Inox Clean Energy files for ₹10,000 crore IPO to tap clean-energy growth
The renewable energy company plans to use about ₹6,000 crore from the proceeds to repay debt, while expanding its operations.
Inox Clean Energy has submitted paperwork for an initial public offering (IPO) valued at up to ₹10,000 crore ($1.04 billion), as reported on Tuesday. The renewable energy company aims to capitalize on the growing interest in India's clean-energy sector. The renewable energy industry is a focal point in India's strategy to increase non-fossil-fuel energy capacity to 500 gigawatts by 2030, and the IPO market is expected to reinvigorate after a sluggish beginning to the year.
Inox Clean Energy is among several renewable energy firms anticipated to go public in 2026, alongside Clean Max and Juniper Green Energy, which have already completed their listings. Brookfield-backed Avaada Electro, Sembcorp's India subsidiary, and SAEL Industries are also planning IPOs.
The company intends to issue new shares worth approximately ₹8,000 crore, while its leading shareholder and non-executive director, Devansh Jain, plans to sell shares worth up to ₹2,000 crore via the IPO. Inox Clean Energy, a subsidiary of the INOXGFL conglomerate, is involved in constructing and operating solar and wind power plants in India and Africa.
Currently, the company has 2.37 GW of operating capacity, which is part of a 9.29 GW pipeline comprising projects at various development stages. Additionally, Inox Clean Energy manufactures solar panels in both India and the United States.
The company plans to utilize a significant portion of the IPO funds, around ₹6,000 crore, to settle its debt. Inox Clean Energy had previously applied for an IPO with India's securities regulator last year but withdrew the application. The company competes with other power producers, such as Adani Green Energy, NTPC Green Energy, and ACME Solar, along with solar equipment manufacturers Waaree Energies and Premier Energies.
The INOXGFL group, which primarily focuses on renewable energy and chemicals, possesses three publicly traded entities in India: Gujarat Fluorochemicals, Inox Wind, and Inox Green Energy Services. Investment banks managing the IPO include Nuvama Wealth Management, HSBC, UBS, ICICI Securities, CLSA, and Emirates NBD Capital.
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