Inox Clean Energy files DRHP for Rs 10,000 crore IPO. Check details

Inox Clean Energy has filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO) of shares worth Rs. 10,000 crore.

The IPO comprises a fresh issue of shares and an offer for sale by the promoters, Devansh Jain and Avarna Jain. The fresh issue component is Rs. 8,000 crore, and the offer-for-sale component is Rs. 2,000 crore.

Nuvama, CLSA, Emirates NBD, HSBC, ICICI Securities, IIFL Capital, JM Financial, Motilal Oswal and UBS have been appointed as the book running lead managers for the IPO.


The planned issue will be the largest so far by a private sector renewable energy company. NTPC Green Energy had raised Rs. 10,000 crore through an IPO in November 2024.

Inox Clean Energy has an independent power producer business which houses renewable energy generation activities. It also has a manufacturing business which makes solar photovoltaic modules and cells.

The company said it has expanded its footprint through acquisitions of operational assets.

The company was originally incorporated as a private limited company under the name of Nani Virani Wind Energy Private Limited on November 20, 2017. Subsequently, the name of the Company was changed to Inox Clean Energy Private Limited, pursuant to a special resolution passed by Shareholders on November 15, 2024, and a fresh certificate of incorporation consequent to the change of name was issued to the Company.

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The company was later converted into a public limited company and the name was changed to Inox Clean Energy Limited, and a fresh certificate of incorporation dated April 9, 2025 was issued to the company.

The company has an aggregate renewable independent power producer portfolio of 9.29 gigawatts spread across India and Africa. This includes operational projects as well as those under development. It has an aggregate solar module manufacturing capacity of 6 gigawatts across India and United States.

The company’s total revenue from operations is Rs. 178 crore as per its draft red herring prospectus. It also submitted proforma financials as many of the acquisitions it had made over the past year were not fully captured in its financials. As per the proforma financials it had revenues of Rs. 2,046 crore and earnings before interest, tax, depreciation and amortization of Rs. 1190 crore.

About 82.78% of its current revenues are from renewable energy generation while the manufacturing business contributes 17.08% of revenues.

The company is part of the INOXGFL group which includes three listed entities. These are Gujarat Fluorochemicals, Inox Wind and Inox Green Energy Services.

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