ReNew Power Files For IPO, Could Raise Over $1 Billion

Mumbai: ReNew Power Ltd filed for an initial public offering on Tuesday that could raise more than $1 billion (Rs 6,710 crore) in one of India's biggest listings so far this year.

Goldman Sachs and Canada Pension Plan Investment Board (CPPIB) are among the backers of ReNew, which has about 3,921 megawatts of operational wind and solar power generation capacity and another about 1,668 megawatts under development.

ReNew, which in April agreed to buy Ostro Energy Private Ltd in one of India's biggest renewable energy deals, said in a filing it plans to raise Rs 2,600 crore ($387 million).

Global Environment Fund, Green Rock and an arm of Goldman Sachs are selling around 94.4 million shares in the IPO, which a source said could raise more than $1 billion, although a more specific number would emerge closer to the launch.

Bankers had previously indicated the IPO would be between $700 and $900 million.

ReNew's other current investors include Abu Dhabi Investment Authority and JERA Co. Inc - a consortium of two of the biggest Japanese utilities.

Kotak Mahindra, Bank of America Merrill Lynch, Goldman Sachs, JM Financial and JP Morgan are the global coordinators, while HSBC, IDFC Bank, UBS and Yes Securities are bookrunners on the ReNew IPO.

Indian companies have raised nearly $3 billion from IPOs so far this year, after a record of more than $11 billion in 2017.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)