India's Apollo Green Energy plans a solar module plant and targets an IPO in 2025.

The chief executive of India's Apollo Green Energy said that the company, which is an engineering and construction company, intends to build a 500 Megawatt (MW), solar module plant within two to three years, and to tap into domestic public markets by 2025 for new projects.

Sanjay Gupta, the CEO of the company that focuses on renewable energy projects, said the company has an order list of 35 billion rupees (416 million dollars) and wants to triple its size to 100 billion by the end this year.

Gupta stated that "we are actively monitoring market trends and working with financial consultants to establish a fair valuation" (for the initial IPO). He added that the company intends to finalise its IPO size in the next three or four months.

The plan comes amid a boom of Indian IPOs, and the government's emphasis on clean energy. India is looking to add 500 gigawatts of renewable energy in 2030.

India's stock exchange reached record highs up until September of this year. LSEG data shows that 288 companies raised $14 billion in domestic IPOs so far in 2024. This is more than the $7.42 million raised by all 2023.

Gupta added that Apollo Green Energy also executes 400 MW solar installations, as well as other engineering, procurement, and construction projects. The company is looking to expand its business into wind, green hydrogen, and battery storage, he said.

The CEO did not elaborate on the plans for the company to expand its capacity. It has identified a location in India to build a 500MW solar module manufacturing facility to supply components to their projects.

The revenue of Apollo Green Energy increased by 71% in the last year to 11,75 billion rupees for the fiscal year ending March 2024.

Crisil rates its long-term debt as 'BBB/Stable.'

(source: Reuters)