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Renfra Energy India has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise INR 430 crore through a fresh issue of equity shares as part of its proposed initial public offering (IPO). The issue also includes an Offer-for-Sale (OFS) of nearly 47.95 lakh equity shares by existing shareholders, while the company's promoters will retain their holdings. The proceeds will be used to reduce debt, meet working capital requirements and support corporate needs. The Tamil Nadu-based renewable energy EPC company reported strong financial performance in FY26 and continues to expand its renewable energy project portfolio.
Renfra Energy India has filed draft red herring papers with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO), which includes a fresh issue of equity shares worth INR 430 crore. The public issue will also comprise an Offer-for-Sale (OFS) of 47,94,800 equity shares by existing shareholders.
The company's promoters, Muthuraj Periyasamy, Chairman and Managing Director, and Jayendran, Executive Director, are not participating in the OFS and will continue to hold their stakes in the company after the public issue.
According to the draft papers filed with the market regulator earlier this week, Renfra Energy plans to utilise the net proceeds from the fresh issue to redeem non-convertible debentures worth INR 160 crore, meet working capital requirements of INR 170 crore and use the remaining amount for general corporate purposes.
The company has also proposed a pre-IPO placement of equity shares worth up to INR 50 crore. If this placement is completed before the IPO, the size of the fresh issue will be reduced by the amount raised through the pre-IPO round.
Founded in 2017 and headquartered in Tamil Nadu, Renfra Energy operates in the turnkey engineering, procurement and construction (EPC) and renewable energy project execution business. The company serves both utility-scale and commercial and industrial (C&I) customers across Tamil Nadu and Puducherry. Its business covers solar energy solutions, wind energy projects, and operation and maintenance services for renewable energy assets.
The company reported revenue from operations of INR 1,013 crore in FY26, while its profit after tax stood at INR 156.8 crore, reflecting steady growth in its renewable energy business amid rising investments in clean energy infrastructure.
As of mid-May this year, Renfra Energy had completed renewable energy projects with a total installed capacity of 462.35 MW. This included 412.85 MW of solar projects and 49.50 MW of wind projects. It also had ongoing projects with a combined capacity of 139.10 MW, comprising 83 MW of solar projects and 56.10 MW of wind projects, indicating a healthy execution pipeline.
The draft prospectus identified listed renewable energy companies such as KPI Green Energy Ltd, KP Energy Ltd, Solarworld Energy Solutions Ltd and Zodiac Energy Ltd as its industry peers. Unistone Capital Pvt Ltd has been appointed as the sole book-running lead manager for the proposed IPO.
Source PTI
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