Inox Clean Energy Files DRHP for India Largest Private Sector Green Energy IPO Worth Rs 10000 Crore

Inox Clean Energy Limited, the renewable energy arm of the conglomerate INOXGFL Group, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) to raise up to ₹10,000 crore (₹100 billion) through an initial public offering (IPO). The issue marks the largest proposed public listing by a private-sector renewable energy company in India.

Issue Structure and Use of Proceeds

The proposed IPO comprises two primary components:

• A fresh issue of equity shares aggregating up to ₹8,000 crore.
• An offer-for-sale (OFS) of shares worth up to ₹2,000 crore by promoter Devansh Jain.

The company stated that it may also evaluate a pre-IPO placement of up to ₹1,600 crore, which would proportionately reduce the fresh issue size if executed.

According to the DRHP, the net proceeds from the fresh capital raise are earmarked primarily to reduce leverage. Specifically, ₹6,000 crore will be utilized for the full or partial prepayment or repayment of outstanding borrowings availed by the company and its subsidiaries. The remainder of the capital will be directed towards general corporate purposes. As of August 2026, the company's consolidated borrowings stood at ₹16,781.8 crore.

The book-running lead managers appointed to manage the public issue include Nuvama Wealth Management, CLSA India, Emirates NBD Capital, HSBC Securities and Capital Markets (India), ICICI Securities, IIFL Capital Services, JM Financial, Motilal Oswal Investment Advisors, and UBS Securities India.

Business Operations and Growth Portfolio

Inox Clean Energy operates an integrated clean energy model spanning two core verticals: independent power producer (IPP) operations and solar equipment manufacturing.

Key Operational and Asset Metrics:

• Renewable Generation Portfolio: The company has an aggregate IPP portfolio of 9.29 gigawatts (GW) across India and Africa. This consists of 2.37 GW of operational capacity, approximately 0.80 GW under construction, 2.99 GW in active pipeline development, and 3.13 GW categorized as future capacity.
• Manufacturing Footprint: The platform operates 6 GW of operational solar photovoltaic module manufacturing capacity across facilities in India and the United States, alongside under-construction solar cell manufacturing units.
• Operating Structure: Power generation in India is executed via Inox Neo Energies, while African operations are handled through SkyPower Services MENA. Domestic manufacturing is managed under Inox Solar, and North American assets run via Inox Solar Americas.

The company scaled its operational generation capacity rapidly via acquisitions, deploying over ₹25,200 crore across generation and manufacturing assets over the preceding year. Earlier in 2026, Inox Clean raised ₹3,100 crore in equity funding, followed by ₹1,500 crore from the Motilal Oswal Group to support capacity additions.

Financial Snapshot and Market Implications

For the financial year ended March 31, 2026 (FY26), Inox Clean Energy reported revenue of ₹2,046.4 crore, compared to ₹178.1 crore in the previous financial year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached ₹1,190.4 crore, translating to an EBITDA margin of 58.17%. Consolidated net profit stood at ₹30.9 crore, up from ₹1.5 crore in FY25.

If approved and listed, Inox Clean Energy will become the fourth publicly traded entity under the INOXGFL Group umbrella, joining Gujarat Fluorochemicals Ltd, Inox Wind Ltd, and Inox Green Energy Services Ltd.

The public offering arrives amid robust capital demand across India's power and renewables sector, following previous blockbuster market entries such as NTPC Green Energy's ₹10,000 crore issue. Inox Clean Energy will join a growing cohort of listed clean energy and equipment firms on the Indian bourses, competing alongside Adani Green Energy, ACME Solar Holdings, Waaree Energies, and Premier Energies.

Tags: Inox Clean Energy INOXGFL Group SEBI Renewable Energy IPO NSE