According to reports from CNBC TV18, Inox Clean Energy has filed draft papers with SEBI for an initial public offering worth up to ₹10,000 crore ($1.04 billion). The energy renewable producer plans to issue about ₹8,000 crore worth of new shares and a ₹2,000 crore offer for sale by existing shareholders. This deal is expected to mark the largest IPO from a private Indian renewable energy company to date, as confirmed by people familiar with the matter.
As reported by The Economic Times, the INOXGFL Group company had earlier made a confidential DRHP filing with SEBI in December but later withdrew it. The latest plan comes after the company raised funds privately from a diverse group of investors that included prominent global and local institutions, and expanded capacity through acquisitions in India and overseas. The company operates two related businesses: renewable energy generation and manufacturing of solar photovoltaic modules and cells.
According to CNBC TV18, the company had acquired Vena Energy India's 6-gigawatt renewable energy portfolio in June, bolstering its operating capacity and project pipeline. The firm, part of the chemicals and renewables conglomerate INOXGFL Group, aims to have 10 gigawatt of renewable power generation capacity and 11 gigawatt of solar manufacturing capacity by FY 2028. This expansion demonstrates the company's significant growth trajectory in the renewable energy sector.
According to The Economic Times, Inox Neo Energies, the company's independent power generation vertical, operates renewable power plants with a total capacity of 5 gigawatts. An additional 11 gigawatts of projects are under development, demonstrating the company's significant expansion plans in the renewable energy sector. The government-backed NTPC Green Energy made a similar-sized IPO in November 2024, setting the benchmark for large renewable energy offerings.
