Onix Renewable, a Gujarat-based renewable energy and solar module manufacturing company, is set to raise Rs 1,000 crore through an initial Public Offering (IPO) by July,2025, targeting a valuation of Rs 10,000 crore, according to a senior company executive.

The company, which began as a transmission and distribution contractor in 2007, has expanded into solar module manufacturing and independent power production (IPP). It currently operates an EPC (engineering, procurement, and construction) portfolio exceeding 1,200 MW (megawatt) and 2,525 MW of IPP projects, mainly under the PM-Kusum scheme.

The company will use the money raised through the IPO to expand and grow its projects. With this funding, the company plans to further strengthen its solar energy business.

Onix Renewable will raise equity investment and working capital for EPC business through its IPO. The company's COO Hardik Adhiya told Business Standard that the company's order book is currently worth ₹ 14,000 crore, which includes solar, hybrid and battery energy storage projects.