BENGALURU (Reuters) - On November 5, 2024, India's Apollo Green Energy announced plans to establish a 500 megawatt (MW) solar module plant within the next two to three years and aims to tap into domestic public markets for an initial public offering (IPO) in 2025. The company's CEO, Sanjay Gupta, stated that they currently hold an order book worth 35 billion rupees ($416 million) and are targeting an expansion to 100 billion rupees by the end of the financial year.
Gupta indicated that the IPO size will be finalized in the next three to four months, coinciding with a surge in Indian IPOs and the government's commitment to clean energy, which aims to increase renewable energy capacity from 154 gigawatts (GW) to 500 GW by 2030.
India's stock market reached record highs until September 2024, with 288 companies raising $14 billion from domestic IPOs this year, surpassing the total of $7.42 billion raised in 2023, according to LSEG data.
Apollo Green Energy is also executing 400 MW of solar installations and plans to diversify into wind, green hydrogen, and battery storage solutions. The company has identified a site in Madhya Pradesh for the new solar module production facility.
In the fiscal year ending March 2024, Apollo Green Energy's revenue surged approximately 71% year-on-year, reaching 11.75 billion rupees.