Greenko Energies IPO: GIC Backed Firm Considers to Raise Upto $1 Billion

Greenko Energies Pvt. Ltd., a major renewable energy developer in India, is evaluating plans to raise capital through a potential initial public offering in Mumbai as the company assesses investor interest in the sector, as per Bloomberg report. 

Preliminary IPO Discussions Underway 

As per the report, the GIC-backed company has begun early discussions with bankers regarding a share sale that could raise up to $1 billion. The potential listing could take place as early as this year. 

However, the company has not formally appointed advisers, and important details including the size, structure and timing of the offering are still under consideration and may change. A company spokesperson declined to comment on the possible listing plan. 

Renewable Energy Market Conditions 

The potential IPO would come at a time when renewable energy stocks in India are facing pressure due to slowing exports and delays in transmission infrastructure development. 

Investor sentiment has also been affected by the recent market debut of Brookfield-backed Clean Max Enviro Energy Solutions Ltd, whose shares fell 18% on their first day of trading this month, marking the weakest first-day performance in more than 4 years for an Indian IPO of similar size or larger. 

As per the report, Greenko could reconsider the listing if current market conditions continue to affect demand for renewable energy stocks. 

Company Ownership and Operations 

Greenko is majority-owned by Singapore sovereign wealth fund GIC Pte. Ltd. and Abu Dhabi Investment Authority, alongside founders Anil Chalamalasetty and Mahesh Kolli. 

The company operates about 11 gigawatts of installed renewable energy capacity across 20 states in India, with an additional 20 gigawatts currently under construction. 

Over the past decade, the founders have raised and deployed more than $10 billion, including over $3 billion in equity capital and more than $5 billion through global green bonds. 

Read More: Fairfax and OMERS Extend IPO Timeline for Bengaluru Airport Holding Company to September 2026! 

Conclusion 

Earlier this year, Greenko also secured ₹48 billion ($520 million) from the National Bank for Financing Infrastructure and Development to refinance dollar debt maturing in the coming months as it continues expanding its renewable energy portfolio. 

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