Goldman Sachs-backed ReNew Power has received markets regulator Securities and Exchange Board of India (Sebi) approval to float an initial public offering (IPO).
The company’s IPO comprises fresh issue of shares worth ₹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, in May filed its draft initial public offering (IPO) documents with the regulators to raise up to $1billion. Its other high profile backers include Canada Pension Plan Investment Board (CPPIB), Abu Dhabi Investment Authority and Japan’s JERA Co — a consortium of two of the biggest Japanese utilities.
The IPO is to see the company raise Rs 2,600 crore in fresh capital, while existing private equity investors of the company will sell an aggregate of 94.37 million shares, according to the draft prospectus.
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 Sebi showed.
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.
Reference- ET, Industry Sources, Livemint