Inox Clean Energy Files Draft Papers for ₹10,000 Crore Mega IPO Advised by Khaitan & Co and Trilegal

Inox Clean Energy Limited, an arm of the diversified INOXGFL Group, has initiated formal steps for an initial public offering (IPO) aggregating up to ₹10,000 crore. The public issue, structured as a mix of fresh equity and secondary share sales, could stand as the largest IPO from a private domestic renewable energy player to date.

Leading Indian corporate law firms Khaitan & Co and Trilegal have taken up key legal advisory mandates for the landmark primary market transaction.

Issue Structure and Legal Advisory

According to the draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI), the proposed public offering consists of:

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

Khaitan & Co is advising Inox Clean Energy Limited and promoter selling shareholder Devansh Jain. The law firm's advisory team includes Partners Madhur Kohli and Vijayaraghavan, alongside Executive Director Sudhir Bassi.

Trilegal is advising the syndicate of book running lead managers (BRLMs) managing the public issue. The transaction team at Trilegal is spearheaded by Partner Richa Choudhary, supported by Counsel Avanti Kale and Senior Associate Shivayana Balodia.

Heavyweight Merchant Banking Syndicate

The proposed public issue is being managed by a broad syndicate of domestic and international investment banks.

Book Running Lead Managers to the Issue:

• ICICI Securities Limited
• JM Financial Limited
• Nuvama Wealth Management Limited
• Motilal Oswal Investment Advisors Limited
• IIFL Capital Services Limited
• CLSA India Private Limited
• HSBC Securities and Capital Markets (India) Private Limited
• UBS Securities India Private Limited
• Emirates NBD Capital India Private Limited

Business Operations and Industry Position

Inox Clean Energy operates as an integrated renewable power producer and clean technology manufacturer. It ranks among the top 10 renewable independent power producer (IPP) platforms in India, in addition to being among the top 10 domestic integrated solar photovoltaic (PV) module and cell manufacturers.

The company develops, owns, and operates utility-scale solar and wind power assets across India and overseas, supported by an operational capacity of over 2.3 GW and a broader project execution pipeline exceeding 9 GW. The vertical has grown substantially over the past two years through both organic capacity expansion and strategic acquisitions.

Strategic Significance for Indian Markets

The ₹10,000 crore filing comes at a time when primary market activity for green energy infrastructure is experiencing renewed momentum. India has committed to expanding its non-fossil-fuel energy capacity to 500 gigawatts (GW) by 2030, spurring aggressive capital-raising requirements among utility developers and clean-tech equipment manufacturers.

For Indian retail and institutional investors, Inox Clean Energy's proposed listing provides scale exposure to integrated clean energy operations, combining long-term power purchase agreements with captive module manufacturing capabilities. The deployment of proceeds from the ₹8,000 crore fresh issue is expected to significantly de-leverage the balance sheet and bankroll ongoing capital expenditure for the company's renewable project pipeline.

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