Satvik Green Energy files for Rs 11.50 billion IPO to fund solar expansion

Satvik Green Energy has reportedly filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 11.50 billion through an initial public offering (IPO). 

The offering includes a fresh issue of shares worth Rs 8.50 billion and an offer for sale of Rs 3 billion by the company’s promoters.

Proceeds from the IPO will be utilized to repay debt, invest in the company’s subsidiary, Saatvik Solar Industries, clear borrowings, and fund the establishment of a 4 GW solar photovoltaic module manufacturing facility in Odisha. Additionally, the funds will cover general corporate expenses.

Dam Capital Advisors, Ambit, and Motilal Oswal Investment Advisors have been appointed as the book-running lead managers for the IPO.