Greenko Energies plans $1 billion IPO in India
Greenko Energies is gearing up for a $1 billion IPO in Mumbai, hoping to spark investor interest in renewables after Clean Max Enviro's rough stock market debut this month.
Talks with bankers are underway for a possible 2026 listing, but details are still being worked out as market conditions remain uncertain.
Greenko's renewable energy projects and major backers
Greenko runs 11 gigawatts of renewable energy projects across 20 Indian states and is building another 20 gigawatts.
The company's major backers include GIC (58%) and Abu Dhabi Investment Authority (14.5%), while the founders recently upped their stake by buying out Orix for $1.46 billion,
the founders arranged to raise an $800 million loan, with Barclays and Deutsche Bank appointed to arrange the facility, to finance the Orix stake acquisition.
Greenko's recent fundraising efforts and GIC's stake sale plans
Earlier this year, Greenko raised ₹48 billion from NaBFID to refinance debt and is planning to issue $1 billion in offshore bonds to refinance dollar debt maturing in the coming months.
Meanwhile, GIC is reportedly seeking buyers for its stake at a valuation of $4.2 billion.