Hero Future Energies appoints 4 I-bankers for Rs 5,000-crore IPO
HFE has scaled up its IPO fundraising ambition to ₹5,000 crore after initial positive feedback from ESG investors. Backed by KKR and IFC, HFE has appointed JM Financial, Axis, Nomura and Bank of America, said multiple people aware of the development.
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Mumbai | New Delhi: KKR-backed Hero Future Energies (HFE), the Munjal family promoted green energy producer, has mandated four investment bankers , including Bank of America and Nomura for its proposed IPO, while the Hero MotoCorp-backed Ather Energy prepares to open its initial share sales Monday.HFE has scaled up its IPO fundraising ambition to ₹5,000 crore after initial positive feedback from ESG investors. Backed by KKR and IFC, HFE has appointed JM Financial , Axis, Nomura and Bank of America, said multiple people aware of the development.HFE had earlier planned a ₹3,000 crore fund raise. ET first reported in January.Hero Future's 5.2 gigawatt of renewable power generation assets are largely concentrated in India, but it has expanded to the UK, Ukraine, Singapore, Vietnam and Bangladesh.Separately, Hero Motocorp owns about 40% stake in Ather Energy.Hero Future Energies' external shareholders KKR and International Finance Corp (IFC) could trim some of their stakes in the share offering. Hero's Munjal family are the controlling shareholders of the company.Mails sent to HFE did not elicit any response until the publication of this report.HFE would invest $20 billion in renewable energy generation by 2030, Reuters had reported last year, quoting Rahul Munjal. This would include solar and wind projects and battery storage, he told the news agency.The subsidiaries of HFE include Hero Wind Energy, Hero Solar Energy and Hero Rooftop Energy. The operational portfolio comprised wind capacity of over 583 MW across Rajasthan, Maharashtra, Tamil Nadu, Karnataka, Madhya Pradesh, and Andhra Pradesh; solar capacity of over 1576 MW across MP, Telangana, AP, Karnataka and Rajasthan.The operational portfolio has long-term power purchase agreements with distribution companies in Rajasthan, Karnataka, MP, AP, Maharashtra, several private industrial and commercial customers, and Solar Energy Corporation of India (SECI). Diversification of assets in terms of location and presence of strong counterparties reduces the associated credit risk, said a recent report by Crisil.Around 43% of the power offtake from its operational plants are through contracts with Solar Energy Corporation of India (SECI). The remainder of the power is sold through direct agreements with distribution companies in the states and also to captive customers, such as the Hero Group.HFE made its debut fundraise in 2017 from IFC- which invested $125 million. Subsequently in 2022, KKR and the Munjal family collectively infused $450 million into the company. The Hero Group forayed into renewable energy generation in 2012.
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