Gujarat-based Inox Clean Energy, part of the INOXGFL Group, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise up to ₹10,000 crore through an initial public offering. According to the company's DRHP filed on September 30, 2026, the IPO comprises a fresh issue of equity shares worth ₹8,000 crore, while promoter Devansh Jain and Avarna Jain will sell shares worth up to ₹2,000 crore through an offer-for-sale. The company may also consider issuing shares worth ₹1,600 crore through a pre-IPO placement, with the fresh issue size being reduced by the amount raised through such placement if undertaken before filing the red herring prospectus with the Registrar of Companies. As reported by The Hindu BusinessLine, this planned issue will be the largest so far by a private sector renewable energy company, surpassing NTPC Green Energy's ₹10,000 crore IPO in November 2024. The filing comes after Inox Clean has rapidly expanded its renewable energy platform through acquisitions, spending more than ₹25,200 crore over the preceding year on acquisitions across India, West Asia and Southeast Asia, spanning renewable power generation, solar manufacturing, project development, operations and maintenance, and international assets. The company also secured ₹1,500 crore from the Motilal Oswal Group in August as it stepped up acquisitions and capacity additions.
The company operates through two principal business verticals - renewable power generation and solar manufacturing. Under its renewable power generation business, Inox Clean Energy operates as an independent power producer (IPP) with a renewable IPP portfolio of 9.29 GW across India and Africa as of August 31, 2026. 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. The company also manufactures solar photovoltaic (PV) modules with an operational solar module manufacturing capacity of 6.00 GW in India and the United States. Additionally, 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. As reported by The Hindu BusinessLine, the company's IPP business has scaled to 2.37 GW of operational capacity within 1.5 years since April 2025, primarily through an acquisition-led strategy. The company has expanded its footprint through acquisitions and was originally incorporated as Nani Virani Wind Energy Private Limited on November 20, 2017, later converting to a public limited company on April 9, 2025.
The company recorded a profit of ₹30.9 crore for the financial year ended March 2026, up significantly from ₹1.5 crore in the previous year. Revenue also surged to ₹178.1 crore from ₹47.2 crore during the same period. According to the latest DRHP, about 82.78% of current revenues are from renewable energy generation while the manufacturing business contributes 17.08% of revenues. 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 company operates its independent power producer business in India through Inox Neo Energies and in Africa through SkyPower Services MENA, while 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.
Of the total fresh proceeds, Inox Clean Energy proposed to deploy ₹6,000 crore towards the re-payment/pre-payment of loans availed by the company and its subsidiaries. The remaining amount is expected to be utilised for general corporate purposes like funding inorganic growth, meeting working capital requirements, and other operational needs. According to the draft red herring prospectus, up to 75% of the net offer shall be available for allocation to qualified institutional buyers, while at least 15% of the portion shall be reserved for non-institutional investors. The reserved portion size for retail investors shall not exceed 10% of the total offer. 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 are the book-running lead managers for the issue, while MUFG Intime India will act as its registrar. The company is the latest renewable energy company to pursue an IPO this year, betting on India's drive to expand non-fossil-fuel power capacity to 500 gigawatts by 2030.
According to the CRISIL Report cited by the company, Inox Clean Energy is among India's top 10 renewable IPP platforms and, on a fully commissioned basis, among the top 10 integrated solar PV module and cell manufacturing players. The company has scaled to 2.37 GW of operational renewable energy capacity in just 1.5 years since April 2025, largely through an acquisition-led strategy. The INOXGFL group, which mainly focuses on renewable energy and chemicals, has three listed companies in India: Gujarat Fluorochemicals, Inox Wind and Inox Green Energy Services. Other investors in the company and its subsidiaries include the Adar Poonawalla Family Office, CalPERS, RJ Corp, Hero Group, Authum Investments, Akash Bhansali, and other family offices and high-net-worth investors. The IPO will make Inox Clean the latest renewable energy platform seeking to tap India's strong investor appetite for clean-energy assets, while providing the company with a listed vehicle to support its next phase of expansion.
