Renewable energy player Inox Clean Energy files draft papers with SEBI for ₹10,000 crore IPO

Renewable energy company Inox Clean Energy has filed draft papers with the market regulator SEBI to raise up to ₹10,000 crore through an initial public offering (IPO).

This offering would mark the largest private-sector renewable energy public issue in India to date.

The IPO comprises a fresh issue of equity shares worth up to ₹8,000 crore and an Offer-for-Sale (OFS) of shares worth ₹2,000 crore by promoter Devansh Jain, according to the Draft Red Herring Prospectus (DRHP) filed on Tuesday.

The company, part of the INOXGFL Group, plans to use the proceeds from the fresh issue for repayment or prepayment, in full or part, of certain outstanding borrowings of the company and its subsidiaries, besides general corporate purposes.

Inox Clean Energy is an integrated renewable energy platform with two principal businesses -- renewable power generation and solar manufacturing.

As of August 31, 2026, its renewable independent power producer (IPP) portfolio stood at 9.29 GW across India and Africa, comprising 2.37 GW of operational capacity, around 0.80 GW under construction, 2.99 GW of pipeline capacity and 3.13 GW of future capacity, the draft papers noted.

Its solar manufacturing business has an operational solar module manufacturing capacity of 6 GW across India and the US, while solar cell manufacturing capacity is under construction in India and the US.

Inox Clean Energy faces competition from a growing pool of listed renewable energy companies, including Adani Green Energy, NTPC Green Energy, ACME Solar Holdings, Waaree Energies, Premier Energies, Clean Max Enviro Energy Solutions and JSW Energy.

Inox Clean Energy is part of the broader INOXGFL Group, which has interests in chemicals and renewable energy and has three listed entities -- Gujarat Fluorochemicals Ltd, Inox Wind Ltd and Inox Green Energy Services Ltd.

The group provides integrated capabilities spanning solar module manufacturing, wind turbine generation, engineering, procurement and construction, and renewable energy operations and maintenance.

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 to the issue.