Onix Renewable Plans Rs 1,000 Crore IPO, Aims for Rs 10,000 Crore Valuation

Onix Renewable, a prominent player in the renewable energy sector, is planning to launch an Initial Public Offering (IPO) worth Rs 1,000 crore. The company aims to achieve a valuation of Rs 10,000 crore through this IPO. The funds raised will be used to expand their solar energy projects and strengthen their solar module manufacturing capabilities.

Onix Renewable started in 2007 as a transmission and distribution contractor and later ventured into solar module manufacturing and independent power production (IPP). The company has an impressive Engineering, Procurement, and Construction (EPC) portfolio of over 1200 megawatts (MW) and operates 2525 MW of IPP projects under the PM-KUSUM scheme.

The company’s Chief Operating Officer, Hardik Adhiya, mentioned that their order book currently stands at Rs 14,000 crore, including solar, hybrid, and battery energy storage projects. The pre-IPO collection and preferential sale have already taken place, with the company’s valuation previously at Rs 6,250 crore. The IPO aims to increase this valuation to Rs 10,000 crore.