INOX Clean Energy IPO: Firm likely to raise ₹5,000 crore from public issue; check other details

INOX Clean Energy will be the fifth entity of the $12 billion group to be listed on the bourses.

"The INOXGFL Group is preparing to take INOX Clean Energy public, aiming to raise 10-15% from the public at a valuation of ₹50,000 crore (USD 6 billion), the report added.

Once completed, the IPO will be among the largest fundraising initiatives in the country's private renewable energy sector.

The IPO is expected to hit the market in the third quarter of the 2025-26 financial year, the PTI report said.

"Sources also said INOXGFL has appointed five leading investment banks to manage the issue," the report said further.

An email query sent to INOXGFL Group remained unanswered.

INOX Clean Energy is an integrated renewable platform spanning solar manufacturing, including cells and modules, and an Independent Power Producer (IPP) platform.

The group aims to boost its position in India's renewable energy market with the IPO.

As of now, a total of four companies of the INOXGFL Group are listed on the exchanges, namely Gujarat Fluorochemicals Ltd., the flagship chemical company developing products for battery materials; Inox Wind Ltd., a leading manufacturer of wind turbines in India; Inox Wind Energy Ltd., the holding company currently undergoing a merger with Inox Wind Ltd.; and Inox Green, the listed O&M company of the renewable arm.

On October 28, 2024, solar panel maker Waaree Energies Ltd was listed with a premium of nearly 70% against the issue price of ₹1,503. The stock made its market debut at ₹2,550, reflecting a jump of 69.66% from the issue price on the BSE. It further surged 72.98% to ₹2,600.

On the NSE, the stock was listed at ₹2,500, surging 66.33%.

The initial public offering (IPO) of Waaree Energies Ltd. garnered 76.34 times subscriptions on the last day of the share sale, helped by strong participation from institutional buyers.

The ₹4,321.44 crore initial share sale had a price band of ₹1,427 to ₹1,503 per share.

The IPO was a combination of a fresh issue of equity shares aggregating to ₹3,600 crore and an offer-for-sale (OFS) of 48 lakh equity shares worth ₹721.44 crore, at the upper end of the price band, by a promoter and existing shareholders.