ReNew Power looks for $900 million initial public offerings

ReNew Power Ventures Pvt Ltd has expected to raise $800-900 million through the IPO, which it is planning to file in the coming two weeks. The renewable company has asked nine investment banks to manage the IPO.

April 16, 2018 Sraisth

ReNew Power Ventures has planned to file for $900 million initial public offerings.

The Central Intelligence Agency/Wikimedia

ReNew Power Ventures Pvt Ltd, one of India’s biggest renewable players, has planned to file an initial public offering (IPO) before the end of April month, the Livemint has reported.

According to the reports, ReNew Power will file its draft red herring prospectus (DRHP) in the next two weeks, aims to raise around $800-900 million. Moreover, a significant portion of the IPO will see ReNEw’s investors divest part of its stakes.

For managing the IPO, the company has appointed nine investment banks. Kotak Mahindra Capital, JM Financial, Goldman Sachs, JPMorgan, Bank of America Merrill Lynch, IDFC Bank, Yes Securities, UBS, and HSBC are working on the transaction.

This move follows the recent acquisition of Ostro Energy’s 1.1 GW assets by ReNew Power. The purchase helps Gurugram-based renewable energy developer to become India’s largest renewable energy company with the combined capacity of more than 5.6 GW.

Apart from Renew Power, Acme solar, a Haryana-based company, had also filed preliminary papers to raise INR 22 billion ($336 million) with the Securities Exchange Board of India (SEBI). Another firm, Sembcorp, which is a Singapore-based power producer, is also queued up for listing.

Previously in September 2016, Azure Power was the first Indian power producer to be listed on the NYSE.

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