Satvik Green Energy IPO: This Power IPO Subscribed 59% On Day 1: Should Bid Next Week? Check GMP Here

Satvik Green Energy IPO on its first day of the subscription, received bids accounting 0.59% of the total offer. On Friday, Satvik witnessed a strong response from non-institutional bidders, retail investors and employees. However, qualified institutional buyers showed tepid response. The latest grey market premium (GMP) of Satvik hints at single-digit premium listing next week. Should you subscribe?

According to analysts at Geojit, at the upper price band of Rs 465, SGEL is valued at 27.6x FY25 P/E, which is reasonable versus peers. With strong financials, expanding capacity, backward integration, and declining debt, SGEL's earnings is well-positioned to benefit from India's solar growth. Hence, they added, "we recommend a 'Subscribe' rating on a long-term basis."

Further, Rajnath Yadav, a Research Analyst at Choice said, "At the upper end of its price band, SGEL is valued at a P/E of 27.6x (FY25 EPS of Rs. 16.8), which stands at a discount to peers. With a diversified portfolio, expanding order book, proven execution track record, and alignment with India's renewable energy priorities, SGEL offers significant long-term growth potential. Thus, we recommend a "SUBSCRIBE" rating."

Looking ahead, India's solar capacity is set to expand rapidly, supported by rising power demand (CAGR of 5-7% between FY26-30) and favorable government initiatives driving clean energy adoption. Alongside its robust module manufacturing base, SGEL is scaling up EPC services, exports through its U.S. subsidiary, and forward integration into cells, wafers, and ingots, reinforcing its competitive positioning.

About Satvik Green Energy Ltd:

Saatvik Green Energy Ltd. (SGEL), established in 2015, is a solar PV module manufacturer and EPC provider listed in MNRE's Approved List of Module Manufacturers (ALMM). With 4.8 GW of module capacity and ~69 MW of EPC projects, the company delivers end-to-end solutions spanning manufacturing, private labelling, large-scale production, and technical support. Operating three facilities in Ambala, Haryana, SGEL produces high-efficiency Mono PERC and N-TopCon modules in mono-facial and bifacial variants for residential, commercial, and utility-scale applications.