Haryana-based solar module manufacturer Saatvik Green Energy has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India to raise up to ₹11.5 billion (~$136.26 million) through an initial public offering (IPO).

The company’s proposed IPO is a combination of a fresh issue of shares worth ₹8.5 billion (~$100.71 million) and an offer for sale (OFS) of ₹3 billion (~$35.54 million) by promoters. The shares will have a face value of ₹2 (~$0.024).

The net proceeds from the offer will be utilized primarily for debt repayment and investments in the company’s wholly-owned subsidiary, Saatvik Solar Industries.

Around ~₹123.12 million (~$1.45 million), will be allocated towards prepayment or repayment of certain borrowings by the company. Additionally, ~₹957.51 million (~$11.34 million) will be invested in Saatvik Solar Industries to repay its outstanding borrowings. Around ~₹5.53 billion (~$65.52 million) will also be used to establish a 4 GW solar module manufacturing facility at Gopalpur Industrial Park, Odisha.

DAM Capital Advisors, Ambit, and Motilal Oswal Investment Advisors will be the book-running lead manager for the IPO, and KFin Technologies will serve as the registrar.

Several clean energy companies have issued IPOs this year. Two leading renewable energy companies—Premier Energies and Waaree Energies—raised about $850 million in their initial public offerings this year.

ACME Solar Holdings’ ₹29 billion (~$344.85 million) IPO was oversubscribed 2.75 times. Solar module manufacturer Alpex Solar’s $8.9 million IPO was oversubscribed 303 times. Other companies that filed DRHPs include Vikram Solar, Solar91 Cleantech, Solarium Green, and Solarworld Energy.

A few clean energy companies took the QIP (qualified institutional placement) route to raise money. Adani Energy Solutions raised equity capital twice this year through QIPs for a total of $1.5 billion. Its second QIP in October received bids 4.2 times the deal size. Earlier in the year, JSW Energy raised $600 million in a QIP.

Reports say two other public sector companies, SJVN Green and NLC India’s green energy arm, are also considering raising money from the market in 2025.