India’s second-largest renewable energy company ReNew is planning to leave the Nasdaq after losing more than 30 per cent of its market value since listing in 2021. ReNew, which has a market capitalisation of just over $2.4bn, was founded in 2011 and now has more than 10 gigawatts of renewable capacity, split roughly half between wind and solar.
“There is a high probability the consortium will be able to buy out the other shareholders and take ReNew private, although they might have to make a better offer,” Bernstein India analysts wrote in a note. “Subsequent to that it won’t be surprising to us to see the stock listed back in India with a capital raise to help ReNew realise its full potential.
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