India’s renewable energy sector could soon see another large public listing as one of the country’s largest renewable power developers, Greenko Energies, is planning to raise up to USD 1 billion (~INR 9,150 crore) through IPO, according to a report.
Greenko Energies IPO: Early Discussions with Bankers
The company has reportedly initiated preliminary discussions with investment bankers regarding a potential share sale that could take place as early as 2026. However, the Greenko Energies IPO process remains at an early stage.
Key aspects of the proposed issue — including the final size, structure, and timeline — are still under evaluation, and the company has not formally appointed advisers yet. The report also indicates the listing could be reconsidered depending on market conditions and investor sentiment.
Backed by Global Institutional Investors
Greenko is backed by prominent global investors including Singapore’s sovereign wealth fund GIC and the Abu Dhabi Investment Authority (ADIA). The company was founded by Anil Chalamalasetty and Mahesh Kolli, who continue to play a key role in its expansion strategy.
Over the past decade, Greenko has raised and deployed more than USD 10 billion (~1 lakh crore) to build its renewable energy platform. This includes over USD 3 billion (~INR 27,500 crore) in equity capital and more than USD 5 billion (~INR 46,000 crore) through global green bond issuances.
Greenko Energies: Overview
Greenko ranks among the largest renewable energy developers in India. The company currently operates around 11 gigawatts (GW) of installed capacity across 20 states, spanning solar, wind, and energy storage assets.
In addition, the company has another 20 GW of capacity under construction, indicating a significant pipeline as India accelerates its clean energy transition. Earlier this year, Greenko also raised INR 4,800 crore from the National Bank for Financing Infrastructure and Development (NaBFID) to refinance dollar-denominated debt.
Greenko Energies IPO Timing
The potential listing comes at a time when renewable energy stocks in India are facing pressure. Slower export demand and delays in building transmission infrastructure have weighed on sector valuations.
Investor sentiment toward the space was recently tested by the weak market debut of Clean Max Enviro Energy Solutions, whose shares fell around 18% on the first day of trading, marking one of the weakest IPO debuts for a large Indian issue in more than four years.
Given this backdrop, market participants believe Greenko Energies IPO could serve as an important test of investor appetite for renewable energy companies in the public markets.
Bottomline: India has set a target of 500 GW of renewable energy capacity by 2030, requiring substantial investments across generation, storage, and transmission infrastructure. Large-scale platforms such as Greenko are expected to play a critical role in achieving these targets.