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SAEL Industries Files Draft Papers with SEBI for Rs 4,575 Crore IPO

SAEL Industries Ltd, a clean energy company specializing in power generation from agricultural waste, has filed draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) valued at Rs4,575 crore.

According to the Draft Red Herring Prospectus (DRHP), the public issue will include a fresh equity issue worth Rs3,750 crore and an offer for sale (OFS) of Rs825 crore by existing investor Norfund. The company may also explore a pre-IPO placement of up to Rs750 crore, which would proportionally reduce the size of the fresh issue.

SAEL plans to use Rs2,812.5 crore of the net proceeds to repay or prepay certain borrowings of its subsidiaries, SAEL Solar P5 Pvt Ltd and SAEL Solar P4 Pvt Ltd, while the balance will be allocated toward general corporate purposes.

With an installed and pipeline potential of 5,765.7 MW, SAEL is recognized as the world’s largest single industrial consumer of paddy straw, operating 11 biomass power plants across India. Its 100% paddy-based biomass model contributes to reducing stubble burning, improving air quality, and supporting rural farming communities.

Kotak Mahindra Capital, JM Financial, Ambit, and ICICI Securities are serving as the book-running lead managers for the issue.