Upcoming IPO: KKR-Backed Hero Future Energies Likely to File Draft Papers in Coming Weeks

Hero Future Energies, the renewable power company backed by private equity firm KKR, is expected to file draft papers for it's Initial Public Offering (IPO) in the next 2 to 3 weeks, according to The Moneycontrol report. 

The issue size is expected to be in the range of ₹3,000-4,000 crore. It is likely to include a mix of fresh shares and an offer for sale by existing investors. The final structure and size are still being worked out. 

Operations and Capacity 

Hero Future Energies has a renewable energy portfolio of about 7.2 gigawatts across India, the UK, Vietnam and Ukraine. It also has around 2.3 GW of battery energy storage system capacity that is operational or under construction. 

The portfolio includes solar and wind assets, along with projects in areas such as energy storage and green hydrogen.  

The company supplies power to corporate clients across sectors, including steel, cement, chemicals, refining, manufacturing, and transport. Its investors include KKR and the International Finance Corporation. 

Continued Activity in Renewable IPOs 

As per the report, the planned filing comes as several renewable companies approach the primary market. Brookfield-backed CleanMax Enviro Energy Solutions is set to launch a ₹3,100 crore IPO on February 23. 

Avaada Group is planning a ₹9,000 crore issue for its solar module and cell business. In 2024, Emmvee and Vikram Solar together raised about ₹5,000 crore through their public offerings. Jupiter International is also preparing an issue of about ₹2,500-3,000 crore. 

Read More: SBI Mutual Fund May File Draft Papers for $1.5 Billion IPO in March: Report! 

Conclusion 

Hero Future Energies’ filing would add to the recent flow of renewable companies entering the public markets. Further details are expected after the draft papers are submitted. 

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