Inox Clean Energy files ₹10,000 crore IPO with Sebi; set to be largest private renewable energy offering

Inox Clean Energy, the renewable energy arm of the InoxGFL Group, has filed its draft red herring prospectus (DRHP) for a ₹10,000 crore initial public offering (IPO) with the Securities and Exchange Board of India (Sebi).

Earlier this month, Fortune India had reported that Inox Clean Energy was likely to file the draft papers for a ₹10,000 crore IPO by the end of September.

The proposed IPO will comprise 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. As of the date of the DRHP, promoters Devansh Jain and Avarna Jain jointly hold 91.65% of the company’s issued share capital.

Inox Clean Energy may also raise up to ₹1,600 crore through a pre-IPO placement. If such a placement is completed before the red herring prospectus is filed with the Registrar of Companies (RoC), the fresh issue size will be reduced by the amount raised through the pre-IPO placement.

With a proposed issue size of up to ₹10,000 crore, the Inox Clean Energy IPO could become the largest public offering by a privately held Indian renewable energy company. This would surpass the ₹4,300 crore IPO of Waaree Energies, Clean Max Enviro Energy’s ₹3,100 crore issue and Juniper Green’s ₹1,800 crore offering.

Inox Clean Energy is also expected to become the fourth listed entity of the InoxGFL Group, joining Gujarat Fluorochemicals (GFL), Inox Wind and Inox Green Energy Services on the domestic bourses.

How IPO proceeds will be used

The proceeds from the fresh issue will be used to repay or prepay, in full or in part, certain outstanding borrowings availed by the company and its direct and indirect subsidiaries. A portion of the proceeds will also be used for general corporate purposes.

“We believe that such repayment and pre-payment will help reduce our outstanding indebtedness, debt servicing costs and improve our debt-to-equity-ratio and enable utilisation of internal accruals for further investment in business growth and expansion,” the company said in its DRHP.

Inox Clean Energy is an integrated renewable energy platform with two principal business verticals: renewable power generation and solar manufacturing.

Its renewable power generation business operates as an independent power producer (IPP) and had an aggregate renewable IPP portfolio of 9.29 GW across India and Africa as of August 31, 2026. Of this, 2.37 GW was operational, around 0.80 GW was under construction, 2.99 GW was pipeline capacity and 3.13 GW was future capacity.

Its solar manufacturing business produces photovoltaic (PV) modules, with solar cell manufacturing capacity under construction in India and the US. As of August 31, 2026, the company had an aggregate operational solar module manufacturing capacity of 6 GW across the two countries.

According to the CRISIL report, Inox Clean Energy is among the top 10 Indian renewable IPP platforms and, on a fully commissioned basis, among the top 10 Indian integrated solar PV module and cell manufacturing players.

The company’s IPP business involves the development, acquisition, ownership and operation of renewable power generation assets. Its solar manufacturing business focuses on PV module manufacturing, with backward integration into solar cell production currently under development.

Rapid expansion through acquisitions

Inox Clean Energy has rapidly scaled up its renewable energy portfolio, reaching 2.37 GW of operational capacity within 1.5 years since April 2025, primarily through an acquisition-led strategy, according to the CRISIL report.

The company has completed around 10 acquisitions in India and overseas over the past year, expanding its presence across renewable power generation and solar manufacturing.

A key transaction was the ₹6,000 crore acquisition of Vena Energy India from Global Infrastructure Partners, now part of BlackRock. The deal added around 1 GW of operational capacity, 1.7 GW of solar and wind projects and 1.2 GWh of battery energy storage system (BESS) assets.

The company has also acquired Vibrant Energy’s 1,337 MW portfolio from Macquarie, nearly 300 MW of operating solar projects from SunSource Energy and the Indian and African businesses of CalPERS-backed SkyPower. Other acquisitions include a 640 MW hybrid portfolio from Evergreen Power and Wind World India’s roughly 600 MW power-generation portfolio.

Overseas, Inox Clean Energy acquired Boviet Solar’s US manufacturing assets for around $750 million. The transaction gave the company access to a 3 GW operating module manufacturing facility and another 3 GW solar-cell facility.

The acquisition-led expansion has been funded through a mix of equity and structured capital. In January, Inox Clean Energy and its subsidiary Inox Solar raised around ₹3,100 crore from investors including CalPERS, SUN Group Global, Authum Investments and Akash Bhansali.

In July, Rising Sun Holdings, the family office of Adar Poonawalla, invested ₹700 crore in the company. Separately, the Motilal Oswal Group committed ₹1,500 crore through compulsorily convertible debentures (CCDs), of which ₹1,000 crore has already been invested.

The funds have primarily been deployed to support acquisitions and other growth initiatives.

Nine banks have been appointed as book-running lead managers for the IPO: 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.