INOX Clean Energy Confidentially Files DRHP to Raise ₹6,000 Crore via IPO; Eyes ₹50,000 Crore Valuation

#INOXCleanEnergy #GreenIPO #RenewableEnergyIndia #SEBI #SolarPower #WindEnergy #HybridEnergy #EnergyTransition #GreenEconomy #SustainableInvesting #IPOWatch

Chandigarh — In a major step toward bolstering India’s green energy push, INOX Clean Energy, part of the $12 billion INOXGFL Group, has confidentially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a proposed Initial Public Offering (IPO) on the main board.

According to sources familiar with the development, the company is planning to raise over ₹6,000 crore, with the issue expected to comprise a substantial fresh equity component. The move is aimed at funding expansion into solar manufacturing and Independent Power Producer (IPP) verticals, further strengthening its position in India’s fast-growing renewable energy sector.

Targeting ₹50,000 Crore Market Capitalisation

Industry insiders indicate that INOX Clean Energy will be diluting over 10% of its equity, translating to an estimated post-issue market capitalization of around ₹50,000 crore. This valuation, if realised, would make it one of the top-listed green energy players in India, in the league of Adani Green, Tata Power Renewable Energy, and ReNew Power.

A public announcement made by the company confirmed the submission of the pre-filed draft red herring prospectus (PDRHP) with SEBI and the stock exchanges in line with SEBI’s confidential filing norms.

“We have submitted the pre-filed DRHP with SEBI and the exchanges for the proposed IPO on the main board,” INOX Clean Energy said in a statement on Friday.

IPO Structure and Use of Proceeds

While finer details are yet to be disclosed publicly, sources close to the transaction confirmed that the IPO will have a large fresh issue component, as opposed to a pure Offer for Sale (OFS) structure. A major portion of the proceeds is earmarked for:

• Setting up new facilities in solar energy manufacturing (cells and modules)

• Capital expenditure for renewable energy project development, including hybrid projects

• Debt reduction and general corporate purposes

This aligns with India’s larger vision of achieving 500 GW of non-fossil fuel-based capacity by 2030, under its Nationally Determined Contributions (NDCs) as per the Paris Agreement.

INOX Clean Energy: Business Overview & Growth Pipeline

INOX Clean Energy operates as a vertically integrated clean energy platform, with business interests in both renewable energy development and solar component manufacturing.

Through its subsidiaries:

• INOX Neo Energies – Focuses on developing and operating wind, solar, and hybrid projects

• INOX Solar – Engaged in the manufacturing of solar cells and modules

As of July 2025:

• Operational renewable energy capacity stands at 157 MW, including:

  • 107 MW of wind

  • 50 MW of solar

• 400 MW under construction, comprising:

  • 350 MW hybrid projects

  • 50 MW of solar

• Project pipeline exceeds 2.2 GW, per a CareEdge Ratings report (June 2025)

The company aims to be a key player in hybrid energy systems, combining wind and solar assets to deliver round-the-clock renewable energy — a solution gaining traction among commercial and industrial (C&I) consumers.

Book Running Lead Managers & IPO Advisors

The IPO is being managed by a syndicate of leading investment banks, including:

• JM Financial

• Motilal Oswal Investment Advisors

• Nuvama Wealth Management

• IIFL Securities

• ICICI Securities

These firms are expected to work closely with domestic and international institutional investors during the roadshows and anchor book placement, expected to begin post regulatory approvals.

Why INOX Clean Energy Matters for India’s Energy Transition

INOX Clean Energy’s IPO filing comes amid a renewable energy investment boom in India. According to IREDA and BloombergNEF, India needs over $200 billion in green energy investments by 2030 to meet its climate goals.

The government’s Production Linked Incentive (PLI) schemes for solar manufacturing and grid-scale battery storage, along with renewable purchase obligations (RPOs) for discoms and industries, are creating tailwinds for players like INOX Clean Energy.

With strong operational assets, a robust development pipeline, and in-house manufacturing capabilities, the company is well-positioned to benefit from:

• Rising industrial power demand

• Shift toward captive renewable energy use

• Carbon neutrality commitments by Indian conglomerates

Comparison with Sector Peers

INOX’s vertical integration across the renewable value chain may provide cost advantages and earnings visibility in a highly competitive and capex-intensive sector.

Conclusion: A Strong Green Bet for Investors

INOX Clean Energy’s planned IPO marks a significant milestone in the evolution of India’s green energy landscape. With the proposed ₹6,000 crore issue and a focus on hybrid projects, solar manufacturing, and capacity expansion, the company aims to establish itself as a next-generation clean energy powerhouse.

The IPO will also offer investors a unique opportunity to participate in India’s transition to a low-carbon economy, while potentially benefiting from INOX Clean Energy’s early-mover advantage in hybrid energy and solar manufacturing.

The actual timelines and valuation will depend on regulatory approvals, market conditions, and investor appetite over the next few months.

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