Hogan Lovells legal team, led by Sam and Cam, guide Acme Solar through a $343 million IPO in India
Renewable Energy IPOs Boom in India
India's renewable energy sector is witnessing a surge with several marquee listings this year, including the $336 million Initial Public Offering (IPO) of Premier Energies and the $343 million IPO of Acme Solar, both advised by Shardul Amarchand Mangaldas & Co (CAM).
In the case of Acme Solar, CAM's Prashant Gupta led the team as head of the national capital markets practice, with partners Sayantan Dutta and Devi Prasad Patel playing key roles. Hogan Lovells, on the other hand, was led by Biswajit Chatterjee, the India practice lead and managing partner of the Singapore office, with partners Nancy D. O'Neil and Henry Kahn based in Baltimore and Washington, D.C., respectively, providing support.
The Acme Solar IPO was also advised by SAM, Trilegal, and Linklaters for Premier Energies, while JSA, Khaitan & Co, and Hogan Lovells advised Waaree Energies for its $515 million IPO earlier this year.
The renewable energy IPO trend is set to continue, with Inox Clean Energy filing for a ₹6,000 crore IPO in July 2025, aiming to raise funds primarily via a fresh issue to expand wind and solar capacity and manufacturing. Juniper Green Energy has also filed for a ₹3,000 crore IPO, and Indosol Solar plans to launch an IPO in FY27 after commissioning its 1 GW integrated solar module line.
The book-running lead managers for the Acme Solar IPO were Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital, and Motilal Oswal Investment Advisors. Cyril Amarchand Mangaldas and Hogan Lovells Lee & Lee acted as Indian and international counsel to these managers.
Varun Jetly, Kaustubh George, Aditya Rajput, Jayant Bharadwaj, Sanjana Ravjiani, and Rosen Chen based in Singapore supported Biswajit Chatterjee on the Hogan Lovells team for the Acme Solar IPO. Meanwhile, Vishal Yaduvanshi and Puneet Passi were partners on the CAM team, with Medhashree Verma, Rishi Nandkeolyar, Aniruddh Saraswat, Arjun Badola, Arnab Roy, Ritvik Maheshwari, and Abhinav Singh Chauhan serving as associates.
NTPC Green Energy is also set to join the list with an upcoming $1.2 billion listing, although the advisors for this IPO have yet to be announced. These upcoming IPOs represent some of the largest renewable energy fundraises currently underway or planned in India’s growing green power sector.
Summary Table:
| Company | IPO Size (₹ crore) | IPO Timing | Advisors/Managers | Focus | |-------------------|--------------------|-------------|------------------------------------------------|------------------------------------------| | Inox Clean Energy | 6,000 | July 2025 | JM Financial, Motilal Oswal, Nuvama, IIFL, ICICI Securities | Wind & solar expansion, manufacturing | | Juniper Green Energy | 3,000 | July 2025 | (Not specified in sources) | Debt repayment, green energy project growth | | Indosol Solar | Not yet announced | FY27 | (Not specified) | Solar PV manufacturing, capacity expansion | | Acme Solar | 343 | (Completed) | Shardul Amarchand Mangaldas & Co, SAM, Trilegal, Linklaters | (Not specified) | | Waaree Energies | 515 | (Completed) | JSA, Khaitan & Co, Hogan Lovells | (Not specified) | | Premier Energies | 336 | (Completed) | Shardul Amarchand Mangaldas & Co, SAM, Trilegal, Linklaters | (Not specified) | | NTPC Green Energy | 12,000 | (Upcoming) | (Not specified) | (Not specified) |
Technology played a crucial role in the success of the Acme Solar IPO, as Hogan Lovells, based in Singapore, provided support to the team led by Biswajit Chatterjee, the India practice lead and managing partner of the Singapore office.
The renewable energy sector in India is leveraging finance to expand capacity, as the book-running lead managers for the Acme Solar IPO included firms with strong finance backgrounds like Nuvama Wealth Management, ICICI Securities, JM Financial, Kotak Mahindra Capital, and Motilal Oswal Investment Advisors.
