ReNew Power likely to explore India listing: CEO
ReNew Power Ventures Pvt. Ltd may explore an India listing, chairman and managing director Sumant Sinha said in an interview.
The development comes in the backdrop of the Goldman Sachs-backed clean energy company announcing a merger with Nasdaq-listed special purpose acquisition company (SPAC) RMG Acquisition Corp. II (RMG II) on Wednesday, at an enterprise value of around $8 billion. The new entity, ReNew Energy Global Plc, will be listed on the Nasdaq under the ticker symbol ‘RNW’, at an equity value of $4.4 billion. In response to a query on considering an India listing plan, Sinha said: “We definitely might.”
The public markets are awaiting a series of initial public offerings this year at a time when the Indian stock market has been hitting lifetime highs on expectations of a strong post-covid economic revival. ReNew Power had shelved its IPO plan in 2019 because of market volatility.
