Long wait for solar energy IPOs

Will India have its first listed renewable energy company anytime soon? The answer is still clouded in uncertainty. In September last year, the ACME Group had filed a draft proposal with the markets regulator to float an initial public offer for its solar power arm. Its initial plan to raise Rs 22 billion was reduced to Rs 10-15 billion later, but even that didn’t work out, as the Securities and Exchange Board of India objected to ACME’s valuations in the initial red herring prospectus. In February this year, Singapore’s infrastructure conglomerate Sembcorp filed for a.....

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