India’s renewable energy IPO landscape in 2025

India’s renewable energy sector saw strong activity in the public markets through 2025. Many companies filed draft papers, secured approval from the Securities and Exchange Board of India (SEBI), or closed successful public issues.  

Solar manufacturing companies lead the filing momentum

The first part of the year saw many companies in solar manufacturing prepare for large capacity additions. Vikram Solar received approval for a public issue of up to Rs 15 billion through a fresh share sale, along with an offer for sale of 17.45 million shares. The company plans to use Rs 7.93 billion to support capital expenditure through its subsidiary VSL Green Power for an integrated 3 GW solar cell and 3 GW solar module facility. Another Rs 6.029 billion will fund expansion at the company’s existing module plant from 3 GW to 6 GW. The filing placed the face value of each share at Rs 10. The company later opened the issue in August. Anchor investors subscribed to 18.7 million shares at Rs 332 each, raising Rs 6.21 billion ahead of the public opening. The issue closed with bids for 2.47 billion shares, far higher than the 45 million shares on offer. Qualified institutional buyers subscribed 142.9 times the shares reserved for them. Non-institutional buyers subscribed 50.9 times. Retail investors subscribed 7.65 times. The company closed the year with a strong listing pipeline.

Rayzon Solar was another active player throughout the year. After filing its draft papers for a Rs 15 billion IPO, the company subsequently received SEBI approval to move ahead. The funds will be used to build a 3.5 GW solar cell plant in Surat through Rayzon Energy Private Limited, producing high-efficiency tunnel oxide passivated contact (TOPCon) solar cells for domestic use.

Rays Power Infra filed a draft red herring prospectus to raise up to Rs 11.5 billion. The company plans to use Rs 5 billion for Rays Green Energy Manufacturing, a subsidiary that will set up a 1.5 GW solar cell plant in Madhya Pradesh. Another Rs 2 billion will go toward working capital. A balance amount is planned for general corporate needs. The issue includes a fresh share sale of Rs 9 billion and an offer for sale of Rs 2.5 billion. The filing also notes that the company may raise up to Rs 1.8 billion through a pre-IPO placement.

Prozeal Green Energy filed draft papers to raise Rs 7 billion. The structure includes a fresh issue of Rs 3.5 billion and an offer for sale of the same amount. The company plans to use the proceeds to support long-term working capital and to invest in subsidiaries for debt reduction. The company received SEBI approval in September.

Emmvee Photovoltaic also moved ahead with a Rs 30 billion issue. The plan includes a fresh issue of Rs 21.43 billion and an offer for sale of promoter shares worth Rs 8.56 billion.  

In a significant confidential filing, Avaada Electro sought to raise Rs 90-100 billion, targeting a valuation of up to Rs 1.3 trillion.

Solarworld Energy Solutions opened its public issue in September for up to Rs 4.9 billion. The issue included a fresh issue of Rs 4.4 billion and an offer for sale of Rs 500 million. The price band was set at Rs 333 to Rs 351. The company has completed 253.67 MW AC of solar projects. When the issue closed in October, subscriptions reached 65 times the shares on offer. Qualified institutional buyers subscribed 70.43 times. Non-institutional investors subscribed 64.73 times. Retail investors subscribed 49.15 times. The company plans to invest Rs 4.2 billion into its subsidiary Kartik Solarworld to support a 1.2 GW solar tunnel oxide passivated contact cell plant in Madhya Pradesh.

Saatvik Green Energy completed an issue in September with subscriptions of 6.57 times. The issue included a fresh issue of Rs 7 billion and an offer for sale of Rs 2 billion. Non-institutional investors subscribed 10.04 times. Qualified institutional buyers subscribed 10.84 times. Retail investors subscribed 2.66 times. The company will use part of the funds to repay debt through its subsidiary Saatvik Solar Industries. It will also use Rs 4.77 billion to fund a 4 GW module plant in Gopalpur, Odisha.

Deon Energy filed for an issue of Rs 1.5 billion. The company plans to use about Rs 1 billion for long-term working capital. Not all filings progressed, however, as SEBI placed Sterlite Electric’s proposed IPO on hold, though it did not disclose the reasons for the pause.

GK Energy raised Rs 100 crore in a pre-IPO funding round from Valuequest, 360 One, and Kotak AIF. The company plans a public issue of up to Rs 500 crore along with an offer for sale of 84 lakh shares. Working capital will receive Rs 422.46 crore from the fresh issue. The company later opened its public issue. Subscriptions reached 89.62 times. Qualified institutional buyers subscribed 186.29 times. Non-institutional buyers subscribed 122.72 times. Retail investors subscribed 20.79 times.

Clean energy services, developers, and bioenergy expand the pipeline

Clean Max Enviro Energy Solutions filed a draft prospectus to raise Rs 5,200 crore. This includes a fresh issue of Rs 1,500 crore and an offer for sale of Rs 3,700 crore. The company may raise an additional Rs 300 crore in a separate step. CleanMax offers renewable supply and decarbonisation services for commercial and industrial users. CleanMax also raised Rs 400 crore in a pre-IPO round from 360 One Asset Management to consolidate promoter holdings and reduce debt.

Juniper Green Energy filed draft papers to raise over Rs 30 billion. The issue will be a completely fresh issue with no offer for sale. The company plans to use Rs 10.92 billion for debt repayment and Rs 11.57 billion for repayments linked to subsidiaries.  

NLC India Renewables is prepared for a Rs 40 billion public issue planned for FY26 to FY27. The company may file papers by March 2026. NLC India Renewables manages around 2 GW of installed capacity that will be transferred from the parent company. The company plans to build 10.11 GW of renewable capacity by 2030 and 32 GW by 2047. The public issue is expected to support a capital infusion of Rs 350 to 400 billion into upcoming projects.

ReNew Power also made progress toward listing in India. The company plans to withdraw its Nasdaq listing and list domestically. ReNew earlier listed on Nasdaq through a special purpose acquisition company. A promoter consortium that includes the founder, Masdar, Canada Pension Plan, and Abu Dhabi Investment Authority revised its buyback offer for Nasdaq shares to 8 dollars each. The board formed an independent committee to evaluate the offer. The company appointed domestic and global banks to support the Indian listing.

Another part of the segment came from bioenergy. TruAlt Bioenergy closed an issue in October with subscriptions of 71.92 times. The issue included a fresh issue of Rs 7.5 billion and an offer for sale of 1.8 million shares. Qualified institutional buyers subscribed 159.22 times. Non-institutional investors subscribed 98.56 times. Retail investors subscribed 11 times. The company will use Rs 1.5 billion to convert its TBL Unit 4 into a 300 kilolitre per day ethanol plant. It will also allocate Rs 4.25 billion for working capital.

The pipeline for later years gained strength through cumulative filings. Firms such as INOX Clean Energy filed draft papers to raise Rs 60 billion. CMPDIL filed an offer for sale of 71.4 million shares. Pace Digitek received approval for an issue of up to Rs 9 billion. 

Outlook for FY26 and FY27

Taken together, the data show that 2025 was a year of steady activity for renewable and clean-energy companies in the public markets. The filings cover manufacturing, project development, clean-energy services, and biofuels. The subscription outcomes show measurable demand across investor groups. The capital raised is planned for cell and module plants, working capital, debt reduction, and expansion of renewable and bioenergy capacity. The approvals from the regulator and the draft papers in the pipeline indicate that activity will continue into FY26 and FY27.

The featured photograph is for representation only.