Upcoming IPO: Saatvik Inexperienced Power has filed a draft purple herring prospectus (DRHP) with the market regulator Securities and Alternate Board of India (SEBI) for an preliminary public providing (IPO). In accordance with the DRHP paperwork, filed on Monday, November 18, Saatvik Inexperienced Power is seeking to elevate as much as ₹1,150 crore through a mixture of a contemporary situation and a proposal on the market (OFS) by the promoters.
The IPO consists of a contemporary situation of fairness shares with a face worth of ₹2 every, aggregating to ₹850 crore. In the meantime, the OFS dimension can be round ₹300 crore. Pramod Kumar and Sunila Garg, the promoters of the corporate, can be offloading their stake through the OFS.
Out of the contemporary proceeds that Saatvik Inexperienced Power intends to lift, it plans to make use of ₹12.3 crore for the prepayment or scheduled reimbursement, in full or partially, of sure excellent borrowings; ₹95.75 crore for funding in its wholly-owned subsidiary, Saatvik Photo voltaic Industries Non-public Restricted, to repay or prepay sure excellent borrowings; and ₹552.7 crore for establishing a 4 GW photo voltaic PV module manufacturing facility in Odisha.
Saatvik Inexperienced Power Financials
The corporate has posted robust development in each its backside line and prime line for the monetary yr ending March 2024. Its revenue surged a whopping 2,017 per cent to ₹100.47 crore as of March 31, 2024, up from ₹4.74 crore as of March 31, 2023.
Its income from operations additionally witnessed sturdy development of 78.76 per cent year-on-year for FY24, reaching ₹1,087.96 crore in contrast with ₹608.58 crore in FY23.
For the three months ended June 2024, its revenue stood at ₹21.24 crore, and income was ₹245.97 crore.
About Saatvik Inexperienced Power
Saatvik Inexperienced Power is a number one photo voltaic module producer with an operational capability of about 1.8 gigawatts (GW). In accordance with a CRISIL report, the corporate is without doubt one of the fastest-growing module manufacturing corporations in India and one of many few built-in gamers with capabilities in each module manufacturing and engineering, procurement, and building (EPC).
The corporate commenced manufacturing operations in 2016 and has expanded its annual put in capability from 125 MW in fiscal yr 2017 to roughly 1.8 GW in fiscal yr 2024.
It presently operates two module manufacturing services in Ambala, Haryana, unfold throughout a complete land space of 724,225 sq. toes.
DAM Capital Advisors Restricted, Ambit Non-public Restricted, and Motilal Oswal Funding Advisors Restricted are the book-running lead managers, whereas KFin Applied sciences is the registrar of the difficulty.
