SAEL Industries has filed draft documents with India’s markets regulator for an initial public offering (IPO) valued at approximately ₹4,575 crore, aiming to support the company’s pipeline of renewable-energy projects and streamline its debt profile.

The IPO is structured as a fresh issue of shares worth up to ₹3,750 crore, coupled with an offer for sale (OFS) of shares worth ₹825 crore by its investor Norfund. The funds raised will be directed towards investments in the company’s solar units, SAEL Solar P5 and P4, and will also be used to repay or prepay specified borrowings.

Also Read: SAEL commissions 298 MW Solar Power Project in Rajasthan’s Jalore District

As of 30 September 2025, SAEL’s total awarded and contracted renewable-energy capacity stood at around 5,765.7 MW, comprising about 5,600.8 MW of solar and 164.9 MW of agri-waste-to-energy capacity across multiple states. The company’s IPO is being managed by lead book-running managers, including Kotak Mahindra Capital, JM Financial, Ambit Capital and ICICI Securities.

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