SAEL Industries, a leading renewable energy company turning agricultural waste into clean power, has filed draft papers with SEBI to raise ₹4,575 crore through an Initial Public Offering (IPO).
The issue includes a fresh share sale of ₹3,750 crore and an offer for sale (OFS) worth ₹825 crore by investor Norfund, according to its Draft Red Herring Prospectus (DRHP).
The company may also consider a pre-IPO placement of up to ₹750 crore, which could reduce the size of the fresh issue. SAEL plans to use around ₹2,812.5 crore from the IPO proceeds to invest in its subsidiaries — SAEL Solar P5 Pvt Ltd and SAEL Solar P4 Pvt Ltd — for repayment or prepayment of loans. The rest will go towards general corporate purposes.
Also Read: How India's IPO Wave is Powering Business Growth
With end-to-end capabilities spanning solar module manufacturing, engineering, construction, and project maintenance, SAEL Industries continues to expand its clean energy footprint. As of September 30, 2025, its total contracted and awarded capacity stood at 5,765.70 MW, including 5,600.70 MW in solar projects and 164.90 MW in agri waste-to-energy projects. The company also boasts 3,625 MW of TopCon solar module manufacturing capacity.
Through 11 biomass plants in Punjab, Haryana, and Rajasthan, SAEL converts nearly 2 million tonnes of crop waste annually, producing 165 MW of green energy. This not only cuts air pollution but also supports rural livelihoods. The IPO will be managed by Kotak Mahindra Capital, JM Financial, Ambit, and ICICI Securities.
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