By Karan Sharma
In the second quarter of financial year 2025-26 (Q2 FY 2025-26), India’s renewable energy sector witnessed a series of initial public offerings (IPOs) by various renewable energy companies aiming to access public markets and mobilise fresh equity for capacity expansion, debt reduction and backward integration.
Renewable Watch Research tracked Rs 37.9 billion of fresh issue capital, excluding offer for sale (OFS), raised through IPOs in Q2 FY 2025-26. Against this backdrop, this article examines the current IPO landscape, fundraising volumes and stated uses of proceeds, followed by the outlook…
IPO listings
Vikram Solar
Vikram Solar announced that its IPO was oversubscribed 54.63 times at the close of bidding in August 2025. The IPO comprised a fresh issue of up to Rs 15 billion, and an OFS of up to 17.45 million equity shares, aggregating to Rs 5.79 billion. Bids for 2.47 billion shares were received, compared to the 45 million shares on offer. The price band was set at Rs 315 to Rs 332 per equity share, with a face value of Rs 10. Qualified institutional buyers (QIBs), with a subscription rate of 142.9 times, led the demand, followed by non-institutional buyers at 50.9 times. Retail individual investors (RIIs) and the employees’ portion had a subscription rate of 7.65 times and 4.84 times respectively.
The company intends to use the proceeds from the issue for capital expenditure (capex) through investment in its wholly-owned subsidiary, VSL Green Power, to partially fund the expansion of an integrated solar cell and module manufacturing facility. The company will allocate Rs 7.69 billion for this facility, which will have a capacity of 3 GW each for cells and modules. Additionally, it will allocate Rs 5.95 billion to fund the expansion of a solar module manufacturing facility at the same site, increasing the capacity from 3 GW to 6 GW. Ahead of the IPO listing, the company allocated 18.7 million shares at Rs 332 a piece to 43 anchor investors, raising Rs 6.21 billion.
GK Energy
GK Energy closed its IPO in September 2025 with an oversubscription of 89.62 times. The IPO comprised a fresh issue of up to Rs 4 billion, and an OFS of equity shares aggregating to Rs 4.2 million. The IPO received bids for 1.98 billion shares, as compared to the 22.18 million shares on offer. The price band was set at Rs 145 to Rs 153 per equity share, with a face value of Rs 2.
The demand was led by QIBs at a 186.29 times subscription rate, followed by non-institutional buyers and RIIs at subscription rates of 122.72 times and 20.79 times, respectively. Of the funds raised from the issue, the company will allocate roughly Rs 3.22 billion to long-term working capital.
Saatvik Green Energy
Saatvik Green Energy closed its IPO in September 2025 with an oversubscription of 6.57 times. The IPO comprised a fresh issue of up to Rs 7 billion, and an OFS of equity shares, aggregating up to Rs 2 billion, by promoters. The IPO received bids for 93.8 million shares, as compared to the 14.27 million shares on offer. The price band was set at Rs 442 to Rs 465 per equity share, with a face value of Rs 2.
The demand was led by QIBs at a 10.84 times subscription rate, followed by non-institutional investors and the employee portion at the subscription rates of 10.04 times and 5.29 times, respectively. Additionally, the portion allocated to RIIs was oversubscribed by 2.66 times. Of the total funds raised from the issue, and Rs 108.19 million will be utilised for debt repayment, Rs 1.66 billion will be invested in Saatvik Solar Industries, a wholly owned subsidiary of the company, to repay its outstanding borrowings. Furthermore, Rs 4.77 billion will be utilised to fund the development of a 4 GW solar module manufacturing facility in Gopalpur, Odisha.
Solarworld Energy Solutions
Solarworld Energy Solutions closed its IPO in October 2025 with an oversubscription of 65 times. The IPO comprised a fresh issue of up to Rs 4.4 billion, and an OFS of equity shares, aggregating to Rs 500 million, by its promoter Pioneer Facor IT Infradevelopers. Bids for 526 million shares were received, as compared to the 8.09 million shares on offer. The price band was set at Rs 333 to Rs 351 per equity share, with a face value of Rs 5.
