ReNew Power listed on the U.S. stock exchange NASDAQ (National Association of Securities Dealers Automated Quotations) through the special purpose acquisition company (SPAC) route and achieved a market capitalisation of nearly USD 4.5 billion (about Rs 33,500 crore). …
This is the biggest listing of an Indian entity through SPAC. In early trades, the stock was quoted at USD 8.6. As per existing rules, an Indian company cannot directly list on a foreign bourse, therefore the UK-domiciled ReNew Energy has been structured as the holding company for ReNew Power, the India-domiciled company that owns all the renewable energy assets in the country.