SAEL Industries Plans ₹4,575 Crore IPO to Expand Clean Energy Operations

SAEL Industries Ltd, an Indian renewable energy company specializing in converting agricultural waste into clean energy, has filed preliminary papers with India's market regulator SEBI for a Rs 4,575 crore initial public offering (IPO). The IPO includes a fresh share issuance of Rs 3,750 crore and an offer for sale of Rs 825 crore by investor Norfund, with a potential pre-IPO placement of up to Rs 750 crore. The company plans to use Rs 2,812.5 crore from the IPO proceeds to invest in its subsidiaries, repay certain borrowings, and support general corporate purposes. SAEL operates 11 biomass plants across Punjab, Haryana, and Rajasthan, processing nearly 2 million tonnes of agricultural waste annually and holds a total contracted and awarded capacity of 5,765.70 MW, mainly from solar and agri waste-to-energy projects. CEO Laxit Awla highlighted SAEL as the world's only 100% paddy-based biomass waste-to-energy operator and the largest industrial off-taker of paddy straw globally. The IPO is managed by Kotak Mahindra Capital Company, JM Financial, Ambit, and ICICI Securities, and aims to strengthen the company's balance sheet and support capacity expansion.