Renfra Energy India files DRHP with Sebi to raise ₹430 crore via IPO

Renewable energy EPC firm plans to use proceeds for debt redemption, working capital needs and general corporate purposes

Tamil Nadu-headquartered Renfra Energy India Ltd, an integrated solar and wind energy solutions provider focused on commercial and industrial (C&I) customers, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO).

 

According to the DRHP, the proposed IPO comprises a fresh issue of equity shares worth up to ₹430 crore and an offer for sale (OFS) of up to 4.7 million equity shares by existing shareholders. Promoters Muthuraj Periyasamy, chairman and managing director, and Jayendran, executive director, are not participating in the OFS.

 

 

Renfra Energy plans to utilise the net proceeds from the fresh issue to redeem non-convertible debentures worth ₹160 crore, meet working capital requirements of ₹170 crore and for general corporate purposes.

 

Incorporated in 2017, Renfra Energy operates in the turnkey engineering, procurement and construction (EPC) and renewable project execution segment, catering to utility-scale and commercial and industrial customers across Tamil Nadu and Puducherry.

 

The company's business spans three segments: solar energy solutions, wind energy solutions, and operation and maintenance services.

 

The company may also undertake a pre-IPO placement of equity shares worth up to ₹50 crore before filing the red herring prospectus with the Registrar of Companies. If completed, the amount raised through the pre-IPO placement will be deducted from the size of the fresh issue.

 

Renfra Energy reported revenue from operations of ₹1,013 crore in FY26, reflecting a compound annual growth rate of 54.38 per cent since FY23. Profit after tax stood at ₹156.8 crore in FY26.

 

As of May 15, 2026, the company had executed renewable energy projects with a cumulative installed capacity of 462.35 megawatts (MW), comprising 412.85 MW of solar projects and 49.5 MW of wind projects.

 

It also had ongoing projects with a combined capacity of 139.1 MW, including 83 MW of solar projects and 56.1 MW of wind projects at various stages of execution.

 

Listed peers include KPI Green Energy, K.P. Energy, Solarworld Energy Solutions and Zodiac Energy, according to the DRHP.

 

Unistone Capital is the book-running lead manager to the issue.