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India’s 2024 IPO boom created seven billionaires

Bloomberg
Bloomberg • 4 min read
India’s 2024 IPO boom created seven billionaires
Around 85 companies aim to list on the stock exchanges in 2025, collectively targeting 1.53 trillion rupees ($24.4 billion). Photo: Bloomberg
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A blockbuster year for initial public offerings in India catapulted seven entrepreneurs into the dollar billionaires league, many of them early movers in the country’s booming renewable energy sector.

Chiranjeev Singh Saluja of Premier Energies is among those who successfully rode the wave.

“My father was in the business of supplying hand pumps to rural villages,” the 51-year-old said in an interview. “He saw that access to electricity was sparse in those areas, so he started Premier Solar in 1995,” Saluja said.

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