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

SAEL Industries Ltd, a firm dealing in clean energy derived from agricultural waste, has filed draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) worth INR 4,575 crore.

The IPO comprises a fresh issue of INR 3,750 crore and an offer for sale (OFS) of INR 825 crore by investor Norfund, according to the Draft Red Herring Prospectus (DRHP). The company may also conduct a pre-IPO placement of INR 750 crore, which could proportionally reduce the fresh issue size.

Of the total proceeds, INR 2,812.5 crore will be channelled to subsidiaries SAEL Solar P5 Pvt Ltd and SAEL Solar P4 Pvt Ltd to repay or prepay certain borrowings, while the remaining funds will go toward general corporate purposes.

With a renewable energy project potential of 5,765.7 MW, SAEL stands out as the world’s largest single industrial consumer of paddy straw, operating 11 biomass plants across India. The company’s 100 percent paddy-based biomass model plays a crucial role in reducing stubble burning, improving air quality, and supporting rural farmers.

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