SAEL Industries Files ₹4,575 Crore IPO; Fresh Issue at ₹3,750 Crore

SAEL Industries, India’s largest agri waste-to-energy producer by operational capacity, has filed draft papers for an initial public offering (IPO) valued at ₹4,575 crore. The listing aims to strengthen its renewable energy portfolio and reduce debt obligations.

IPO Structure and Details

• Total Issue Size: ₹4,575 crore
• Fresh Issue: ₹3,750 crore
• Offer for Sale (OFS): ₹825 crore by Norfund
• Lead Managers: Kotak Mahindra Capital, JM Financial, Ambit, ICICI Securities

The IPO proceeds will be used to invest in SAEL Solar P5 and SAEL Solar P4 units and to repay or prepay certain borrowings, including accrued interest and prepayment penalties.

Company Profile and Market Position

SAEL Industries operates solar and biomass projects and competes with Adani Green Energy, ACME Solar Holdings, and NTPC Green Energy. Despite being the smallest among listed peers by revenue for FY25, the company has a strong operational footprint in renewable energy.

Project Capacity and Expansion

As of September 30, 2025, SAEL Industries’ contracted and awarded capacity stood at 5,765.70 MW, comprising:

• Solar: 5,600.80 MW
• Agri Waste-to-Energy:90 MW
  These projects span 10 Indian states and one union territory, reinforcing its leadership in clean energy solutions.

Strategic Investments and Partnerships

Last month, Norfund invested $20 million in SAEL, taking its total investment to $130 million through compulsorily convertible preference shares. These will convert into equity upon listing, supporting clean energy projects secured via competitive bidding.

Read More: Best Solar Stocks in November 2025.

Conclusion

SAEL Industries’ ₹4,575 crore IPO marks a step toward scaling its renewable energy operations and strengthening its financial position. With a robust project pipeline and strategic backing from Norfund, the company aims to accelerate India’s transition to sustainable energy.

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