India’s flourishing initial public offering (IPO) market has turned 2024 into a milestone year, propelling seven entrepreneurs into the elite dollar billionaires club. Among them is Chiranjeev Singh Saluja of Premier Energies, who has successfully capitalised on the country’s renewable energy boom.
“My father started Premier Solar in 1995 after witnessing the lack of electricity access in rural areas,” Saluja, 51, shared in an interview. Today, Premier Energies, rebranded from Premier Solar, stands as India’s second-largest integrated solar module and solar cell manufacturer, trailing only the Adani Group. Premier Energies’ IPO debut in September saw its shares triple in value, pushing its market valuation to a staggering $7 billion.
Saluja is joined by other renewable energy magnates, including Hitech C Doshi of Waaree Group, Bhavish Aggarwal of Ola Electric Mobility Ltd, and Manoj K Upadhyaya of Acme Solar Holdings Ltd. Their fortunes reflect the growing investor confidence in India’s renewable energy ambitions, with plans to add 100 GW of solar capacity over the next four years, according to Frost & Sullivan. However, Saluja warns of potential industry consolidation, emphasising that only scalable operations will survive.
The IPO boom of 2024 saw a record ₹1.66 trillion ($19.82 billion) raised, driven by a 27% increase in unique investors. In 2025, 85 companies are targeting IPOs worth ₹1.53 trillion ($18 billion). Prospective listings include giants like Flipkart, Zepto, PayU, Pine Labs, and potential carve-outs from Reliance Industries’ retail and telecom divisions.
Despite strong domestic equity inflows, challenges loom, including a slowing economy, weak corporate profits, and geopolitical uncertainties. Experts predict a potential liquidity crunch and slower IPO activity in the latter half of 2025.
Nonetheless, founders remain optimistic. “Entrepreneurs now prefer owning 75% of a $100 million listed company over 100% of a $10 million firm,” said Vishnu Agarwal of Stock Knocks. With this mindset, India’s IPO pipeline is poised to remain robust, blending innovation with ambition.
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