Inox Clean Energy Files DRHP For ₹10,000 Crore IPO To Expand Renewable Energy Business

Gujarat-based Inox Clean Energy has commenced the procedure for its initial public offering (IPO) by submitting a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI). The company aims to generate up to ₹10,000 crore through the public issue. The IPO will comprise a fresh issuance of equity shares amounting to ₹8,000 crore, while promoter Devansh Jain will liquidate shares worth up to ₹2,000 crore via an offer-for-sale (OFS).

Inox Clean Energy may also amass an additional ₹1,600 crore through a pre-IPO placement. If successful, the fresh issue size will be adjusted prior to filing the DRHP with the Registrar of Companies.

Inox Clean Energy operates in two key areas: renewable power generation and solar manufacturing. Its renewable power portfolio currently spans 9.29 GW across India and Africa, with 2.37 GW operational, 0.80 GW under construction, 2.99 GW in pipeline, and 3.13 GW slated for future expansion as of August 2026. The company's solar manufacturing segment features photovoltaic module and solar cell production facilities in India and the US, currently generating 6 GW of operational capacity with additional capacity under development in Odisha, India and other locations.

Inox Clean Energy's renewable power and solar manufacturing operations are managed through Inox Neo Energies and SkyPower Services MENA in India and Africa, and Inox Solar and Inox Solar Americas globally.

The primary purpose of the IPO is to alleviate debt by ₹6,000 crore through the fresh issue, with the remaining proceeds allocated for general corporate purposes. As of August 2026, Inox Clean Energy's consolidated borrowings amounted to ₹16,781.8 crore. In the fiscal year ending March 2026, the company reported a profit of ₹30.9 crore, up from ₹1.5 crore in the previous year, with revenue growing to ₹178.1 crore from ₹47.2 crore during the same period.