The company has asked banks to come and pitch for the IPO mandate, and the meetings will take place over the next couple of weeks, says the financial newspaper.
In the communication sent out to the banks, ReNew Power has not disclosed the size of the funds to be raised through the IPO.
The IPO will most likely be a mix of primary issue and an offer for sale (OFS), according to the daily.
Founded in 2011 by Founder & CEO Sumant Sinha, ReNew Power has now more than 1 gigawatt (GW) of operational capacity from its own wind and solar projects.
Sinha was earlier Chief Operating Officer (COO) at wind turbine maker Suzlon Energy Ltd.
Major investors in ReNew Power include Goldman Sachs, Asian Development Bank (ADB), Abu Dhabi Investment Authority and Global Environment Fund.
The renewable energy producer has a target to set up over 11GW of combined wind and solar capacity in the next five years.