ReNew Power plans IPO to raise up to $600 million

Clean energy producer ReNew Power is planning an initial public offering (IPO) of shares to raise up to $600 million after it closed the latest round of funding from Japan’s JERA Co. Inc.. Investors such as Goldman Sachs, the largest shareholder in the firm, the Abu Dhabi Investment Authority, ADB and the Global Environment Fund could offload part of their stakes in the proposed issue that will primarily comprise an offer for sale of existing shares. The IPO is likely to be launched within the next 12 months. HSBC, Kotak Mahindra Bank and Bank of America Merrill Lynch are amongst the banks vying for a role in arranging the proposed share sale.