#SAELIndustriesIPO #RenewableEnergy #GreenEnergy #IPOIndia #SEBI #TopConSolar #WasteToEnergy #IndianIPO #CleanEnergy #Investment
Chandigarh: SAEL Industries Limited, a leading player in India’s renewable energy sector, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch an Initial Public Offering (IPO) aimed at raising up to ₹4,575 crore (₹45,750.00 million). This large-scale IPO underscores the strong investor appetite for India’s burgeoning green energy and infrastructure sectors.
IPO Structure and Size
The total offer size of the IPO is structured as a combination of a fresh issue to raise capital for the company and an Offer for Sale (OFS) by existing shareholders:
- Total Offer Size: Up to ₹4,575 crore (₹45,750.00 million).
- Fresh Issue: Up to ₹3,750 crore (₹37,500.00 million). This capital will flow directly to the company.
- Offer for Sale (OFS): Up to ₹825 crore (₹8,250.00 million). This money will go to the selling shareholder, which is reported to be Norfund, the Norwegian government-backed investment fund.
The company has also indicated that it may consider a pre-IPO placement of shares, which would consequently reduce the size of the Fresh Issue component. The equity shares (face value ₹5 each) are proposed to be listed on the BSE and the NSE.
Business Profile: Integrated Renewable Energy IPP
SAEL Industries stands out in the crowded renewable energy landscape due to its vertically integrated business model and unique focus on waste-to-energy solutions.
- Market Position: It is ranked among the top five renewable energy Independent Power Producers (IPPs) in India that are vertically integrated with in-house solar module manufacturing, based on operational capacity as of June 30, 2025 (as per the CRISIL Report).
- Diversified Capacity (as of September 30, 2025): The company’s total contracted and awarded capacity stands at 5,765.70 MW, which includes:
- Solar Projects: 5,600.70 MW
- Agri Waste-to-Energy (AgWTE): 164.90 MW (The company is reportedly the world’s only 100% paddy-based biomass waste-to-energy operator and India’s largest agri waste-to-energy producer).
- Manufacturing: SAEL has a significant TopCon solar module manufacturing capacity of 3,625 MW across facilities in Punjab and Rajasthan, which supports its integrated IPP model.
Use of Proceeds
The funds raised from the Fresh Issue are primarily intended to reduce the company’s financial leverage and fuel its expansion plans:
- Debt Repayment & Prepayment: Approximately ₹2,812.5 crore is planned for investment in its subsidiaries (SAEL Solar P5 Private Ltd and SAEL Solar P4 Private Ltd) for the repayment or prepayment of certain outstanding borrowings and interest. This will help strengthen the company’s balance sheet.
- General Corporate Purposes: The remaining funds will be utilized for general corporate purposes, including operational expenses and working capital.
Merchant Bankers
The IPO process is being managed by a consortium of reputable financial institutions: ICICI Securities Limited, Kotak Mahindra Capital Company Limited, JM Financial Limited, and Ambit Private Limited are the Book Running Lead Managers (BRLMs) to the issue.
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