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Business Standard
9 hours ago
- Business
- Business Standard
India becomes rare hub for clean energy IPOs as firms eye $4 billion boost
India is seeing a revival in clean-energy initial public offerings as companies capitalize on Prime Minister Narendra Modi's push for renewables. Starting with Vikram Solar Ltd. this week, more than a dozen green-energy companies have lined up to go public, seeking to raise more than $4 billion in total, according to data from and local media reports. That comes after the sector saw no major offerings this year in a sharp slowdown from the $2.4 billion raised through IPOs in 2024. The wave of green listings comes on the back of a pickup in India's broader IPO market after a slow start to the year. A number of billion-dollar deals are on their way, and top arranger Kotak Mahindra Capital Co. expects companies to raise over $30 billion in the coming year. Modi's 2030 target to more than double clean-energy capacity to 500 gigawatts — nearly equivalent to all the power plants in the UK, France and Germany combined — fueled a boom in green listings and share prices in 2024. But overheated valuations and project delays caused the frenzy to cool, and now, the deal pipeline is regaining momentum as stock prices come off their lows. 'A perfect storm of policy clarity, proven technologies and global ESG capital is powering India's clean-energy IPO rush,' said Amit Ramchandani, managing director and chief executive officer at Motilal Oswal Investment Advisors. 'Demand for round-the-clock green power is accelerating storage-linked projects.' Modi announced an ambitious target for the world's third-largest emitter to reach net-zero emmissions by 2070 at the COP26 climate summit in November 2021. As India ramped up production incentives, solar, electric vehicles and wind power suppliers mushroomed in the country, spawning listing candidates. India's installed clean-energy capacity — including nuclear power — reached 246 gigawatts in July, according to the Ministry of New and Renewable Energy. Solar led the mix with 119 gigawatts, followed by wind's 52 gigawatts and hydropower's 50 gigawatts. The South Asian economy is a rare bright spot for clean energy-related IPOs, which have taken a beating globally in recent years under the weight of high interest rates and a fossil-fuel push by US President Donald Trump. Vikram Solar closes its share sale this week, aiming to raise as much as 20.8 billion rupees ($239 million). Clean Max Enviro Energy Solutions Ltd has filed for an IPO this week, while the Securities and Exchange Board of India approved Fujiyama Power Systems Ltd.'s IPO plans in July. KKR & Co.-backed Hero Future Energies Ltd. has appointed bankers for a 50 billion rupee IPO, the Economic Times reported. The firms are part of a strong pipeline that may see shares listed over the coming year.
Time of India
15-07-2025
- Business
- Time of India
The Executive Centre is said to seek ₹2,600 crore for India IPO
The Executive Centre is planning an initial public offering in Mumbai that may raise 26 billion rupees ($303 million), according to people familiar with the matter, to capitalize on the rising demand for workspace in the country. The flexible workspace manager has hired Kotak Mahindra Capital Co. and ICICI Securities Ltd. to arrange the listing, according to the people, who asked not to be named because the information is private. The company is planning to file preliminary documentation — known as the draft red herring prospectus — soon, according to the people. The company, Kotak and ICICI Securities did not respond to emailed requests for comment. It would join Wework India Management Ltd., Awfis Space Solutions Ltd. and Smartworks Coworking Spaces Ltd. in going public in the country as the flexible workspace industry in the South Asian nation is forecast by Avendus Capital to grow about 15% to $9 billion by 2028. The Executive Centre manages workspace across India, China, Southeast Asia, Sri Lanka, the Middle East and Australia for 51,000 customers, according to its website.
