Inox Clean Energy files DRHP for Rs 10,000 crore IPO, largest in Indian private sector renewable energy space

Inox Clean Energy, part of the INOXGFL Group, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for a Rs 10,000 crore IPO, which the company said would be the largest public issue in India's private sector renewable energy space.

The company's business model combines renewable power generation with solar manufacturing, giving it exposure to both long-term power generation revenues and manufacturing revenues.

According to the CRISIL Report cited by the company, Inox Clean Energy is among India's top 10 renewable IPP platforms and, on a fully commissioned basis, among the top 10 integrated solar PV module and cell manufacturing players.


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Inox Clean Energy IPO details

The IPO will comprise a fresh issue of up to Rs 8,000 crore and an offer for sale (OFS) of up to Rs 2,000 crore by the selling shareholders, including promoters Devansh Jain and Avarna Jain.

The company plans to use the proceeds from the fresh issue to repay or prepay, fully or partly, certain outstanding borrowings of the company and its subsidiaries. The remaining funds will be used for general corporate purposes.

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 are the book running lead managers to the issue.

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Inox Clean Energy's renewable energy business

Inox Clean Energy operates an integrated renewable energy platform spanning power generation and solar manufacturing. Its renewable independent power producer (IPP) portfolio stood at 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 had an operational module manufacturing capacity of 6 GW across India and the US. Solar cell manufacturing capacity is currently under construction in both countries.

In its IPP business, Inox Clean Energy has scaled to 2.37 GW of operational capacity in just 1.5 years since April 2025, largely through an acquisition-led strategy, according to the CRISIL Report.

The company operates its IPP business in India through Inox Neo Energies and in Africa through SkyPower Services MENA, its venture with strategic partner Arctic International. Its solar manufacturing operations in India are conducted through Inox Solar, while its US operations are housed under Inox Solar Americas.

As of August 31, 2026, Inox Green Energy Solutions serviced 0.53 GW of the group's operational IPP capacity of around 2.37 GW.

Disclaimer: This article has been written by Sakshi Kumari, who is not a SEBI-registered Research Analyst or an Investment Adviser. Sakshi Kumari and her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here