Recent Visitors 1

Inox IPO: Clean Energy Company Files Mega Issue Papers with SEBI

Inox Clean Energy files ₹10,000 Crore IPO Papers with SEBI After Rapid Expansion

Inox Clean Energy Limited has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering worth up to ₹10,000 crore. The proposed issue could become the largest IPO so far by a private-sector renewable energy company in India, according to the company and current market reports.

The proposed IPO will have a fresh issue of up to ₹8,000 crore and an offer for sale (OFS) of up to ₹2,000 crore. Devansh Jain and Avarna Jain are the promoters of Inox Clean Energy.

The company plans to use money raised through the fresh issue mainly to repay or prepay, fully or partly, certain outstanding borrowings taken by the company and some of its direct and indirect subsidiaries. Part of the proceeds will also be used for general corporate purposes.

The filing comes less than a year after Inox Clean Energy withdrew an earlier set of IPO papers. In December 2025, the company temporarily pulled back its earlier draft after raising around ₹5,000 crore through pre-IPO funding and following major changes to its business, including acquisitions and expansion in its renewable power and solar manufacturing operations.

Since then, the company has grown considerably.

In June 2026, Inox Clean Energy agreed to acquire Vena Energy India’s renewable energy portfolio in a transaction valued at about ₹6,000 crore. The portfolio included operational renewable assets, projects nearing commissioning and a development pipeline. The transaction was completed in August.

The acquisition added solar, wind and battery energy storage projects to the company’s portfolio. Following the transaction, Inox Clean Energy said its operating and near-operational capacity had risen to nearly 4 GW, while its development pipeline expanded to more than 12 GW, along with around 2.5 GWh of battery storage capacity.

The company has also expanded its solar manufacturing operations outside India. In May, Inox Clean Energy announced the purchase of assets of Boviet Solar Technology LLC through its US subsidiary, Inox Solar Americas LLC. The transaction gave the company 3 GW of operational solar module manufacturing capacity in the United States, along with an agreement to acquire another 3 GW of solar cell manufacturing capacity.

According to the DRHP information supplied by the company, Inox Clean Energy had an aggregate renewable power portfolio of 9.29 GW across India and Africa as of 31 August 2026. Of this, 2.37 GW was operational, about 0.80 GW was under construction, 2.99 GW was pipeline capacity and 3.13 GW was classified as future capacity.

Its second major business is solar manufacturing. The company had 6 GW of operational solar module manufacturing capacity across India and the United States as of 31 August 2026. Solar cell manufacturing facilities are also being developed in India and the US.

The business is divided between renewable power generation and solar manufacturing. Its power generation operations are carried out in India through Inox Neo Energies Limited and in Africa through SkyPower Services MENA Limited, a venture with Arctic International Private Limited. Solar manufacturing in India is handled by Inox Solar Limited, while its US module manufacturing operations are conducted through Inox Solar Americas LLC, a wholly owned subsidiary of Amura Renewables Private Limited.

The company says a CRISIL report places it among the top 10 Indian renewable independent power producer platforms. On a fully commissioned basis, the report also places it among the top 10 Indian integrated solar PV module and cell manufacturing players.

The rapid rise in capacity has come largely through acquisitions. According to the company, its renewable power business reached 2.37 GW of operational capacity within about 18 months from April 2025 through an acquisition-led approach.

The proposed listing also reflects the wider growth of India’s renewable energy market. Data from the Ministry of New and Renewable Energy show that India had 168.04 GW of installed solar capacity and 58.52 GW of wind capacity as of 31 August 2026. Total renewable energy capacity stood at 295.55 GW, while total non-fossil capacity, including nuclear power, stood at 304.33 GW.

India is working towards 500 GW of non-fossil fuel power capacity by 2030. The government has also been planning transmission infrastructure and storage facilities to handle the growing amount of renewable electricity entering the grid.

For Inox Clean Energy, the IPO therefore comes at a point when its business has become much larger than when it first filed draft papers in 2025. The company is now seeking public-market capital after adding renewable power assets in India, expanding solar manufacturing in the US and building its project pipeline.

The proposed ₹10,000 crore issue will be managed by 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.

The DRHP is a preliminary offer document. The final size, structure, pricing and timetable of the IPO will depend on regulatory clearances and subsequent steps in the public issue process.