SAEL Industries eyes Rs 4,575 cr via IPO

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

The IPO comprises a fresh issue of shares worth Rs 3,750 crore and an offer for sale (OFS) of shares valued at Rs 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 Rs 750 crore. If such a placement takes place, the size of the fresh issue will be reduced accordingly. SAEL plans to utilise Rs 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.