SAEL Industries, India’s largest agri-waste-to-energy producer, has filed for a ₹4,575 crore IPO to accelerate its renewable energy growth and improve financial strength. The IPO includes a fresh issue of up to ₹3,750 crore and an offer for sale of ₹825 crore by Norfund, its Norwegian investor.
Proceeds will fund investments in subsidiaries SAEL Solar P5 and SAEL Solar P4 and help prepay or repay existing loans with interest.
As of September 2025, SAEL’s total renewable capacity reached 5,765.7 MW, comprising 5,600.8 MW in solar and 164.9 MW in agri-waste energy projects, spread across 10 states and one union territory. Competing with major clean energy firms like Adani Green, ACME Solar, and NTPC Green Energy, SAEL stands out for its innovation in sustainable energy solutions.
Kotak Mahindra Capital, JM Financial, Ambit, and ICICI Securities are serving as the IPO’s lead managers.