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SAEL Industries Ltd, a renewable energy firm that converts agricultural waste into clean energy, has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise INR 4,575 crore through an initial public offering (IPO). The issue includes a fresh equity issue of INR 3,750 crore and an offer for sale of INR 825 crore by investor Norfund. The company intends to use a major portion of the proceeds to repay or prepay borrowings in its solar subsidiaries and support general corporate needs. SAEL operates one of India's largest integrated renewable energy portfolios, including solar and biomass plants across northern states.
SAEL Industries Ltd has submitted draft documents to the Securities and Exchange Board of India to launch an initial public offering aimed at raising INR 4,575 crore. The proposed IPO will include a fresh share issue worth INR 3,750 crore and an offer for sale of shares valued at INR 825 crore by its investor shareholder, Norfund, according to the company's Draft Red Herring Prospectus. Advertisement
The renewable energy firm is also considering a pre-IPO placement of up to INR 750 crore. If the company proceeds with this placement, the amount to be raised through the fresh issue will be adjusted accordingly.
From the IPO proceeds, SAEL plans to allocate INR 2,812.5 crore to its subsidiaries-SAEL Solar P5 Private Ltd and SAEL Solar P4 Private Ltd -for repaying or prepaying certain loans. The rest of the funds will be used for general corporate purposes, the company stated.
SAEL Industries is a fully integrated renewable energy player with expertise spanning solar module manufacturing, engineering, procurement, construction, and project maintenance. The company's total contracted and awarded capacity stood at 5,765.70 MW as of September 2025. This includes 5,600.70 MW of solar projects and 164.90 MW of agricultural waste-to-energy projects. It also operates a TopCon solar module manufacturing facility with a capacity of 3,625 MW.
The company earns most of its revenue from selling electricity to central and state government utilities as well as private industrial clients. SAEL's Chief Executive Officer, Laxit Awla, had mentioned earlier that the company is the world's only 100% paddy-based biomass waste-to-energy operator and the largest single industrial off-taker of paddy straw globally.
SAEL currently operates 11 biomass plants across Punjab, Haryana, and Rajasthan, with a combined installed capacity of 165 MW. These facilities process nearly 2 million tonnes of agricultural waste annually, converting it into clean and reliable energy. This large-scale waste conversion not only generates renewable power but also contributes to reducing air pollution, improving local air quality, and providing sustainable income sources for farmers and rural communities.
To manage the IPO process, the company has appointed Kotak Mahindra Capital Company, JM Financial, Ambit, and ICICI Securities as its lead merchant bankers.
Source PTI
5th Jun, 2025
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