Continuum Green Energy Files for $430 mln India IPO

Continuum Green Energy, an Indian power company, filed a 430.26-million rupee ($36.5-billion) initial public offering on Monday to capitalize on the growing demand for clean energy in India. Why it's Important

In India, the renewable energy sector is growing rapidly. However, most of India's power is still generated by coal.

To reduce carbon dioxide emissions, the government aims to add 500 gigawatts of clean power by 2030. Large power producers have also pledged to increase their green energy capacity.

Investors are increasingly betting on clean energy to be the future buzzword. Companies like NTPC Green Energy, Waaree Energies and others have successfully debuted in Indian stock exchanges.

The country's markets remained buoyant in 2024, and there were many high-profile listings.

India's Nifty 50 index, the benchmark for corporate earnings in India, had been able to reach multiple records throughout the year.

S&P Global Market Intelligence reports that 298 companies listed in India raised $16.65 Billion this year - almost double what they raised in 2023.

By the Numbers

The draft prospectus for Continuum Green Energy showed that the company will issue new shares valued at 12.5 billion rupees and existing shareholders will sell stock valued at 24 billion rupees.

The restated annual consolidated net loss for the fiscal period ended March 2024 increased from 3.67 billion to 5.98 billion rupees.

In the same time period, its revenue increased by over 33% and reached 12,95 billion rupees. $1 = 84.83 Indian rupees

(source: Reuters)