Renfra Energy India Files IPO Papers With SEBI; Fresh Issue Worth ₹430 Crore

Renfra Energy India has submitted its draft red herring prospectus (DRHP) to SEBI, joining a growing list of companies seeking to tap the primary market.

The proposed initial public offering (IPO) consists of a fresh issue aggregating up to ₹430 crore and an offer for sale (OFS) of 47,94,800 equity shares by existing shareholders. Promoters Muthuraj Periyasamy and Jayendran are not participating in the OFS.

The filing comes as renewable energy companies continue to tap public markets to fund expansion and strengthen their balance sheets amid rising clean-energy investments.

How Does Renfra Intend To Use The Fresh Capital?

Of the fresh issue proceeds, ₹160 crore is slated for redeeming non-convertible debentures. The company has also proposed ₹70 crore for working capital. The remaining funds will be used for general corporate purposes.

Renfra has also retained the option to raise up to ₹50 crore through a pre-IPO placement before the public issue opens. If completed, the size of the fresh issue will be reduced accordingly.

What Does Renfra Energy's Business Look Like?

Founded in 2017, Renfra Energy operates in the renewable energy EPC segment and serves utility-scale as well as commercial and industrial customers across Tamil Nadu and Puducherry.

Its business covers solar projects, wind projects and operation and maintenance services.

The company provides services across the project lifecycle, including site identification, land acquisition, approvals, engineering, procurement, construction, commissioning and asset maintenance.

As of 15 May 2026, Renfra had 462.35 megawatt (MW) of commissioned renewable energy capacity. Of this, 412.85 MW came from solar projects and 49.50 MW from wind projects. The company also had 139.10 MW of projects under execution. Of this, 83 MW came from solar projects and 56.10 MW from wind installations.

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Revenue nearly doubled from FY25 levels, while profit after tax rose by about 66% during the same period.

The company had a workforce of 1,140 people as of 15 May 2026, including 457 permanent employees and 683 contract workers.

According to the draft papers, listed peers include KPI Green Energy, KP Energy, Solarworld Energy Solutions and Zodiac Energy.

Unistone Capital has been appointed as the sole book-running lead manager for the issue.

The proposed IPO remains subject to SEBI's observations and other regulatory approvals before launch.