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Inox Clean Energy IPO: The proposed IPO will comprise a fresh issue of equity shares worth up to Rs 8,000 crore and an offer-for-sale (OFS) of shares worth up to Rs 2,000 crore.
Inox Clean Energy currently has operational solar cell manufacturing capacity of 6 GW across India and the US and manufactures solar photovoltaic (PV) modules.
Inox Clean Energy IPO: Gujarat-based Inox Clean Energy, part of the INOXGFL Group, has filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi) to raise up to Rs 10,000 crore through an initial public offering (IPO).
The proposed IPO will comprise a fresh issue of equity shares worth up to Rs 8,000 crore and an offer-for-sale (OFS) of shares worth up to Rs 2,000 crore by promoter Devansh Jain, according to the DRHP filed on September 29.
Inox Clean Energy IPO: Pre-IPO Placement
The renewable energy company may also raise up to Rs 1,600 crore through a pre-IPO placement. If the company completes such a placement before filing its red herring prospectus with the Registrar of Companies (RoC), the size of the fresh issue will be reduced by the amount raised through the pre-IPO placement.
Why Is Inox Clean Energy Raising Rs 10,000 Crore?
A significant portion of the IPO proceeds will be used to reduce the company’s debt. Inox Clean Energy plans to utilise Rs 6,000 crore from the net proceeds of the fresh issue towards repayment or prepayment of certain outstanding borrowings. The balance amount will be used for general corporate purposes. The company had consolidated outstanding borrowings of Rs 16,781.8 crore as of August 2026.
Inox Clean Energy Business
Inox Clean Energy operates across two key businesses — renewable power generation and solar manufacturing. In its renewable power generation business, the company operates as an independent power producer (IPP). As of August 2026, it had a renewable IPP portfolio of 9.29 GW spread across India and Africa.
Of this total portfolio, 2.37 GW was operational, around 0.80 GW was under construction, 2.99 GW was in the pipeline and 3.13 GW was classified as future capacity.
The company operates its Indian IPP business through Inox Neo Energies, while its Africa operations are conducted through SkyPower Services MENA, a venture with strategic partner Arctic International.
Solar Manufacturing Business
Inox Clean Energy is also expanding its solar manufacturing operations. The company currently has operational solar cell manufacturing capacity of 6 GW across India and the US and manufactures solar photovoltaic (PV) modules.
It has another 5 GW of solar module manufacturing capacity under construction in Odisha. In addition, around 8 GW of solar cell manufacturing capacity is under construction across India and the US.
Its Indian solar manufacturing operations are conducted through Inox Solar, while the US business is operated through Inox Solar Americas LLC, a wholly owned subsidiary of Amura Renewables.
Inox Clean Energy Financial Performance
Inox Clean Energy reported a sharp improvement in profitability in the financial year ended March 2026. The company’s profit stood at Rs 30.9 crore in FY26, compared with Rs 1.5 crore in the previous financial year. Revenue also increased substantially to Rs 178.1 crore in FY26 from Rs 47.2 crore in FY25.
Inox Clean Energy IPO: Who Are Its Peers?
The company operates in the renewable energy and solar manufacturing sectors and competes with listed companies 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.
Inox Clean Energy IPO: Merchant Bankers
The IPO will be managed by a large consortium of investment banks. The merchant bankers include 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.
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Ask News18Inox Clean Energy has filed its draft red herring prospectus with SEBI to raise up to Rs 10,000 crore through an initial public offering, comprising a fresh issue of up to Rs 8,000 crore and an offer-for-sale of up to Rs 2,000 crore.
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September 30, 2026, 11:01 IST
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