Apollo Green Energy Limited (AGEL), a leading player in India’s renewable energy sector, is actively preparing for its Initial Public Offering (IPO), expected to take place by the fourth quarter of 2025. This IPO is a key milestone in the company’s ambitious growth strategy and will provide the financial muscle needed to scale operations and expand its project portfolio.
Strong Order Book and Project Pipeline
As of early 2025, Apollo Green Energy boasts a robust order book of approximately ₹3,500 crore ($416 million), reflecting strong market demand for its renewable energy solutions. The company plans to aggressively expand this order book to ₹10,000 crore within the next two years, positioning itself as a major EPC (Engineering, Procurement, and Construction) player in India’s green energy transition.
Apollo Green Energy’s project portfolio is diverse and technically advanced, including:
Apollo Green Energy’s growth is driven by several key factors:
➢ Expanding Renewable Energy Demand: India’s ambitious target of 500 GW renewable capacity by 2030 creates a vast market opportunity.
➢ Technological Diversification: The company is broadening its expertise beyond solar to green hydrogen, battery storage, and hybrid power, enhancing its competitive edge.
➢ Solar Module Manufacturing: AGEL plans to set up a 500 MW solar module manufacturing plant in Madhya Pradesh within the next 2-3 years, reducing dependency on imports and improving project cost efficiency.
➢ Strong Revenue Growth: The company’s revenue surged from ₹324.83 crore in FY22 to ₹1,174.77 crore in FY24, reflecting operational scale-up and efficiency.
➢Strategic Partnerships: Collaborations with technology providers and financial consultants are helping AGEL refine its project execution and IPO valuation strategy.
➢Experienced Management: Led by CEO Sanjay Gupta, the company has over 200 professionals with expertise in renewable energy EPC, ensuring strong project delivery and innovation.
IPO Details and Expected Valuation
Apollo Green Energy is actively working with financial advisors to finalize the IPO size and valuation, aiming to launch the offering in Q4 2025. While the exact price band is yet to be announced, market observers expect a valuation that reflects the company’s strong order book, diversified project portfolio, and growth prospects in the booming green energy sector.
The IPO proceeds will primarily be used to:
Backed by a strong order book, diverse and innovative projects, strategic growth initiatives, and experienced leadership, the company is well-positioned to capitalize on India’s clean energy ambitions. The IPO will not only provide capital for scaling operations but also offer investors an opportunity to participate in one of the fastest-growing sectors in the country.
Investors interested in green energy should closely watch Apollo Green Energy’s IPO developments as the company prepares to go public in late 2025.
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