CHENNAI: Tamil Nadu headquartered Renfra Energy India Limited, an integrated solar and wind energy solutions provider, catering primarily to C&I (Commercial and Industrial) clients has filed its draft red herring prospectus (DRHP) with capital markets regulator SEBI to raise funds through an initial public offering (IPO).
According to the DRHP, the proposed IPO is a combination of a fresh issue of equity shares aggregating up to Rs 430 crore and an offer for sale (OFS) of up to 47,94,800 equity shares by the selling shareholders. The promoters of Renfra Energy - Muthuraj Periyasamy, chairman & managing director and Jayendran, executive director are not participating in the OFS.
Renfra Energy proposes to use the net proceeds of the fresh issue towards redemption of non-convertible debentures issued by the company (Rs 160 crore), funding its working capital requirement (Rs 175 crore), and general corporate purposes.
Incorporated in 2017, ReNfra EnerGy India Limited operates in the turnkey EPC and renewable project execution segment, catering to utility-scale and commercial & industrial (C&I) customers across Tamil Nadu and Puducherry. Its service offerings span three business lines of renewable energy solutions - solar energy solutions, wind energy solutions and operation & maintenance services.
The company, in consultation with the BRLMs, may consider a pre-IPO placement of equity shares aggregating up to Rs 50 crore, prior to filing of the Red Herring Prospectus with the RoC. If the pre-IPO placement is completed, the amount raised will be reduced from the fresh issue.
Renfra Energy’s FY26 revenue from operations stood at Rs 1,013 crore, recording a 54.38 per cent CAGR from FY23. The profit after tax for the same period stood at Rs 156.8 crore.