Inox Clean Energy files DRHP for a ?10,000 crore IPO

Inox Clean Energy, an Indian renewable energy company, has decided to join the capital market by submitting its DRHP to the market regulator, SEBI, for an IPO (Initial Public Offering) worth ?10,000 crore. 

The IPO will include a fresh issue of ?8,000 crore and an offer-for-sale of up to ?2,000 crore by its promoter, Devansh Jain. 

The company may also plan to raise ?1600 crore in a pre-IPO Placement. If successful, the funds of ?1600 crore will be reduced from the fresh issue. 

Inox Clean Energy is an integrated renewable energy platform that operates 2 key business verticals: 1) a renewable power generation business, which it undertakes as an independent power producer, with an aggregate renewable IPP portfolio of 9.29 GW across India and Africa, as of August 31, 2026. Its second business is 2) a solar manufacturing business, under which they manufacture solar photovoltaic (“PV”) modules and has an operational solar cell manufacturing capacity of 6.00 GW in India and the United States.

Inox Clean Energy is among the top 10 Indian renewable IPP platforms and among the top 10 Indian integrated solar PV module and cell manufacturing players. The firm operates its IPP business in India through Inox Neo Energies Limited (“Inox Neo”) and in Africa through SkyPower Services MENA Limited (“SkyPower MENA”).

The main objective of the IPO is to use the proceeds of ?6,000 crore from the fresh issue to reduce the outstanding debt of the company. The remaining funds will go towards general corporate purposes. 

The outstanding borrowings of Inox Clean Energy stand at ?16,781.8 crore as of August 2026.

ACME Solar Holdings, Adani Green Energy, NTPC Green Energy, Waaree Energies, Premier Energies, Emmvee Photovoltaic Power, Clean Max Enviro Energy Solutions and JSW Energy are some of the listed peers of the company. 

Financially, in FY26, the firm generated revenue of ?178.1 crore, up from ?47.2 crore in FY25. The Profit also rose sharply to ?30.9 crore in FY26 from ?1.5 crore the previous year. Moreover, the EBITDA also stood at ?32.25 crore. 

The book-running lead managers to the issue are Nuvama Wealth Management, CLSA India, Emirates NBD Capital India, HSBC Securities and Capital Markets (India), ICICI Securities, IIFL Capital Services, JM Financial, Motilal Oswal Investment Advisors and UBS Securities India.