The primary market is witnessing a fresh wave of excitement, not from the traditional sectors such as banking, IT, or FMCG, but from the renewable energy sector. In a fresh development, clean energy firms Saatvik Green Energy and GK Energy launched their initial public offerings (IPOs) today, looking to raise around ₹1,364 crore collectively.

Ahead of the opening of IPOs, Saatvik Green Energy raised a total of over ₹400 crore from anchor investors.

As per the exchange data, Saatvik Green Energy garnered ₹269.4 crore from anchor investors by allocating 57.93 lakh equity shares at ₹465 apiece, a day prior to the opening of the public issue. The company allotted shares to nine funds, including HDFC Mutual Fund (MF), Nippon India MF, Bandhan MF, and SBI General Insurance Company.

On the other hand, GK Energy mobilised ₹139.3 crore from 12 anchor investors. The company allocated 91.03 lakh shares to anchor investors, including Pinebridge Global Funds, 360 ONE MF, HSBC MF, and Prashant Jain's 3P India Equity Fund.

Here’s all you need to know about Saatvik Green Energy and GK Energy IPOs:

Saatvik Green Energy IPO

The solar module manufacturer aims to raise ₹900 crore through an IPO, which is a combination of a fresh issue and an offer for sale. The IPO comprises a fresh issue of 1.51 crore shares aggregating ₹700 crore and an offer for sale (OFS) of 0.43 crore shares worth ₹200 crore.

The price band has been fixed at ₹442–₹465 per share, and the lot size is 32 shares and in multiples thereafter. The issue will open for subscription between September 19–23, and the tentative date for listing of shares on the BSE and NSE is September 26.

As per the IPO document, up to 50% of the IPO has been reserved for qualified institutional buyers (QIBs), 35% for retail investors, and 15% for non-institutional investors (NIIs).

Incorporated in 2015, Saatvik Green Energy manufactures solar modules and provides engineering, procurement, and construction (EPC) services. After starting operations with an installed capacity of 125 MW, it has scaled up significantly over the years to reach 3.80 GW as of June 30, 2025. The company operates two large-scale manufacturing facilities in Ambala, Haryana, spread across 724,225 sq. ft.

On the earnings front, between FY24 and FY25, its revenue doubled to ₹2,192.47 crore in FY25 from ₹1,097.18 crore in FY24. The profit after tax (PAT) jumped 113% to ₹213.93 crore from ₹100.47 crore in the previous fiscal.

DAM Capital Advisors Ltd. is the book-running lead manager to the issue, while Kfin Technologies Ltd. is acting as the registrar.

GK Energy IPO

The EPC services provider for solar-powered agricultural water pump systems looks to raise ₹464.3 crore via IPO, which opened for subscription today. The company has set a price band of ₹145–153 per share for its IPO, which is a combination of a fresh issue of 2.61 crore shares worth ₹400 crore and an offer for sale of 0.42 crore shares aggregating ₹64.26 crore.

The three-day IPO will close on September 23, while the allotment of shares is expected to be finalised on September 24. GK Energy shares will list on the BSE and NSE on September 26, 2025. The lot size for an application is 98 shares and in multiples thereafter.

From the net proceeds of the fresh issue, the company intends to use ₹322.45 crore for meeting long-term working capital requirements, while the balance will go toward general corporate purposes.

Formed in 2008, GK Energy provides EPC services for solar-powered agricultural water pump systems under Component B of the Central Government’s Pradhan Mantri Kisan Urja Suraksha Evam Utthan Mahabhiyan (PM-KUSUM) scheme.

The company has been empanelled as a vendor under the Ministry of New and Renewable Energy for the PM-KUSUM scheme in Maharashtra, Haryana, Rajasthan, Uttar Pradesh, and Madhya Pradesh. As of July 31, 2025, these five states accounted for 86% of the total number of solar-powered pump systems approved for subsidies under Component B of the PM-KUSUM scheme, according to a CRISIL report mentioned in the DRHP.

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