ReNew Power Is Planning To Be Listed In US Through SPAC Route

In Clean News, Clean Talk, News, Renewable Energy
ReNew Power

ReNew Power Pvt. Ltd is planning to list its shares in the US through the fast-emerging SPAC (special purpose acquisition company) route at a valuation of almost $4 billion.

ReNew Power

They are in talks to merge with RMG Acquisition owned by Nasdaq-listed SPAC Riverside Capital Management. ReNew Power had shelved its Indian initial public offering plan in 2019 amid market volatility.

As per Securities Exchange Commission rules, while Riverside will hold up to 20% in the newly listed avatar of ReNew Power, Goldman Sachs along with CPPIB, ADIA and the company’s founder-cum-chairman Sumant Sinha will hold the rest 80%.

The due diligence process for the listing of ReNew Power through SPAC has already begun and once completed, it will mark the largest ever listing of an Indian company in the US through SPAC route.

In the case of ReNew Power, SPAC Riverside is expected to put in $300 million through equity and another $150 million through warrants.

Since the outbreak of covid, the SPAC market has become popular as issuers worry that the conventional IPO market could take many months to recover.

ReNew is one of India’s largest renewable energy independent power producers with a capacity of 10.14GW, of which 5.73GW is operational.

Reference- livemint, Bloomberg, Economic Times, Business Standard

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