Onix Renewable plans Rs 1,000 cr IPO, targets Rs 10,000 cr valuation

Promoters will dilute 10 per cent of their stake, bringing their post-listing holding to 62 per cent. Discussions with investment bankers are currently underway

Onix Renewable, a Gujarat-based renewable energy and solar module manufacturing company, is set to raise Rs 1,000 crore through an initial public offering (IPO) by July, targeting a valuation of Rs 10,000 crore, according to a senior company executive.

 

The company, which began as a transmission and distribution contractor in 2007, has expanded into solar module manufacturing and independent power production (IPP). It currently operates an EPC (engineering, procurement, and construction) portfolio exceeding 1,200 MW (megawatt) and 2,525 MW of IPP projects, mainly under the PM-Kusum scheme.

 

The IPO proceeds will be used to finance equity investments in