ReNew gets ready for India IPO, picks advisers  – Industry News

ReNew, which had listed on Nasdaq at an enterprise value of $8 billion through a merger with Riverside Management Group’s acquisition vehicle (SPAC), is ready for an initial public offering (IPO) in India, and simultaneous delisting from the US, said sources. It has picked investment bankers for its India listing and is finalising valuation, they added.

Advisers and valuation plans

JM Financial is the local adviser for its India IPO along with a few other large foreign players including Goldman Sachs.

Emails sent to ReNew were not answered till the time of going to the press.

Buyback move and global standing

The promoter consortium of ReNew, including founder and chairman Sumant Sinha, Abu Dhabi’s Masdar, Canada Pension Plan (CPP) and sovereign fund Abu Dhabi Investment Authority (ADIA), had in July 2025 offered a buyback of the Nasdaq shares at a higher price of $8 each. It is $0.93 higher than the initial buyback offered in December 2024.

ReNew’s board of directors formed a special committee consisting of six independent non-executive directors to consider the proposals received from the consortium.

Rothschild, the world’s largest independent investment bank, is advising the special committee led by Manoj Singh, the former global COO of Deloitte who is also the lead independent director and six independent non-executive directors of ReNew, on the buyback.

The company debuted on Nasdaq on August 24, 2021, under the symbol ‘RNW’. The firm rebranded itself as ReNew in February 2023. “As the world’s third-largest emitter of greenhouse gases, India is pushing to grow its renewable energy capacity,” said a Goldman Sachs report on its SPAC adviser role. Goldman had invested in ReNew in 2011, the same year Sinha founded it. In 2023, it fully exited. 

“With 16.3 GW of commissioned and pipeline utility-scale projects, we are a global company with strong Indian roots,” the company’s LinkedIn profile said. “Our mission is to play a pivotal role in meeting India’s growing energy needs in an efficient, sustainable, and socially responsible manner,” it added.

It is also the world’s first clean energy company to be recognised as a ‘Lighthouse’ by the World Economic Forum (WEF).

Prominent companies leading the renewable energy sector in India include Adani Green Energy, Tata Power Renewable, Suzlon Energy and JSW Energy. ReNew’s solar and wind energy projects currently contribute to 1.9% of India’s power capacity and are spread across 150+ sites and 18 Indian states. “We have helped prevent 0.5% of India’s total carbon emissions and 1.1% of India’s total power sector emissions, in addition to generating around 130,000 jobs over the past decade,” the firm said.