Inox Clean Energy IPO papers kept in abeyance by Sebi

Markets regulator Sebi has kept in 'abeyance' the draft offer documents of Inox Clean Energy Ltd, which is looking to raise up to Rs 10,000 crore through an initial public offering (IPO).

The proposed IPO comprises a fresh issue of equity shares worth up to Rs 8,000 crore and an offer-for-sale (OFS) of shares, amounting to Rs 2,000 crore by promoter Devansh Jain, according to the draft red herring prospectus (DRHP).

The status of the issue was updated by the Securities and Exchange Board of India (Sebi) on Thursday under the list of IPOs whose observations have been kept in abeyance.


The company had filed its draft papers with the regulator on September 29.

Without specifying reasons, the regulator stated that the "issuance of observations (has been) kept in abeyance", according to an update on its website.

The proposed issue could rank among the largest IPOs in India's private-sector renewable energy space.

Inox Clean Energy, part of the INOXGFL Group, proposes to use the proceeds from the fresh issue primarily for repayment or prepayment, in full or in part, of certain outstanding borrowings of the company and its subsidiaries, besides general corporate purposes.

The company operates an integrated renewable energy platform with two principal businesses - renewable power generation and solar manufacturing.

As of August 31, 2026, its renewable independent power producer (IPP) portfolio stood at 9.29 GW across India and Africa. This included 2.37 GW of operational capacity, with around 0.80 GW under construction, 2.99 GW of pipeline capacity and 3.13 GW of future capacity, according to the DRHP.

Its solar manufacturing business has an operational solar module manufacturing capacity of 6 GW across India and the US, while solar cell manufacturing capacity is under construction in India and the US.

After the IPO, Inox Clean Energy will compete with a growing number of listed renewable energy companies, including Adani Green Energy, NTPC Green Energy, ACME Solar Holdings, Waaree Energies, Premier Energies, Clean Max Enviro Energy Solutions and JSW Energy.

The company is part of the broader INOXGFL Group, which has interests in chemicals and renewable energy. The group has three listed entities - Gujarat Fluorochemicals Ltd, Inox Wind Ltd and Inox Green Energy Services Ltd.

The group has integrated capabilities spanning solar module manufacturing, wind power generation, engineering, procurement and construction (EPC) and renewable energy operations and maintenance.

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.