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Onix Renewable Plans Rs1,000 Crore IPO, Targets Rs10,000 Crore Valuation

Gujarat-based renewable energy firm Onix Renewable is set to launch its IPO by July, with plans to raise Rs 1,000 crore, targeting a valuation of Rs 10,000 crore. The company, which has grown from a transmission and distribution contractor to a key player in solar module manufacturing and independent power production (IPP), aims to use the IPO proceeds for equity investments in IPP projects and working capital for its EPC (engineering, procurement, and construction) business.

Key Highlights:

• Promoter Stake Dilution: Promoters will dilute 10% of their stake, reducing their post-listing holding to 62% from the current 72%.
• IPO Timeline: The company plans to file its Draft Red Herring Prospectus (DRHP) in March, with discussions ongoing with investment bankers.
• Financial Position: The company’s order book stands at Rs 14,000 crore, with a revenue target of Rs 1,200 crore by March.
• Growth in Solar Module Production: Since entering solar module manufacturing in 2020 with a 100 MW capacity, Onix is now expanding to 2,400 MW. Additionally, a 1,200 MW solar cell production facility is set to launch in phases between May and December.

Onix Renewable is also venturing into green hydrogen, planning a Rs 30,000 crore project with a production target of 100,000 metric tonnes. However, policy gaps remain a challenge. The company has applied for 20,000 acres of land in Kutch, Gujarat, awaiting government policies for generation and storage before commencing operations.

Onix is extending its presence beyond India, establishing subsidiaries in Thailand, Brazil, and the US to support its solar module exports once manufacturing capacity is fully expanded.

With a strong order book and aggressive expansion, Onix Renewable is positioning itself as a major player in India’s clean energy transition while preparing for global markets.