Hitesh Chimanlal Doshi started dabbling in India’s energy sector in 1985 using a 5,000-rupee ($60 – all values in USD) loan from a relative.

Almost 40 years later, Doshi leads the Waaree Group, one of the largest companies in renewable energy in India. With the listing of the group’s solar cell manufacturing arm Waaree Energies Ltd. on Monday in Mumbai, Doshi and his family have joined the ranks of the world’s richest people.

Waaree Energies shares surged 56% after its $514 million initial public offering, taking the Doshi family’s net worth to about $5.3 billion, according to the Bloomberg Billionaires Index, almost doubling the clan’s pre-listing wealth. A spokesperson for the company declined to comment on Doshi’s fortune.