Inox Clean Energy – InoxGFL Group company Inox Clean Energy has filed its Draft Red Herring Prospectus with SEBI for a proposed initial public offering of up to ₹10,000 crore. The planned issue comprises a fresh issue of up to ₹8,000 crore and an offer for sale of up to ₹2,000 crore by promoter Devansh Jain. The final issue size and other terms may change as the IPO process progresses.
Company May Raise Around ₹1,600 Crore Before IPO
Inox Clean Energy is also considering a pre-IPO placement of around ₹1,600 crore. If completed, the amount raised through such a placement could lead to a corresponding reduction in the size of the fresh issue. From the net proceeds of the fresh issue, approximately ₹6,000 crore is proposed to be used for reducing the company’s outstanding debt, while the remaining funds are expected to be used for general corporate purposes.
As of August 2026, the company reported consolidated outstanding borrowings of ₹16,781.8 crore. The proposed debt reduction therefore forms a significant part of the company’s planned use of IPO proceeds.
Renewable Power Portfolio Spans India and Africa
The company’s operations are broadly divided into renewable power generation and solar manufacturing. In renewable power, Inox Clean Energy operates as an independent power producer through its businesses in India and Africa.
As of August 2026, its renewable IPP portfolio stood at 9.29 GW. Of this, 2.37 GW was operational, while around 0.80 GW was under construction. Another 2.99 GW was classified as pipeline capacity and 3.13 GW as future capacity, highlighting the scale of projects being developed or planned by the group.
Solar Manufacturing Is Another Major Business
Inox Clean Energy also has a presence in solar photovoltaic manufacturing in India and the United States. According to the company, it currently has 6 GW of operational solar cell manufacturing capacity.
The company is also developing additional manufacturing facilities. These include 5 GW of solar module capacity in Odisha and around 8 GW of solar cell capacity across India and the US that is under construction. Its power generation activities are operated through Inox Neo Energies in India and Skypower Services MENA in Africa.
Revenue and Profit Improved in FY26
The company’s financial performance also showed growth during the financial year ended March 2026. Its profit increased to ₹30.9 crore from ₹1.5 crore in the previous year. Revenue rose to ₹178.1 crore from ₹47.2 crore over the same period.
In the renewable power and solar manufacturing segments, the company will operate in a competitive market that includes listed players such as ACME Solar Holdings, Adani Green Energy, NTPC Green Energy, Waaree Energies, Premier Energies, Emmvee Photovoltaic Power and JSW Energy.
Merchant Bankers Appointed for the Issue
Several financial institutions have been appointed as merchant bankers for the proposed IPO. The list includes Nuvama Wealth Management, CLSA India, Emirates NBD Capital India, HSBC Securities and Capital Markets, ICICI Securities, IIFL Capital Services, JM Financial, Motilal Oswal Investment Advisors and UBS Securities India.
The filing of the DRHP represents an early stage of the IPO process. Investors will need to wait for subsequent regulatory approvals and official announcements for details such as the final issue size, price band, IPO dates and lot size.