Renewable energy company SAEL Industries submitted draft documents for a stock market listing late Monday, valuing the offering at ₹4,575 crore ($520.51 million).
The upcoming initial public offering (IPO) will feature a fresh issue of shares worth up to ₹3,750 crore, alongside an offer for sale of shares totaling ₹825 crore from Norwegian state-owned fund Norfund, a key stakeholder in the firm.
Proceeds from the IPO are earmarked for investment in the company’s units, SAEL Solar P5 and SAEL Solar P4, as well as for repaying or prepaying certain outstanding borrowings, which include accrued interest and applicable prepayment penalties.
SAEL Industries stands as India’s largest producer of agri waste-to-energy by operational capacity, competing with industry players such as Adani Green Energy, ACME Solar Holdings, and NTPC Green Energy. However, it is currently the smallest among its listed peers in terms of revenue for the fiscal year ending March 2025.
As of September 30, the company’s total contracted and awarded capacity for renewable energy projects reached 5,765.70 megawatts, which includes 5,600.80 MW in solar and 164.90 MW in agri waste-to-energy across ten Indian states and one union territory.
Kotak Mahindra Capital, JM Financial, Ambit, and ICICI Securities are appointed as lead book-running managers for the IPO.
Last month, Norfund increased its investment in the company by $20 million, bringing its total investment to $130 million. This investment was made through compulsorily convertible preference shares, which are set to convert into equity when SAEL lists on Indian exchanges. The capital will be allocated to clean energy projects that the company has secured through competitive bidding.
Published on November 4, 2025.
