Upcoming IPO: SAEL Industries files papers to raise ₹4,575 crore via public offer

Upcoming IPO: SAEL Industries Ltd, a company that converts agricultural waste into clean energy, on Tuesday filed preliminary papers with markets regulator Sebi to raise ₹4,575 crore through an initial public offering (IPO).

The IPO comprises a fresh issue of shares worth ₹3,750 crore and an offer for sale (OFS) of shares valued at ₹825 crore by its investor shareholder, Norfund, according to the Draft Red Herring Prospectus (DRHP).

The company may also consider a pre-IPO placement of shares aggregating up to ₹750 crore. If such a placement takes place, the size of the fresh issue will be reduced accordingly.

SAEL plans to utilise ₹2,812.5 crore from the IPO proceeds to invest in its subsidiaries, SAEL Solar P5 Private Ltd and SAEL Solar P4 Private Ltd, for the repayment or prepayment of certain borrowings, while the remaining funds will be used for general corporate purposes.

SAEL is a renewable energy company with end-to-end capabilities from solar module manufacturing to engineering, construction, and maintenance of power projects.

As of September 30, 2025, the company's total contracted and awarded capacity stood at 5,765.70 MW which includes 5,600.70 MW of solar projects and 164.90 MW of agri waste-to-energy projects. It also has 3,625 MW of TopCon solar module manufacturing capacity.

The company's revenue mainly comes from selling electricity to central and state government power utilities and private industrial clients.

Highlighting the company's unique position, CEO Laxit Awla earlier told PTI that SAEL is the world's only 100 per cent paddy-based biomass waste-to-energy operator and the largest single industrial off-taker of paddy straw globally.

Through its 11 biomass plants located across Punjab, Haryana, and Rajasthan, with a total installed capacity of 165 MW, SAEL processes nearly 2 million tonnes of agricultural waste each year.

This large-scale conversion of waste into energy helps generate clean and reliable green power, which contributes to reducing air pollution, improving public health, and supporting sustainable livelihoods for thousands of farmers and rural communities.

To manage the offering, SAEL Industries has appointed Kotak Mahindra Capital Company, JM Financial, Ambit, and ICICI Securities as its merchant bankers.