Saatvik Green Energy Ltd.’s initial public offering was subscribed over six times on its third and final day of subscription on Tuesday. The IPO was fully booked on Monday.
The Rs 900-crore IPO comprises of fresh issue of 1.51 crore shares, worth Rs 700 crore, and an offer-for-sale component of 43 lakh shares, amounting to Rs 200 crore. The price band is Rs 442 to Rs 465 per equity share.
The company raised Rs 269 crore from anchor investors last week, ahead of its initial public offering. The company allotted 57.94 lakh shares at Rs 465 apiece to nine anchor investors.
The allotment of shares to IPO investors will be Sept. 24. The company is set to list on the BSE and the National Stock Exchange on Sept. 26.
The proceeds from the issue to the tune of Rs 477.23 crore will be invested in Saatvik Solar Industries Pvt., a subsidiary of the company, for setting up a 4-gigawatt solar PV module manufacturing facility in Gopalpur.
Saatvik Green Energy will also be using Rs 166.44 crore for prepayment or scheduled repayment of outstanding borrowings of the subsidiary, while it will use Rs 10.82 crore to repay certain borrowings at the parent level, and the remaining funds will be set aside for general corporate purposes.
