INOX Clean Energy Files Confidential Draft Papers, Targets ₹6,000 Cr IPO

INOX Clean Energy has confidentially filed draft papers with markets regulator Sebi to raise ₹6,000 crore through an Initial Public Offering (IPO), according to industry sources familiar with the development.

This could potentially become the largest Indian IPO in the clean energy and renewables sector.

With a proposed equity dilution of over 10%, the company is targeting a market capitalisation of around ₹50,000 crore, they added.

In a public announcement on Friday, INOX Clean Energy, a part of the USD 12 billion INOXGFL Group, stated that it has submitted "the pre-filed draft red herring prospectus with Sebi and the stock exchanges, in relation to the proposed initial public offering of its equity shares on the main board of the stock exchanges." Industry sources familiar with the development said that a major portion of the public offer will comprise a fresh issue, with the proceeds earmarked for setting up new facilities in solar and Independent Power Producers (IPPs).

The proposed IPO surpasses the filings made by Juniper Green (₹3,000 crore) in June 2025 and Waaree Energies (₹4,300 crore) in October 2024.

The company has already demonstrated strong financial flexibility, highlighted by a recent equity raise of around ₹700 crore.

The book running lead managers for the proposed IPO include JM Financial, Motilal Oswal, Nuvama, IIFL Securities, and ICICI Securities.

According to a report by CareEdge Ratings, INOX Clean Energy is expected to incur capital expenditure of ₹6,500 crore to complete its under-construction renewable energy and manufacturing capacities.

This expenditure is planned to be funded through a mix of project-level debt, cash accruals from underlying projects, and equity contributions from both investors and promoters.

While funding for the under-construction renewable energy capacity is in place, the company will require additional equity capital to establish its planned manufacturing units.

INOX Clean Energy is engaged in the business of developing and operating renewable energy projects as well as manufacturing solar cells and modules through its subsidiaries INOX Neo Energies and INOX Solar.

Currently, INOX Clean Energy has a total operational capacity of 157 MW, which includes 107 MW of wind and 50 MW of solar power.

Additionally, 400 MW is under construction, comprising 350 MW of hybrid and 50 MW of solar projects. The company also has a project pipeline of over 2.2 GW, according to a CareEdge report from June 2025.