Continuum Green Energy Files ₹3,650 Cr IPO Draft with SEBI

Continuum Green Energy, supported by sustainable investment firm Just Climate and Morgan Stanley Infrastructure Partners, has submitted draft papers to the market regulator for an Initial Public Offering (IPO) to raise ₹3,650 crore, according to exchange filings accessed by Moneycontrol.

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Following recent IPOs from NTPC Green Energy and Acme Solar Holdings, Continuum becomes the third renewable energy company gearing up for a public listing.

The proposed IPO comprises a fresh issue worth ₹1,250 crore and an Offer for Sale (OFS) component amounting to ₹2,400 crore. Continuum Green Energy Holdings Limited, the promoter entity, is listed as the selling shareholder in the draft documentation.

The funds raised will be allocated towards general corporate purposes and the repayment of subsidiary debt, including accrued interest, through investments in the subsidiaries.

The IPO is being managed by Kotak Mahindra Capital, Citi, JM Financial, and Ambit Capital, with Shardul Amarchand Mangaldas serving as legal counsel for the company.

On August 19, Just Climate announced a $150 million equity investment to bolster Continuum’s wind-solar-hybrid energy generation and storage projects across India. Earlier in the year, the company’s co-founders acquired a majority stake previously held by Morgan Stanley.

Historically, several players, including Norway’s Statkraft, the U.S.-based Sun Edison, ReNew Power, Petronas, and Sembcorp, explored acquiring stakes in Continuum, but none of these discussions resulted in finalized deals.

Established in 2009 by Arvind Bansal and Vikash Saraf, Continuum Green Energy specializes in renewable energy development, construction, and operation, with a focus on supplying green power to commercial and industrial (C&I) consumers, as well as state utilities, central distribution agencies, and power exchanges.

Its largest operational site, the Rajkot project in Gujarat, has an installed capacity of 394.3 MW. Since acquiring its first 16.50 MW wind project in 2010, the company has expanded its portfolio to an operational and under-construction capacity of 3.52 GWp, as detailed in the draft filings.