In July 2018, India’s largest renewable energy company ReNew Power received the market regulator’s approval to raise money from Indian capital markets. The much-anticipated share sale never took off, as the company’s ask of nearly $4 billion valuation did not find any takers and the company and its shareholders did not want to raise capital at diluted valuations.
After all, two months before filing its draft prospectus with Securities and Exchange Board of India (Sebi) in May 2018, ReNew had raised ₹1,608 crore from Canada Pension Plan Investment Board at ₹415 per share at a valuation of nearly $2.3 billion, a significant premium to what Goldman Sachs had paid in 2016 when it did a follow-up round at ₹205 per share. ReNew’s largest shareholder is Goldman Sachs, which owns 48.6 percent in the company. Japanese power company Jera had paid ₹375.28 per share in March 2017. But the private investment valuation exceeded what public investors were ready to pay.
Things have changed since then. In February 2021, ReNew Power announced that it is listing on the Nasdaq by reverse merging with a special purpose acquisition company (SPAC). A SPAC is a blank-cheque company or a shell company that lists through an initial public offering (IPO) and is registered with the US Securities and Exchange Commission (SEC).
Denne historien er fra April 9, 2021-utgaven av Forbes India.
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Denne historien er fra April 9, 2021-utgaven av Forbes India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Home-Cooked Meal Is Now Greatly Valued
The pandemic has also brought with it an improved focus on hygiene, use of technology in dining, rise of cloud kitchens and resurgence in popularity of Indian ingredients
Paytm 3.0 - Reaching Near Breakeven In Two Years
As of 2020, Vijay Shekhar Sharma’s super app for financial services had run up losses in thousands of crores. Now, as digital payments gets yet another boost courtesy Covid-19, he’s hopeful of reaching near breakeven in two years
THE PANDEMIC HAS CAUSED WOMEN GREATER LABOUR PAIN
Covid-19 has shown that women are more likely to face the brunt of job losses than men, and find fewer opportunities when they want to resume. That apart, several have to deal with increased hours of unpaid work at home and even domestic abuse
LEADERSHIP WILL BE ABOUT SEEING THE BIGGER PICTURE
Leaders must not only guard their teams first during a crisis, but also deal with stakeholders with respect and dignity. And apart from pursuing business goals, they should remain committed to our planet and the environment
PHILANTHROPY SHOULD BE HUMBLE, BUT NOT MODEST
Apart from building a flexible and resilient framework for the future, philanthropists, civil society and the government must work in tandem so that every rupee is absorbed on the ground
INTEGRATED HEALTH CARE, TECH WILL DISRUPT SECTOR
While clinical research will get a boost, having a skilled workforce and public spending on health care will be challenges in the near term
DIGITALISATION WILL HELP IN VALUE CREATION
As the pandemic brings technology and innovation to the core of business and daily life, the next decade will see about 150 million digital-first families in India
Industry 4.0: Climate Revolution?
Augmenting sustainability alongside digital capabilities is an economic, competitive and global opportunity for India’s businesses, but regulations need to reflect intent
EV Dream Still Miles Away
Electric vehicles have remained a buzzword in India for years. But not much has moved on ground due to high upfront costs, range anxiety and charging infrastructure
Living Waters
A virus has caused us to scramble for oxygen but our chokehold on the environment is slowly strangling the very waters that breathe life into us. The virus is a timely reminder: We are merely consumers, not producers of life’s breath on this planet
