Continuum Green Energy Ltd, a leading independent renewable energy producer, has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO) valued at ₹3,650 crore.
According to the company’s Draft Red Herring Prospectus (DRHP), the IPO comprises a fresh issue of equity shares worth ₹1,250 crore, along with an offer-for-sale (OFS) of ₹2,400 crore by its promoter, Continuum Green Energy Holdings Ltd. The DRHP was originally filed in December 2024, and SEBI granted its observation letter—signifying approval—on April 15.
The renewable energy firm plans to deploy ₹1,100 crore from the fresh issue to repay or partly prepay loans, along with accrued interest, availed by its subsidiaries. The remainder of the proceeds will be used for general corporate purposes.
Founded in 2007, Continuum Green Energy is engaged in identifying, developing, constructing, and operating renewable power projects across India. Its client base includes commercial and industrial (C&I) consumers, as well as government distribution utilities and energy exchanges.
The company currently operates renewable energy projects with a cumulative capacity of 2.22 gigawatt peak (GWp), and another 1.31 GWp is under development. The total portfolio of 3.52 GWp is evenly divided between wind and solar energy.
In 2024, Continuum Green Energy attracted a significant equity investment from JC Infinity (B) Limited—an affiliate of a fund advised by Just Climate LLP, which is itself founded by Generation Investment Management LLP, a sustainable asset manager overseeing $35 billion in assets.
As of June 2024, the company had signed power purchase agreements (PPAs) with over 170 commercial and industrial consumers for green energy supply.
Continuum Green’s operational revenue saw a robust growth of 33.45%, rising to ₹1,294 crore in FY24 from ₹970 crore in FY23.
The IPO is being managed by book-running lead managers Kotak Mahindra Capital Company, Ambit, Citigroup Global Markets, and JM Financial. The equity shares will be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
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