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Continuum Green Energy Ltd has received approval from the Securities and Exchange Board of India (SEBI) for its ₹3,650 crore initial public offering (IPO). The IPO comprises a fresh issue of ₹1,250 crore and an offer-for-sale of ₹2,400 crore by its promoter, Continuum Green Energy Holdings Ltd.
Proceeds from the fresh issue will be utilized to repay or partially repay loans taken by its subsidiaries, including accrued interest, with ₹1,100 crore earmarked for this purpose. Additionally, funds will be allocated for general corporate purposes.
Founded in 2007, Continuum Green Energy is an independent power producer focusing on renewable energy projects in India. The company owns and operates large wind and wind-solar hybrid projects, with an operational capacity of 2.22 GWp and an under-construction capacity of 1.31 GWp.
As of June 2024, the company had power purchase agreements with over 170 commercial and industrial consumers. In fiscal year 2024, its revenue from operations increased by 33.45% to ₹1,294 crore from ₹970 crore in the previous fiscal year.
The equity shares are proposed to be listed on the BSE and NSE, with Kotak Mahindra Capital Company, Ambit, Citigroup Global Markets, and JM Financial acting as the book-running lead managers to the issue.
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