Anchor Book Allocation Draws Big Names
Saatvik Green Energy, the Gurugram-based solar panels manufacturer, has successfully raised ₹269.4 crore from institutional investors via its anchor book on September 18. This fundraising comes just a day before the launch of its much-anticipated ₹900 crore initial public offering.
The IPO will feature a fresh issue of shares worth ₹700 crore alongside an offer-for-sale of shares worth ₹200 crore by promoters Parmod Kumar and Sunila Garg. The company has fixed the price band for the offer at ₹442 to ₹465 per share, with public subscription scheduled for September 19 to September 23.
As part of the anchor round, Saatvik Green Energy allocated 57,93,547 equity shares at ₹465 apiece to a select group of investors. The allocation has attracted six key domestic institutions, reinforcing strong investor confidence ahead of the IPO.
Institutional Interest and Key Investors
HDFC Mutual Fund and Nippon Life India were the largest participants, acquiring a combined 20.43 lakh shares through their schemes for nearly ₹190 crore. This dominant participation highlights the appetite of mutual funds for renewable energy plays.
Prashant Jain’s 3P Investment Managers, through its 3P India Equity Fund, also invested heavily, acquiring 10.75 lakh shares for about ₹50 crore. Additional commitments came from Bandhan Mutual Fund, SBI General Insurance Company, and 360 ONE, each subscribing to 2.1 lakh shares worth ₹29.4 crore.
Strong Start for a Growing Solar Player
The strong response to the anchor book signals confidence in Saatvik Green Energy’s growth prospects. The company, positioned in the fast-growing solar energy space, is set to benefit from India’s renewable push and rising demand for solar panels.
With the backing of leading institutional players, the IPO is expected to garner significant interest from retail and other investors as well.
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