Inox Clean Energy temporarily withdraws IPO draft papers; here is why

However, the company is expected to refile its IPO papers after incorporating the latest funding details in its financials, the report added, quoting sources.

Inox Clean Energy, part of the INOXGFL Group, had initially filed its draft red herring prospectus (DRHP) confidentially in July 2025, with plans to raise ₹6,000 crore through its initial public offering (IPO).

However, since then, several significant developments have occurred, leading to the decision to withdraw the current draft.

“According to industry sources familiar with the development, these include multiple completed acquisitions, as well as other large acquisitions currently underway. Together, these transactions are expected to 'substantially increase the operational and pipeline IPP portfolio, as well as developments across the solar manufacturing business'," PTI reported.

The report added that because these major developments are not yet reflected in the existing draft, Inox Clean Energy has opted to withdraw the draft papers and will re-file a revised version incorporating all updates.

The PTI report said the company has secured sizeable commitments from private equity investors, including a major global investor, enabling it to raise around ₹5,000 crore in the pre-IPO round.

In addition, the company is planning another significant fundraising through a private placement with commitments from multiple investors.

Inox Clean Energy IPO: What CareEdge Ratings said in July 2025

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.

Inox Clean Energy, a privately held subsidiary of the INOXGFL Group, continues to focus on manufacturing solar cells and modules, as well as on captive hybrid power production.