Satvik Green Eyes Rs 1,150 Cr Via IPO

New Delhi: Solar panel maker Satvik Green Energy has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,150 crore through an initial public offering (IPO). The Haryana-based company’s proposed IPO is a combination of fresh issue of shares worth Rs 850 crore and an offer for sale (OFS) of Rs 300 crore by promoters, according to the draft red herring prospectus (DRHP) filed on Monday. At present, promoters hold over 90 per cent stake in the company. Proceeds from the fresh issue will be be used to pay debt, investment in its subsidiary Saatvik Solar Industries, in the form of debt or equity for payment of borrowings, for setting up of a 4 GW solar PV module manufacturing facility in Odisha, and for general corporate purposes. Satvik Green Energy is a solar photovoltaic module manufacturer with an operational capacity of about 1.8 GW as of June 30, 2024.