Time of India
15-07-2025
- Business
- Time of India
Executive Centre is said to seek Rs 2,600 crore for India IPO
The Executive Centre is planning an initial public offering in Mumbai that may raise 26 billion rupees ($303 million), according to people familiar with the matter, to capitalize on the rising demand for workspace in the country. The flexible workspace manager has hired Kotak Mahindra Capital Co. and ICICI Securities Ltd. to arrange the listing, according to the people, who asked not to be named because the information is private. The company is planning to file preliminary documentation — known as the draft red herring prospectus — soon, according to the people. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 이 게임은 대부분의 TV 프로그램보다 더 재미있어요 – 게다가 무료예요. Raid: Shadow Legends 플레이하기 Undo The company, Kotak and ICICI Securities did not respond to emailed requests for comment. It would join Wework India Management Ltd., Awfis Space Solutions Ltd. and Smartworks Coworking Spaces Ltd. in going public in the country as the flexible workspace industry in the South Asian nation is forecast by Avendus Capital to grow about 15% to $9 billion by 2028. The Executive Centre manages workspace across India, China, Southeast Asia, Sri Lanka, the Middle East and Australia for 51,000 customers, according to its website.
Mint
25-06-2025
- Business
- Mint
Investment bankers reap record bonanza after a bumper year of deals
Indian investment banks doled out record bonuses this year as a surge in deal activity drove fees to an all-time high last fiscal, according to headhunters and bankers. Kotak Mahindra Capital Co., Axis Capital, Avendus Capital, and JM Financial, among others, have handed out million-dollar ( ₹8-9 crore) bonuses to their top brass, the industry insiders told Mint, speaking on the condition of anonymity as the compensation data is private. 'The top domestic banks have seen record revenue levels in the last financial year and the bonuses that get announced in June have been phenomenal with top honchos making around 250-300% of their annual comps in bonuses," a headhunter said. A bumper year of dealmaking kept investment bankers busy last fiscal. Hyundai Motors India Ltd, Swiggy Ltd, Ola Electric Ltd, Firstcry (operated by Brainbees Solutions Ltd), among others, went public. Private equity investors exited or sold part of their stakes in several Indian companies. Consolidation in industrials, consumer and financial services sectors spurred a wave of M&As. Also read | Investment banks to pitch for ₹25,000-crore SBI fundraise this week 'It has been one of the better years for the local bankers, and this specially gets amplified because globally the hikes andbonuses of I-bankers were not to their usual levels given softness in their local markets,"said Harpuneet Singh, managing director at executive search firm Russell Reynolds. 'However, going ahead as markets cool down, a similar momentum may be difficult to maintain." Large and small investment banks together generated more than $1.35 billion ( ₹10,900 crore) in fee income in FY25 by stitching up transactions in the equity and debt markets, along with M&As, according to data collated by London Stock Exchange Group, an analytics services and data provider. That compares with the total I-banking fee of $1.25 billion generated in FY24 and $1.07 billion in FY23. Emailed queries to spokespersons of Axis Capital, Avendus Capital, Kotak Mahindra Capital Co. and JM Financial did not elicit any response. Read this | Bank, NBFC investments in AIFs may get smoother Some of the top investment banks in the FY25 fee league tables include Jefferies, Axis Bank, State Bank of India, ICICI Bank, Kotak Mahindra Capital, JM Financial, Morgan Stanley, Avendus Capital, and Avendus Capital. Revenue-sharing model Over 80 mainboard IPOs saw a total capital of ₹1.63 trillion raised in FY25, compared with ₹61,900 crore across 76 offers in FY24, according to KPMG's analysis released in May 2025. 'Indian markets have been extremely buoyant in recent years, and the local investment banks have strongly leveraged these opportunities," said Monica Agrawal, managing director, financial services and board and chief executive officer services at search firm Korn Ferry in India. 'They have been able to attract top talent and are currently commanding higher compensation, too, as they have delivered great results. They are inching towards the top of the league tables, the erstwhile bastion of large global banks." Most investment banks now follow a revenue-sharing model with employees in client-facing roles, where a large part of their work revolves around deal origination. In such departments, the bonus payouts are directly linked to the fee income. In December, Mint had reported that global banks would hand out record payouts of up to ₹1,000 crore combined in India on the back of decadal-high fee income in 2024. And read | Premji Invest's latest bet? A tech-powered NBFC led by a former ICICI banker
