Green Power producer Continuum Green Energy has filed the draft red herring prospectus (DHRP) to raise over ₹36.5 billion (~$430.10 million) through an initial public offering (IPO).

The IPO will consist of a fresh issue of equity shares with a face value of ₹10 (~$0.12) each, aggregating up to ₹12.5 billion (~$147.30 million). The IPO will also consist of an offer for sale of shares worth ₹24 billion (~$282.8 million).

The company proposes to utilize the net proceeds towards general corporate purposes and the repayment/prepayment, in full or in part, of certain outstanding loans availed by its subsidiaries, including payment of accrued interest through investment.

The book-running lead managers will be Kotak Mahindra Capital Company, Ambit, Citigroup Global Market India, and JM Financial.

Large renewable energy companies—Premier Energies and Waaree Energies—raised approximately $850 million in their IPOs this year.

ACME Solar Holdings’ ₹29 billion (~$344.85 million) IPO was oversubscribed 2.75 times. Solar module manufacturer Alpex Solar’s $8.9 million IPO was oversubscribed 303 times.

Other companies that filed DRHPs in 2024 include Vikram Solar, Solar91 Cleantech, Solarium Green, and Solarworld Energy.

In November, NTPC Green Energy’s ₹100 billion (~$1.19 billion) IPO was oversubscribed 2.42 times at the end of the bidding window on November 22, 2024.

Recently, energy generation and transmission company Torrent Power raised ₹35 billion (~$412.77 million) through qualified institutional placement (QIP) of shares. The QIP was oversubscribed four times against the issue size.

In October, Ultra Tech Cement said it will procure an additional 7 MW of wind-solar hybrid power from Continuum MP Windfarm, raising the total procurement from 14 MW to 21 MW.

Continuum Green Energy announced $150 million in new equity to develop wind, solar, hybrid power, and energy storage projects across India. Just Climate, an investment firm specializing in sustainable solutions, is the investor.