The GIC Pte.-backed company has held preliminary discussions with bankers for a potential share sale as soon as this year, the people said, asking not to be identified because the deliberations are private.
Greenko hasn’t formally appointed advisers, and key details, including the size, timing and structure of the deal, remain under discussion and could change, they said.
A spokesperson for the company declined to comment.
Renewable energy stocks in India have come under pressure as exports slow and the transmission infrastructure build-out suffers delays. Brookfield-backed Clean Max Enviro Energy Solutions Ltd. fell 18% on its trading debut this month, the worst first-day performance in more than four years for an Indian offering of a similar size or larger.
Greenko may drop the IPO plan if it finds the current environment is weighing on investor sentiment, one of the people said.
Greenko is majority-owned by Singapore’s sovereign wealth fund GIC and Abu Dhabi Investment Authority, alongside founders Anil Chalamalasetty and Mahesh Kolli.The company has a net installed capacity of about 11 gigawatts across 20 Indian states, according to its website, with an additional 20 gigawatts under construction.
Over the past decade, its founders have raised and deployed more than $10 billion, including over $3 billion in equity and more than $5 billion through global green bonds, according to the website.
It raised 48 billion rupees ($520 million) from state-backed National Bank for Financing Infrastructure and Development to refinance dollar debt maturing in the coming months, according to a local media report in January.