Inox Clean Energy Files Draft Papers for INR 10,000 Cr IPO

Inox Clean Energy has filed draft papers with SEBI for an initial public offering worth up to INR 10,000 crore (USD 1.04 billion), as it looks to capitalize on investor interest in India’s clean-energy sector. The IPO comprises a fresh issue of shares worth about INR 8,000 crore and an offer-for-sale of up to INR 2,000 crore by non-executive director Devansh Jain.

The company plans to use approximately INR 6,000 crore of the proceeds to repay debt, with the remainder going toward scaling its renewable energy portfolio and general corporate purposes. There is no further breakup disclosed for the remaining INR 2,000 crore of the fresh issue beyond the debt repayment component. SEBI typically takes one to three months to issue its observations on a draft prospectus.

Inox Clean Energy had earlier made a confidential filing in July 2026 for a smaller INR 6,000 crore issue, at which point reports pegged its target market capitalisation at around INR 50,000 crore with a proposed equity dilution of over 10%. The company subsequently withdrew that filing before returning with the larger INR 10,000 crore issue.

Part of the INOXGFL Group, which also runs listed entities Gujarat Fluorochemicals, Inox Wind and Inox Green Energy Services, Inox Clean Energy operates renewable power generation assets through its independent power arm, Inox Neo Energies, alongside solar module and cell manufacturing through Inox Solar.

Inox Neo Energies currently operates renewable power plants with a combined capacity of 5 GW with another 11 GW of projects under development. The company’s expansion has been driven by a series of acquisitions, most notably the INR 6,000 crore purchase of Vena Energy India from Global Infrastructure Partners (now part of BlackRock), which took its operating and near-operational portfolio to around 4 GW.

The company has announced roughly ten acquisitions over the past year across power generation, solar manufacturing and battery storage. Separately, Motilal Oswal Group has committed INR 1,500 crore to the company through compulsorily convertible debentures, of which INR 1,000 crore has already been deployed toward acquisitions and other growth initiatives.

Inox Clean Energy is promoted by the Vivek Jain-led INOXGFL Group with his son Devansh Jain serving as executive director.

The IPO comes amid a wave of renewable energy listings in India with Clean Max and Juniper Green Energy having already gone public in 2026, while Brookfield-backed Avaada Electro, Sembcorp’s India unit and SAEL Industries are preparing their own offerings. If completed at the proposed size, the issue would surpass earlier renewable-sector filings such as Juniper Green’s INR 3,000 crore and Waaree Energies’ INR 4,300 crore. Nuvama Wealth Management, HSBC, UBS, ICICI Securities, CLSA and Emirates NBD Capital are managing the issue.