changeadminGiven the alarming impacts of climate change, deteriorating air and water quality and depletion of natural resources, the world’s fastest-growing major economy, India cannot just focus on development and ignore environmental sustainability.
Recognizing the urgent need for action, the Indian government has implemented various policies and regulations in sectors of EVs and renewables to promote environmental conservation.
Simultaneously, Indian companies increasingly understand the importance of sustainability and play a pivotal role in India’s journey towards a greener future.
From renewable energy giants to tech startups, businesses across sectors are adopting eco-friendly practices and innovative solutions.
Many companies and innovative startups are investing in renewable energy sources like solar and wind power, reducing their carbon footprint and contributing to the nation’s clean energy goals.
Additionally, they are implementing energy-efficient technologies, reducing waste and promoting sustainable consumption. By prioritizing sustainability, the efforts of these companies are helping to create a more sustainable and equitable India.
Green Fundraising
As these companies grow, they tend to raise additional capital through the IPO route, in which the company sells its shares to the public for the first time. The IPO also helps provide an exit to early investors.
India witnessed an initial public offering (IPO) boom in 2024, with 268 successful IPOs across mainboard (90) and SME (178) raised Rs 1.67 lakh crore ($19.5 billion), becoming the highest in the world.
The Indian climate companies were not to be left behind as five debuted on the stock market, raising more than 19,695 crores ($2.3 billion).
In fact, 2024 will be pathbreaking for the climate ecosystem in India as for the first time, a full-fledged electric vehicle company went for IPO. Three of five companies were in the renewable energy sector, underscoring India’s ambitious 500 GW by 2030 goal and the push for renewable energy.
Here is a look at the Indian green companies listed on the Indian stock exchanges in 2024 and significantly contributing to the country’s sustainability goals.
Ola Electric
Founded in 2017.
Ola Electric is an electric vehicle (EV) company in India with manufacturing capabilities for EVs and certain core EV components like battery packs, motors, and vehicle frames.
Bangalore-based Ola Electric launched its first electric two-wheeler in December 2021 and has expanded its product line to include more models. The company’s robust focus on R&D across EV value with in-house R&D and technology capabilities allows Ola to reduce costs, and bring products to market.
The company has manufacturing facilities in Tamil Nadu and a direct-to-customer omnichannel distribution network that includes experience centres and service centres.
Ola is also a beneficiary of several schemes brought in by the government of India to strengthen the electric vehicle ecosystem by providing initiatives to increase the production of EVs in India.
Ola Electric became the first Indian automobile company with a complete EV focus to enter the public market.
The Rs 6,145.56 crore ($730 million) worth of Ola Electric Mobility IPO was oversubscribed by 4.45 times and shares made their market debut on 9 August 2024.
NTPC Green Energy
Incorporated in 2022.
NTPC Green Energy, a wholly-owned subsidiary of NTPC Limited, is leading India’s renewable energy growth. The company’s renewable energy assets include solar and wind power projects that range from utility-scale renewable energy developments to ventures for public sector undertakings and Indian corporate entities.
The company contributes to the energy grid by producing and supplying renewable electricity to utilities. The company secures long-term power purchase agreements for its operational projects by partnering with central government agencies such as the Solar Energy Corporation of India (SECI), as well as state government agencies and public utilities.
As of November 30, 2024, NTPC Green Energy’s renewable energy portfolio was about 4 GW of operational projects. The company aims for a 60-GW renewable energy portfolio by 2032 and is exploring emerging technologies like green hydrogen, green chemicals, and battery storage to enhance its growth prospects, positioning it at the forefront of India’s energy transition.
NTPC Green’s initial public offering valued at Rs. 10,000 crores was one of the largest IPO in the country.
The stock made its debut on the Indian stock exchanges on November 27 2024.
Waaree Energies Limited
Incorporated in 1990.
Waaree Energies is a solar energy company that provides complete solar Engineering, Procurement, and Construction (EPC) solutions.
The Mumbai-based company manufactures solar photovoltaic (PV) modules such as multi-crystalline and monocrystalline modules and provides solar energy systems and renewable energy solutions.
As of June 30, 2023, the company had installed a capacity of 12 GW, with 5 manufacturing facilities in Surat, Tumb, Nandigram, Chikhli and Noida.
Apart from manufacturing solar panels, the company’s product portfolio includes solar water pumps, solar inverters, batteries for energy storage and solar rooftop solutions. The company targets to capitalize on the growing renewable energy market as it serves individual, industrial, and commercial clients.
Waaree Energies’ Rs 4,321-crore IPO generated huge interest from investors as it received close to 10 million applications — the highest for any IPO in India’s primary market history to date.
The shares of Waaree Energies made a strong debut on the Indian stock exchanges on 28 October 2024, listing at a premium of more than 65 per cent to the issue price of Rs. 1,503.
Enviro Infra Engineering Limited
Founded in 2009.
Enviro Infra Engineering Limited specializes in the design, construction, operation, and maintenance of water and wastewater treatment plants across India, focusing on projects like sewage treatment, water supply systems, and common effluent treatment plants.
Executing projects on both Engineering, Procurement, and Construction (EPC) and Hybrid Annuity Model (HAM) bases, the company maintains a strong presence in eight Indian states with a portfolio of completed and ongoing projects of varying scales. The company plans to expand its business operations in East and South India.
Water management and water treatment are emerging as an important aspect of environmental preservation.
With India’s increasing emphasis on sustainable infrastructure driving demand for water and wastewater treatment solutions, Enviro Infra, with its extensive experience in constructing and maintaining these plants for government agencies, is well-positioned to capitalize on this growth.
Enviro Infra Engineering Limited Rs. The 650.43 crore IPO provided investors with an opportunity to participate in a company that plays a crucial role in India’s water infrastructure development.
The stock was listed on the Indian stock exchanges on 29th November 2024.
ACME Group
Founded in 2003.
Acme Group, a leading renewable energy and independent power producer in India, offers a diverse range of integrated renewable energy solutions, including solar, wind, hybrid, firm, and dispatchable projects.
With in-house EPC, operation, and maintenance capabilities, ACME Groups develops, builds, owns, operates, and maintains utility-scale projects. Over the years, the Gurugram-based company has diversified and expanded its portfolio from solar power projects to becoming an integrated renewable energy company in India.
Founded by Manoj Upadhyay, a founding member of the Indian Solar Power Association, Acme boasts over 2,700 MW of operational solar capacity (as of June 2024), positioning them at the forefront of India’s green energy transition.
The Rs. 2,900-crore IPO of ACME Solar was subscribed 2.75 times but made a weak stock market debut on 13 November 2024.
Wrapping Up
While the Indian climate ecosystem saw a record number of companies listing on Dalal Street in 2024, the new year will be no different.
Many companies are expected to list on the bourses this year, including electric 2-wheeler company Ather Energy, water and infrastructure company Denta Water and Infra Solutions Limited, ethanol plants manufacturer Regreen-Excel EPC and solar panel manufacturer Vikram Solar.
We posted a snapshot of these Indian green companies that went for IPOs this year on our social media platform X, showing their IPO price and listing price. Four of five of these companies are listed at premium. Click to Check.
Want to know which companies made it to the Change Started Indian Green Startups of the Year 2024? Read here.
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