The proposed IPO is a combination of a fresh issue of up to 2.55 crore equity shares and an offer for sale (OFS) of shares worth Rs. 235 crore by selling shareholders, according to the DRHP filed with SEBI.

EPC player of solar power projects Sadbhav Futuretech Limited has filed its draft red herring prospectus (DRHP) with capital markets regulator SEBI to raise funds through an initial public offering (IPO). The proposed IPO is a combination of a fresh issue of up to 2.55 crore equity shares and an offer for sale (OFS) of shares worth Rs. 235 crore by selling shareholders, according to the DRHP filed with SEBI. Promoters Saikat Roy, Bhupender Singh, Bettericon Consultancy, Neelam Jain, and certain other individuals and entities will be selling shares in the OFS. The proceeds from the fresh issue will be utilized towards funding its working capital requirements and for general corporate purposes. Incorporated in 2020, Sadbhav Futuretech is engaged in engineering, procurement, and construction (EPC) of solar power projects with a focus in segments relating to solar water pumping systems, rooftop solar systems and ground mounted solar systems. It has an installed capacity of 171.68 MW including 171.53 MW of solar water pumping systems and 0.15 MW of rooftop solar system. As on the date of DRHP, it has one EPC contract and received two Letter of Intent for installation of ground mounted solar system of 120 MW. Over the years, the company has also diversified its geographical presence across various states including Maharashtra, Assam, Andhra Pradesh, Madhya Pradesh, Rajasthan, Haryana and Chhattisgarh. As of February 28, 2026, Sadbhav Futuretech’s order book amounted to Rs. 2016 crore, out of which revenue of Rs. 585.88 crore had been booked till September 30, 2025. The order book consisted of 19 projects, with execution timelines ranging from 3 to 18 months.nThe total order book comprises projects awarded by government agencies and private customers, with 65.18% pertaining to government-awarded projects and 34.82% pertaining to private customers.On the financial front, the company’s revenue from operations increased from Rs. 73.05 crore in Fiscal 2023 to Rs. 302 crore in Fiscal 2025, growing at a CAGR of 103.36%, and further increased to Rs. 274.28 crore for the six months ended September 30, 2025. Its profit increased from Rs. 0.85 crore in Fiscal 2023 to Rs. 30.80 crore in Fiscal 2025, registering a CAGR of 502.56%, and further increased to Rs. 40.44 crore for the six months ended September 30, 2025. Beeline Capital Advisors Private Limited is the sole book running lead manager (BRLM) to the offer.