ReNew Power to launch India IPO

ReNew Power is preparing to list on Indian exchanges while withdrawing its Nasdaq listing, according to sources. The company has appointed JM Financial as its domestic adviser and Goldman Sachs, along with other global banks, for the process.

The clean energy company, which debuted on Nasdaq in August 2021 through a SPAC merger with Riverside Management Group’s acquisition vehicle, had been valued at $8 billion at the time. It is now working on finalising the valuation for the India offering, as reported by Financial Express. 

In July 2025, the promoter consortium, comprising founder and chairman Sumant Sinha, Masdar of Abu Dhabi, Canada Pension Plan, and Abu Dhabi Investment Authority, raised its buyback offer for Nasdaq-listed shares to $8 apiece, $0.93 higher than its initial proposal in December 2024. ReNew’s board formed a special committee of six independent non-executive directors to evaluate the offer. Rothschild is advising the committee.

ReNew operates 16.3 GW of commissioned and pipeline utility-scale projects across 18 states and more than 150 sites in India. Its portfolio accounts for 1.9 per cent of India’s installed power capacity.