- Goldi Solar plans an IPO potentially raising up to $350 million this year
- The Gujarat-based firm may file a draft prospectus as early as April
- The offering will mainly include fresh shares with some secondary sales
Goldi Solar Pvt. is weighing an initial public offering that could raise as much as $350 million, according to people familiar with the matter, potentially adding to a revival in listings among India's renewable-energy companies.
The Gujarat-based solar module maker has shortlisted advisers for the proposed share sale and is likely to file a draft prospectus as early as April, the people said, asking not to be identified because the information is private. The offering is expected to comprise largely fresh shares, with a small secondary component from existing investors, and could take place this year, the people said.
Details including the size, structure and timing of the deal are still being finalized and may change, they added. A representative for Goldi Solar didn't respond to requests for comment.
The green energy industry is shaping up as a key contributor to another banner year for India's equity capital market after last year's record for IPO proceeds, driven by the country's goal of increasing non-fossil fuel power capacity to 500 gigawatts by 2030. More than a dozen green-energy firms are preparing to go public, targeting combined proceeds of more than $4 billion.
Clean Max Enviro Energy Solutions Ltd. is among companies expected to launch a share sale later this month.
Founded in 2011, Goldi Solar is one of India's largest solar photovoltaic module manufacturers, with annual production capacity of about 14.7 gigawatts, according to the company website. In October, it announced a capital infusion of 14.22 billion rupees ($157 million). Investors in that round included Havells India Ltd., Zerodha co-founder Nikhil Kamath and Ambit Global Private Client.
ALSO READ: Hunter Surge, Classic Strength: How Royal Enfield Has Beaten Hero-Harley And Bajaj Triumph
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.