Renewable energy company SAEL Industries has filed draft papers with market regulator SEBI for an initial public offering (IPO) valued at ₹4,575 crore ($520.5 million), marking a major step toward its public market debut.
According to the draft documents filed late Monday, the IPO will include a fresh issue of shares worth up to ₹3,750 crore and an offer for sale (OFS) of shares totaling ₹825 crore by Norfund, the Norwegian state-owned investment fund and one of SAEL’s key shareholders.
The proceeds from the IPO will be used to invest in the company’s solar subsidiaries, SAEL Solar P5 and SAEL Solar P4, as well as to repay or prepay certain borrowings, including accrued interest and prepayment penalties.
SAEL Industries is India’s largest agri waste-to-energy producer by operational capacity and a growing player in the solar energy segment. As of September 30, the company’s total contracted and awarded renewable energy capacity stood at 5,765.70 megawatts (MW), including 5,600.80 MW of solar and 164.90 MW of agri waste-to-energy projects spread across 10 Indian states and one union territory.
The company competes with major renewable energy firms such as Adani Green Energy, ACME Solar Holdings, and NTPC Green Energy, though it remains smaller in revenue compared with these listed peers for the financial year ending March 2025.
Norfund, which is partially exiting through the OFS, has been a long-term investor in SAEL. Just last month, the fund invested an additional $20 million, bringing its total investment to $130 million in the company. The latest infusion was made through compulsorily convertible preference shares, which will be converted into equity after the company lists on Indian stock exchanges.
The new funds will be directed toward clean energy projects that SAEL has secured through competitive bidding.
Kotak Mahindra Capital, JM Financial, Ambit, and ICICI Securities are the lead book-running managers for the IPO.
SAEL’s upcoming listing will mark one of the largest renewable energy IPOs in India in recent years, as the country continues to push for expanded green energy capacity to meet its net-zero goals.
