Renewable energy platform Inox Clean Energy files draft papers for Rs 10,000-crore IPO

Reports coming in for today mention that Gujarat-based Inox Clean Energy, part of the INOXGFL Group, has tapped the capital markets by filing a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to mobilize up to Rs 10,000 crore through an initial public offering (IPO).

The IPO comprises a fresh offering of equity shares worth Rs 8,000 crore, while promoter Devansh Jain will sell shares worth up to Rs 2,000 crore through an offer-for-sale (OFS), as stated by the firm’s DRHP filed on September 29.

The firm may additionally consider issuing shares worth Rs 1,600 crore through a pre-IPO placement. If the firm undertakes fundraising before filing the red herring prospectus with the Registrar of Firms (RoC), the fresh offering size will be reduced by the amount boosted through such a placement.

Inox Clean Energy operates a renewable energy platform with two principal business verticals. Under its renewable power generation business, the firm operates as an independent power producer (IPP), with a renewable IPP portfolio of 9.29 GW across India and Africa. Of this, 2.37 GW is operational, approximately 0.80 GW is under construction, 2.99 GW is pipeline capacity and 3.13 GW is future capacity, as of August 2026.

The second business vertical is solar manufacturing, under which the firm at present manufactures solar photovoltaic (PV) modules and has an operational solar cell manufacturing capacity of 6.00 GW in India and the United States. In addition, the firm stated in its DRHP that it has 5.00 GW of solar module manufacturing capacity under construction in Odisha and approximately 8.00 GW of solar cell manufacturing capacity under construction across India and the United States.

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The firm operates its independent power producer business in India through Inox Neo Energies and in Africa through SkyPower Services MENA, a venture with strategic partner Arctic International. Its solar manufacturing business is operated in India through Inox Solar and in the United States through Inox Solar Americas LLC, a wholly owned subsidiary of Amura Renewables.

The primary objective of the IPO is to reduce the firm’s debt burden by Rs 6,000 crore using proceeds from the net fresh offering. The remaining proceeds from the fresh offering will be utilised for general corporate purposes.

As of August 2026, the firm’s total outstanding borrowings stood at Rs 16,781.8 crore on a consolidated basis.

Inox Clean Energy competes with several listed peers, including ACME Solar Holdings, Adani Green Energy, NTPC Green Energy, Waaree Energies, Premier Energies, Emmvee Photovoltaic Power, Clean Max Enviro Energy Solutions and JSW Energy. The firm recorded a earnings of Rs 30.9 crore for the financial year ended March 2026, up significantly from Rs 1.5 crore in the previous year. Topline additionally surged to Rs 178.1 crore from Rs 47.2 crore during the same period.

The merchant bankers managing the Inox Clean Energy IPO are Nuvama Wealth Management, CLSA India, Emirates NBD Capital India, HSBC Securities and Capital Markets (India), ICICI Securities, IIFL Capital Services, JM Financial, Motilal Oswal Investment Advisors and UBS Securities India.