Indian RE Firm SAEL Industries Files ₹4,575 cr IPO to Fund Expansion

SAEL Industries, India’s largest agri waste-to-energy producer by capacity, has filed draft documents for a public listing worth approximately ₹45.75 billion (US$520.5 million). The issue will include a fresh issue of shares valued at ~₹37.5 billion and an offer for sale of ~₹8.25 billion by seller Norfund. SAEL’s portfolio spans 5,765.70 MW (5,600.80 MW solar + 164.90 MW agri waste) across ten states and one union territory, and the IPO proceeds will fund its P4 and P5 solar units and debt repayment. The deal is managed by Kotak Mahindra Capital, JM Financial, Ambit Capital and ICICI Securities.