Sterlite Electric Limited Files DRHP With SEBI: ~₹1,500 Cr IPO (Fresh + OFS) — Use of Proceeds, Market Position, and What’s Next

Vedanta Group’s Sterlite Electric Limited (formerly Sterlite Power Transmission) has filed its draft red herring prospectus (DRHP) with SEBI for an IPO comprising a fresh issue of 77.9 lakh shares and an equal‑sized OFS of 77.9 lakh shares, with market reports pegging the total raise near ₹1,500 crore depending on final pricing.

Offer structure and intended use

• Structure: Fresh issue 7,793,371 shares + OFS 7,795,803 shares (total ~1.56 crore shares). Promoters Anil Agarwal and Twin Star Overseas, along with certain shareholders, will participate in the OFS.
• Use of proceeds: Repayment/prepayment of borrowings (indicatively ~₹350 crore), capex for Vadodara facility expansion (indicatively ~₹225 crore), and general corporate purposes.

Business snapshot and market share

• Business: Manufacturer of capital goods and system‑integration solutions for power T&D—overhead conductors, power cables, OPGW, plus master system integration (MSI).
• Market position: ~15% share of India’s power conductors market by value in FY25; ~25–28% share in high‑ampacity AL59 conductors.
• Global footprint: Served customers in 70+ countries between FY23–FY25; FY25 revenue from external customers outside India around ₹1,001 crore (continuing ops).

Financial and leverage context

• Revenues around ₹4,956 crore in FY25 vs ₹4,918 crore in FY24 (continuing ops), per filing summaries.
• Consolidated borrowings as of Sep 20, 2025: ~₹3,485.7 crore; standalone ~₹600 crore.

Process and timeline

• SEBI review: After DRHP filing, SEBI issues observations before the RHP and price band; actual timeline depends on regulatory feedback and markets.
• Listing plans: Proposed mainboard listing post RHP; merchant bankers include Axis Capital, Motilal Oswal, and Nuvama.

Bottom line: Sterlite Electric’s DRHP outlines a balanced fresh + OFS structure aimed at deleveraging and funding capex while showcasing strong domestic share in conductors and a broad export footprint; next milestones are SEBI observations and the RHP with final issue terms.