ReNew Power receives Sebi’s approval to float an initial public offering (IPO)

Goldman Sachs-backed ReNew Power has received markets regulator Sebi’s approval to float an initial public offering (IPO).

The company’s IPO comprises fresh issue of shares worth Rs 2,600 crore and an 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.

ReNew Power had filed draft papers with Sebi in May and got its “observations” on July 18, which is necessary for every firm to launch public issues like IPO and rights issue, as per the latest update with the markets watchdog.

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, draft papers filed with Securities and Exchange Board of India (Sebi) showed.

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.

Kotak Mahindra Capital Company Limited, DSP Merrill Lynch, Goldman Sachs (India) Securities, JM Financial, J P 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 December last year, ACME Solar Holdings had received Sebi’s clearance to float an IPO . In February this year, Singapore-based Sembcorp Industries had filed IPO papers to list its India energy unit and its awaiting regulator’s nod.

Source:PTI