The demand was led by QIBs with a subscription rate of 70.43 times. This was followed by non-institutional investors at the subscription rate of 64.73 times. Furthermore, the portion of RIIs had a subscription rate of 49.15 times. Of the total funds raised from the issue, Rs 4.2 billion will be utilised for investing in the company’s subsidiary, Kartik Solarworld, to partly finance the development of a 1.2 GW solar TOPCon cell manufacturing facility in Pandhurana, Madhya Pradesh.
TruAlt Bioenergy
TruAlt Bioenergy closed its IPO in October 2025 with an oversubscription of 71.92 times. The IPO comprised a fresh issue of up to Rs 7.5 billion, and an OFS of 1.8 million equity shares. Bids for 888.56 million shares were received, as compared to the 12.35 million shares on offer. The price band was set at Rs 472 to Rs 496 per equity share, with a face value of Rs 10. The demand was led by QIBs, with a subscription rate of 159.22 times, followed by non-institutional investors and RIIs at 98.56 times and 11 times, respectively. Of the total funds raised through the fresh issuance, Rs 1.5 billion will be used as capex to convert the company’s TBL Unit 4 into a 300 kilolitre per day ethanol plant. Additionally, it will allocate Rs 4.25 billion for working capital.
DRHP filings and SEBI approvals
Besides already issued IPOs, several companies filed the draft red herring prospectus (DRHP) for their IPOs and received approval from the Securities and Exchange Board of India (SEBI). In June 2025, Juniper Green Energy filed its DRHP with SEBI to raise over Rs 30 billion from a fresh issue of equity shares with no OFS component and a face value of Rs 10 per share. The company plans to launch its IPO in November 2025. In the same month, Rayzon Solar filed its DRHP with SEBI to raise up to Rs 15 billion from a fresh issue of equity shares with a face value of Rs 2 per share.
In July 2025, Emmvee Photovoltaic Power filed its DRHP with SEBI to raise up to Rs 30 billion from a fresh issue aggregating up to Rs 21.43 billion and an OFS aggregating up to Rs 8.56 billion, with a face value of Rs 2 per equity share. In the same month, INOX Clean Energy Limited filed its DRHP with SEBI to raise Rs 60 billion, with a major portion as fresh equity issuance.
In August 2025, Clean Max Enviro Energy Solutions filed its DRHP with SEBI to raise up to Rs 52 billion, consisting of a fresh issue of up to Rs 15 billion and an OFS of up to Rs 37 billion, with a face value of Re 1 per share.
In September 2025, Pace Digitek received SEBI approval for an IPO to raise up to Rs 9 billion, consisting of a fresh issue of equity shares with a face value of Rs 2 per share. In the same month, Prozeal Green Energy received approval from SEBI for an IPO to raise up to Rs 7 billion, consisting of a fresh issue of Rs 3.5 billion and an OFS of the same amount at a face value of Rs 2. In October 2025, Deon Energy filed a DRHP with SEBI to raise Rs 1.5 billion from a fresh issue of equity shares, with a face value of Rs 10 per share. Collectively, these filings represent Rs 204.5 billion of IPO issuance in the pipeline, expected to be launched over the remainder of FY 2025-26.
Outlook
The financial logic behind the IPO wave is simple and practical: equity raised from these IPOs is allowing companies to build more capacity and reduce debt reliance, enhancing their ability to generate profits over time. Furthermore, the high subscription rates signal investors’ willingness to accept near-term execution risk to fund companies’ expansion plans as well as their moves to capture more of the domestic value chain.
However, significant risks do remain for companies who are taking the IPO route. International trade measures such as US tariffs can impact export markets and compress margins, and extend payback periods. Consequently, investors will judge issuers on execution, not promises. The key post-issue metrics to keep an eye on will be timely capacity commissioning, plant utilisation rates, margin trends and changes in debt-to-equity ratios. These indicators will enable the market to distinguish companies that execute effectively from those that do not. Going forward, investors will expect clear deployment timetables, regular post-issue disclosures and transparent reporting.
The outlook remains cautiously optimistic. If firms can effectively deploy the raised funds and navigate the systemic challenges, these IPOs could significantly accelerate India’s energy transition. Future performance will reveal whether this financial momentum sustains or prompts a re-rating as market conditions evolve.
(The websites of the National Stock Exchange of India and SEBI were accessed for select data shared in this article.)
