Inox Clean Energy, a company based in Gujarat and part of the INOXGFL Group, has officially filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to potentially raise as much as Rs 10,000 crore through an initial public offering (IPO).
The proposed offering will include a fresh equity share issue valued up to Rs 8,000 crore and an offer-for-sale (OFS) of shares worth up to Rs 2,000 crore by promoter Devansh Jain, as detailed in the DRHP submitted on September 29.
Additionally, the renewable energy firm is considering a pre-IPO placement that might generate up to Rs 1,600 crore. If this placement occurs prior to lodging the red herring prospectus with the Registrar of Companies (RoC), the size of the fresh issue will be adjusted downward by the amount secured from the pre-IPO placement.
A substantial portion of the funds raised through the IPO is earmarked for debt reduction. Inox Clean Energy intends to allocate Rs 6,000 crore from the proceeds of the fresh issue to repay or prepay specific outstanding loans. The remaining funds will be directed towards general corporate activities. As of August 2026, the company had consolidated borrowings totaling Rs 16,781.8 crore.
Inox Clean Energy is engaged in two primary sectors: renewable power generation and solar manufacturing. As an independent power producer (IPP), the company manages a renewable IPP portfolio of 9.29 GW across India and Africa as of August 2026. This portfolio includes 2.37 GW that is currently operational, approximately 0.80 GW under construction, 2.99 GW in the pipeline, and 3.13 GW designated for future capacity.
Its operations in India are handled through Inox Neo Energies, while its African ventures are managed by SkyPower Services MENA, in collaboration with Arctic International.
In terms of solar manufacturing, Inox Clean Energy is broadening its production capabilities. The company has an operational capacity of 6 GW for solar cell manufacturing in both India and the US, producing solar photovoltaic (PV) modules. An additional 5 GW of solar module manufacturing capacity is under development in Odisha, and roughly 8 GW of solar cell manufacturing capacity is also in progress across both countries.
The solar manufacturing segment in India operates under Inox Solar, while Inox Solar Americas LLC, a wholly owned subsidiary of Amura Renewables, manages the US operations.
Financially, Inox Clean Energy reported significant growth in profitability for the fiscal year ending March 2026, with a profit of Rs 30.9 crore, up from Rs 1.5 crore the previous year. Revenue surged to Rs 178.1 crore in FY26 from Rs 47.2 crore in FY25.
The company competes in the renewable energy and solar manufacturing markets against other listed entities such as ACME Solar Holdings, Adani Green Energy, NTPC Green Energy, Waaree Energies, Premier Energies, Emmvee Photovoltaic Power, Clean Max Enviro Energy Solutions, and JSW Energy.
A consortium of investment banks will manage the IPO, including 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.
