Gujarat-based Inox Clean Energy, part of the INOXGFL Group, has initiated the process for its initial public offering (IPO) by filing a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company plans to raise up to ₹10,000 crore through the public issue.
The proposed IPO includes a fresh issue of equity shares worth ₹8,000 crore, while promoter Devansh Jain will sell shares worth up to ₹2,000 crore through an offer-for-sale (OFS), according to the DRHP filed on September 29.
The company may also raise an additional ₹1,600 crore through a pre-IPO placement. If such fundraising takes place, the fresh issue size will be adjusted accordingly before filing the red herring prospectus with the Registrar of Companies.
Renewable energy and solar manufacturing expansion
Inox Clean Energy operates across two major segments: renewable power generation and solar manufacturing. Its independent power producer business has a renewable energy portfolio of 9.29 GW across India and Africa.
Of this capacity, 2.37 GW is operational, 0.80 GW is under construction, 2.99 GW is in the pipeline and 3.13 GW is planned for future development as of August 2026.
The company’s solar manufacturing operations include photovoltaic module production and solar cell manufacturing facilities in India and the US.
It currently has 6 GW of operational solar cell capacity, along with additional manufacturing capacity under development in Odisha, India and other locations.
The company operates its renewable power business through Inox Neo Energies in India and SkyPower Services MENA in Africa. Its solar manufacturing operations are managed through Inox Solar in India and Inox Solar Americas in the US.
IPO proceeds to reduce debt burden
The primary objective of the IPO is to reduce debt by ₹6,000 crore through proceeds from the fresh issue. The remaining funds will be used for general corporate purposes.
As of August 2026, Inox Clean Energy’s consolidated borrowings stood at ₹16,781.8 crore.
The company competes with renewable energy players such as ACME Solar Holdings, Adani Green Energy, NTPC Green Energy, Waaree Energies and JSW Energy.
For the financial year ended March 2026, Inox Clean Energy reported a profit of ₹30.9 crore compared with ₹1.5 crore in the previous year. Revenue increased to ₹178.1 crore from ₹47.2 crore during the same period.
