INOX Clean Energy has confidentially filed draft papers with markets regulator Sebi to lift ₹6,000 crore by an Initial Public Offering (IPO), in accordance with trade sources accustomed to the event.
This may doubtlessly turn into the most important Indian IPO within the clear power and renewables sector.
With a proposed fairness dilution of over 10%, the corporate is focusing on a market capitalisation of round ₹50,000 crore, they added.
In a public announcement on Friday (July 11, 2025), INOX Clean Energy, part of the USD 12 billion INOXGFL Group, said 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 accustomed to the event mentioned {that a} main portion of the general public provide will comprise a recent problem, with the proceeds earmarked for establishing new amenities in photo voltaic 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 firm has already demonstrated robust monetary flexibility, highlighted by a current fairness elevate of round ₹700 crore.
The e book operating lead managers for the proposed IPO embody JM Financial, Motilal Oswal, Nuvama, IIFL Securities, and ICICI Securities.
According to a report by CareEdge Ratings, INOX Clean Energy is anticipated to incur capital expenditure of ₹6,500 crore to finish its under-construction renewable power and manufacturing capacities.
This expenditure is deliberate to be funded by a mixture of project-level debt, money accruals from underlying tasks, and fairness contributions from each buyers and promoters.
While funding for the under-construction renewable power capability is in place, the corporate would require extra fairness capital to determine its deliberate manufacturing items.
INOX Clean Energy is engaged within the enterprise of creating and working renewable power tasks in addition to manufacturing photo voltaic cells and modules by its subsidiaries INOX Neo Energies and INOX Solar.
Currently, INOX Clean Energy has a complete operational capability of 157 MW, which incorporates 107 MW of wind and 50 MW of solar energy.
Additionally, 400 MW is beneath development, comprising 350 MW of hybrid and 50 MW of photo voltaic tasks. The firm additionally has a venture pipeline of over 2.2 GW, in accordance with a CareEdge report from June 2025.
