INOX Clean Energy targets ₹6,000-crore IPO, files paper

INOX Clean Energy has confidentially filed draft papers with markets regulator Sebi to boost ₹6,000 crore via an Initial Public Offering (IPO), based on business sources accustomed to the event.

This might doubtlessly grow to be the biggest Indian IPO within the clear power and renewables sector.

With a proposed fairness dilution of over 10%, the corporate is concentrating on a market capitalisation of round ₹50,000 crore, they added.

In a public announcement on Friday (July 11, 2025), INOX Clean Energy, part of the USD 12 billion INOXGFL Group, acknowledged that it has submitted “the pre-filed draft red herring prospectus with Sebi and the stock exchanges, in relation to the proposed initial public offering of its equity shares on the main board of the stock exchanges.”

Industry sources accustomed to the event mentioned {that a} main portion of the general public provide will comprise a recent problem, with the proceeds earmarked for organising new services in photo voltaic and Independent Power Producers (IPPs).

The proposed IPO surpasses the filings made by Juniper Green (₹3,000 crore) in June 2025 and Waaree Energies (₹4,300 crore) in October 2024.

The firm has already demonstrated robust monetary flexibility, highlighted by a current fairness elevate of round ₹700 crore.

The ebook working lead managers for the proposed IPO embody JM Financial, Motilal Oswal, Nuvama, IIFL Securities, and ICICI Securities.

According to a report by CareEdge Ratings, INOX Clean Energy is anticipated to incur capital expenditure of ₹6,500 crore to finish its under-construction renewable power and manufacturing capacities.

This expenditure is deliberate to be funded via a mixture of project-level debt, money accruals from underlying tasks, and fairness contributions from each traders and promoters.

While funding for the under-construction renewable power capability is in place, the corporate would require further fairness capital to ascertain its deliberate manufacturing items.

INOX Clean Energy is engaged within the enterprise of growing and working renewable power tasks in addition to manufacturing photo voltaic cells and modules via its subsidiaries INOX Neo Energies and INOX Solar.

Currently, INOX Clean Energy has a complete operational capability of 157 MW, which incorporates 107 MW of wind and 50 MW of solar energy.

Additionally, 400 MW is below building, comprising 350 MW of hybrid and 50 MW of photo voltaic tasks. The firm additionally has a mission pipeline of over 2.2 GW, based on a CareEdge report from June 2025.