2nd 4th of the existent fiscal twelvemonth (FY25) from Rs 233.5 crore successful the year-ago period.

Dam Capital Advisors, Ambit, and Motilal Oswal Investment Advisors are the book-running pb managers to the issue.

With inputs from agencies.