This renewable energy firm is planning $1B IPO in India
What's the story
Greenko Energies, a leading renewable energy firm backed by GIC Pte. and Abu Dhabi Investment Authority, is considering an initial public offering (IPO) in Mumbai. The company hopes to raise as much as $1 billion through this move. The decision comes after the lackluster market debut of Clean Max Enviro Energy Solutions Ltd, another player in the renewable energy sector.
Ongoing negotiations
Early stages of discussions
The discussions for the potential share sale are still in their early stages, with no official advisers appointed yet. Key details such as the size, timing, as well as structure of the deal are still being finalized and could change. A spokesperson for Greenko declined to comment on these developments.
Market influence
Challenges in Indian renewable energy sector
The Indian renewable energy sector has been facing challenges due to slowing exports and delays in transmission infrastructure development. Clean Max Enviro Energy Solutions, backed by Brookfield, witnessed an 18% drop on its trading debut this month. In light of these market conditions, Greenko may reconsider its IPO plans if it finds that the current environment is impacting investor sentiment.
Company profile
Greenko's ownership and funding history
Greenko is majority-owned by Singapore's sovereign wealth fund GIC and Abu Dhabi Investment Authority, alongside its founders Anil Chalamalasetty and Mahesh Kolli. The company has a net installed capacity of around 11GW across 20 Indian states, with another 20GW under construction. Over the last decade, its founders have raised over $10 billion in funding, including more than $3 billion in equity and over $5 billion through global green bonds.