INOX Clean Energy Ltd. has confidentially filed a draft red herring prospectus for an initial public offering in the Indian renewables sector, as revealed by a statutory advertisement on Financial Express on Friday.
According to a CareEdge report, INOX Clean Energy is targeting to raise over Rs 6,000 crore through this IPO, aiming for a market capitalisation of approximately Rs 50,000 crore. This move is larger than Juniper Green's Rs 3,000 crore filing and Waaree Energies' Rs 4,300 crore IPO in October 2024.
INOX Clean saw a recent equity raise of around Rs 700 crore, including Rs 90 crore at the ICEL level and Rs 600 crore at Inox Neo Energies Pvt., through minority stake dilution to private investors, as per the CareEdge report from June 2025.
Proceeds from the IPO will primarily be used for setting up new facilities in solar and independent power producers. INOX Clean Energy plans to incur capital expenditure of approximately Rs 6,500 crore to commission under-construction renewable energy and manufacturing capacities.
This capex will be funded through a mix of project-level debt, cash accruals from underlying projects, and equity contributions from investors and promoters. While funding is in place for the under-construction renewable energy capacity, additional equity capital will be required for setting up the underlying manufacturing capacities.
The book running lead managers for the proposed IPO are JM Financial, Motilal Oswal, Nuvama, IIFL Securities, and ICICI Securities.
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