Sadbhav Futuretech, a company focused on engineering, procurement, and construction (EPC) of solar power projects, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) to raise ₹235 crore (approximately $28.3 million USD) through an initial public offering (IPO). The IPO includes a fresh issue of up to 2.55 crore equity shares and an offer for sale (OFS) by existing shareholders, including promoters Saikat Roy and Bhupender Singh. The funds from the fresh issue will be allocated towards working capital and general corporate purposes. Sadbhav Futuretech has an installed capacity of 171.68 MW, primarily from solar water pumping systems, and has diversified its operations across several Indian states such as Maharashtra, Assam, and Andhra Pradesh. As of February, the company's order book stood at ₹2016 crore, with a revenue of ₹585.88 crore booked until September 30, 2025. The company has demonstrated significant financial growth, with revenues increasing from ₹73.05 crore in Fiscal Year 2023 to ₹302 crore in Fiscal Year 2025, reflecting a compound annual growth rate (CAGR) of 103%. Its profits also surged from ₹0.85 crore to ₹30.80 crore, marking an impressive CAGR of 502.56%. Beeline Capital Advisors is managing the IPO process.