Renova surges on Tokyo trading debut

In its initial public offering (IPO), Renova offered 1,210,000 common shares at ¥750 per share, with 650,000 of them newly issued.

The company raised ¥907.5 million in its IPO. Daiwa Securities, SMBC Nikko Securities and Mizuho Securities underwrote the offering on the TSE’s secondary market.

Tokyo-based Renova’s operational PV portfolio will rise to 270.1 MW upon completion of a 70 MW project in Karumai, Iwate prefecture, in December 2019.

The company runs a 20.5 MW biomass plant in Akita prefecture and is considering the geothermal market. It is currently developing 110 MW of onshore wind capacity in Japan.

Last May, Renova announced plans to expand its PV portfolio to more than 300 MW, shortly after it was targeted for a ¥1 billion investment by Sumitomo Forestry, which is now its second-biggest shareholder.