Continuum Green Energy Files Draft for INR 3650 Crore IPO
Independent Power Producer Continuum Green Energy has filed a draft red herring prospectus (DRHP) with SEBI for an INR 3,650 crore IPO to fund debt repayment, corporate purposes, and expand its renewable energy projects across India.
December 11, 2024. By Mrinmoy Dey
The IPO comprises a fresh issue of INR 1,250 crore and an Offer for Sale (OFS) of INR 2,400 crore by its promoter, Continuum Green Energy Holdings Ltd.
The company may also consider raising INR 250 crore through a pre-IPO placement, which would reduce the size of the fresh issue if completed.
As per the DRHP, proceeds from the fresh issue will primarily be used to repay or partially repay certain loans of its subsidiaries. The company has allocated about INR 1,100 crore for this purpose, and the remainder is earmarked for general corporate purposes.
Kotak Mahindra Capital, Ambit, Citigroup Global Markets, and JM Financial are the book-running lead managers for the issue. Link Intime India is the registrar for the issue.
Continuum Green Energy specialises in developing, constructing, and operating renewable energy projects in India, supplying green power to commercial and industrial (C&I) consumers, state and central utilities, and power exchanges.
As of June 2024, Continuum had power purchase agreements (PPAs) with over 170 C&I consumers. The company reported a 33.45 percent increase in revenue, reaching INR 1,294 crore in FY 2024 compared to INR 970 crore in FY 2023.
Founded in 2007, the company operates 2.22 GW of renewable energy capacity and has an additional 1.31 GW under construction, with a balanced energy mix between wind and solar.
In 2024, it secured equity investment from JC Infinity (B) Ltd., affiliated with Just Climate LLP, a sustainable investment platform by Generation Investment Management LLP.
please contact: contact@energetica-india.net.
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