ReNew Power IPO: ReNew Power has filed draft papers with capital markets regulator Sebi to float an initial public offering. The IPO comprises fresh issue of shares worth Rs 2,600 crore and offer for sale of 94,377,109 equity stocks by existing shareholders
ReNew Power IPO: ReNew Power has filed draft papers with capital markets regulator Sebi to float an initial public offering. The IPO comprises fresh issue of shares worth Rs 2,600 crore and offer for sale of 94,377,109 equity stocks by existing shareholders including Global Environment Fund, Green Rock Energy and GS Wyvern Holdings, an investment arm of Goldman Sachs, according to the draft papers. Proceeds of the issue will be utilised to fund acquisitions and other strategic initiatives; redemption of certain debentures issued by the company and its subsidiaries; and for general corporate purposes.
ReNew is an independent power producer with over 5,600 MW of commissioned and under construction clean energy assets. It develops, builds, owns and operates utility-scale wind and solar energy projects as well as distributed solar energy projects that generate energy for commercial and industrial customers. The company was founded in 2011 by Sumant Sinha, a former chief operating officer at Suzlon Energy.
ReNew, which counts Canada Pension Plan Investment Board and Goldman Sachs among its backers, agreed in April to buy Ostro Energy, whose projects are largely operational and diversified across wind and solar energy.
Kotak Mahindra Capital Company Limited, DSP Merrill Lynch, Goldman Sachs (India) Securities, JM Financial, JP Morgan India, HSBC Securities and Capital Markets (India) Pvt Ltd, IDFC Bank, UBS Securities India and YES Securities will manage the company’s IPO.
In February this year, Singapore based Sembcorp Industries filed IPO papers to list its India energy unit. Besides, ACME Solar Holdings in September last year had approached Sebi with draft proposal to float an IPO.