Renfra Energy India Files DRHP with SEBI for INR 430 Crore IPO

Tamil Nadu-headquartered Renfra Energy India, an integrated solar and wind energy solutions provider catering primarily to commercial and industrial (C&I) clients, has filed its draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
 
According to the DRHP, the proposed IPO is a combination of a fresh issue of equity shares aggregating up to INR 430 crore and an offer for sale (OFS) of up to 47,94,800 equity shares by the selling shareholders. The promoters of Renfra Energy - Muthuraj Periyasamy, Chairman and Managing Director and Jayendran, Executive Director, are not participating in the OFS.
 
The company proposes to utilise the net proceeds of the fresh issue towards redemption of non-convertible debentures issued by the company (INR 160 crore), funding its working capital requirement (INR 175 crore), and general corporate purposes.
 
Incorporated in 2017, Renfra Energy India operates in the turnkey EPC and renewable project execution segment, catering to utility-scale and C&I customers across Tamil Nadu and Puducherry. Its service offerings span three business lines of renewable energy solutions - solar energy, wind energy and operation and maintenance (O&M) services.
 
Unistone Capital is the book-running lead manager (BRLM) to the offer.
 
The company, in consultation with the BRLMs, may consider a pre-IPO placement of equity shares aggregating up to INR 50 crore, prior to the filing of the Red Herring Prospectus with the RoC. If the pre-IPO placement is completed, the amount raised will be reduced from the fresh issue.
 
Renfra Energy’s FY26 revenue from operations stood at INR 1,013 crore, recording a 54.38 percent CAGR from FY23. The profit after tax (PAT) for the same period stood at INR 156.8 crore.
 
As of May 15, 2026, Renfra Energy has executed completed projects with an aggregate installed capacity of 462.35 MW, comprising 412.85 MW of solar projects and 49.50 MW of wind projects, and has ongoing projects with an aggregate capacity of 139.10 MW, comprising 83.00 MW of solar power projects and 56.10 MW of wind power projects under various stages of execution, stated the company.