ReNew Power Proposes To Hoist Up To $600 Million For Mega IPO

ReNew Power, India's largest clean energy producer is planning an initial public offering (IPO) of shares to raise up to $600 million after it closed the latest round of funding from Japan's JERA, a joint venture between Tokyo Electric Co. and Chubu Electric Co that valued it at $2billion, said officials close to the development. 

ReNew Power Chairman Sumant Sinha, while speaking to a leading business daily, said that the IPO could be launched within the next 12 months and could be amongst the largest listings of shares in recent times.

HSBC, Kotak and Bank of America Merrill Lynch are amongst banks vying for a role in arranging the proposed share sale. 

As per the Ministry of Commerce estimates, ReNew Power has till date raised $850 million in equity from investors since it was founded in 2011, accounting for almost 10% of the total foreign direct investment in the renewable energy sector since 2000. ministry of commerce estimates showed. 

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