Onix Renewable, a Gujarat-based company specializing in solar energy and renewable solutions, has announced plans to raise Rs 1,000 crore through an initial public offering (IPO). The IPO, expected to launch by July 2025, aims to achieve a market valuation of Rs 10,000 crore, according to a senior company executive. The company will dilute 10% of its stake, reducing promoter ownership from 72% to 62% post-IPO.

1. Company’s Growth Journey
Founded in 2007 as a transmission and distribution contractor, Onix Renewable has successfully expanded into solar module manufacturing and independent power production (IPP). The company operates a robust engineering, procurement, and construction (EPC) portfolio exceeding 1,200 MW and manages 2,525 MW of IPP projects, primarily under the PM-Kusum scheme.

2. Utilization of IPO Funds
The funds raised through the IPO will be directed toward expanding the company’s solar energy projects and strengthening its business operations. Additionally, Onix Renewable plans to use the investment for equity infusion and working capital requirements in its EPC business. Currently, the company holds an order book worth Rs 14,000 crore, which includes solar, hybrid, and battery energy storage projects.

3. Recent Financial Performance & Valuation
The company has already secured funds through pre-IPO collections and preferential sales. Previously valued at Rs 6,250 crore, Onix Renewable now targets a valuation of Rs 10,000 crore through the IPO. By March 2025, the company’s top-line revenue is expected to reach Rs 1,200 crore. According to COO Hardik Adhiya, Onix Renewable is preparing to file its Draft Red Herring Prospectus (DRHP) between the second and third weeks of March.

4. Expansion in Solar Module & Cell Manufacturing
Onix Renewable began solar module production in 2020 with a 100 MW capacity, which is now being scaled up to 2,400 MW. The company is also entering solar cell manufacturing with a planned capacity of 1,200 MW. The first phase of this project is expected to commence in May 2025, with the second phase launching by December 2025.

5. Foray into Green Hydrogen
Recognizing the potential of green hydrogen, Onix Renewable is investing approximately Rs 30,000 crore in a large-scale project with a production capacity of 100,000 metric tons. While India currently lacks a comprehensive policy for green hydrogen production, storage, and transportation, Gujarat has announced a land allotment policy. The company has applied for 20,000 acres near the Kutch region’s port and is ready to begin work once government policies are formalized.

6. International Expansion Plans
While Onix Renewable currently operates exclusively in India, it is setting its sights on global markets. The company has already established a subsidiary in Thailand and is in the process of setting up operations in Brazil. Additionally, it has registered a company in the United States and is in advanced discussions with local partners. The aim is to start exporting solar modules internationally once production scales up.

7. Future Outlook
With strong financial backing, ambitious expansion plans, and a growing presence in the renewable energy sector, Onix Renewable is positioning itself as a key player in India’s clean energy transition. The upcoming IPO and global expansion efforts are expected to drive the company’s growth in the years to come.