Inox Clean Energy files DRHP for ₹10,000 crore IPO
Proceeds from the fresh issue will primarily be used to repay or prepay borrowings of the company and its subsidiaries, with the balance earmarked for general corporate purposes
Inox Clean Energy, a renewable energy arm of the INOXGFL Group, has submitted its draft red herring prospectus (DRHP) to SEBI for an Initial Public Offering (IPO) valued at up to ₹10,000 crore. The company, which has been aggressively expanding through acquisitions in India, West Asia, and Southeast Asia, aims to leverage the IPO to bolster its balance sheet and support future growth.
The IPO will consist of a primary issuance of up to ₹8,000 crore and an offer for sale by the existing shareholders of up to ₹2,000 crore. The funds raised will primarily be utilized to repay or prepay existing borrowings, with the remainder allocated to general corporate purposes. Inox Clean's renewable power generation portfolio now includes 9.29 GW of capacity, with 2.37 GW operational, 0.80 GW under construction, and 3.13 GW planned for the future.
The solar manufacturing division has a capacity of 6 GW, with additional cell manufacturing capacity under development in both India and the United States. Prominent investors in the company's ventures include the Adar Poonawalla Family Office, CalPERS, RJ Corp, Hero Group, Authum Investments, Akash Bhansali, and various high-net-worth individuals and family offices.
The IPO marks Inox Clean Energy as the latest renewable energy player to capitalize on India's robust demand for clean energy assets, while providing the company with a listed platform to accelerate its expansion efforts.
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