Onix Renewable IPO Update

June 3, 2025
delistedstocks

Onix Renewable Limited, a prominent Gujarat-based renewable energy company, is set to launch its Initial Public Offering (IPO) aiming to raise between ₹1,000 crore to ₹1,200 crore. This strategic move is designed to bolster the company’s expansion in solar, wind, and green hydrogen projects, aligning with India’s sustainable energy goals

Key Highlights of the Onix Renewable IPO

IPO Size and Structure: The company plans to raise ₹1,000–₹1,200 crore through a combination of fresh equity issuance and an offer for sale.
Authorized Share Capital Increase: In preparation for the IPO, Onix Renewable has increased its authorized share capital from ₹25 crore to ₹150 crore, facilitating the issuance of new shares.
Utilization of Funds: The proceeds will be utilized to expand the company’s solar energy projects, enhance its engineering, procurement, and construction (EPC) business, and meet working capital requirements.
Growth and Expansion Plans: Onix Renewable aims to invest ₹25,000 crore over the next three years to develop 7 GW of renewable energy capacity, including 5 GW in solar module and cell production.
Financial Performance: The company has demonstrated robust financial growth, with net profit increasing from ₹2.1 crore in FY22 to ₹8.6 crore in FY23, and total assets growing from ₹36.3 crore to ₹93.9 crore during the same period.

Strategic Initiatives

Global Expansion: Onix Renewable is establishing subsidiaries in Thailand, Brazil, and the United States to tap into international markets and diversify its revenue streams.
Regulatory Compliance: The company has amended its Articles of Association to include clauses restricting the transfer of shares, ensuring compliance with regulatory requirements ahead of the IPO.

Conclusion

The Onix Renewable IPO represents a significant milestone in the company’s journey toward becoming a leading player in the renewable energy sector. With a strong financial foundation, ambitious expansion plans, and a commitment to sustainable energy solutions, Onix Renewable is poised to make a substantial impact on India’s green energy landscape.