Here's Why Inox Clean Energy Has Withdrawn Draft Papers For Rs 6,000-Crore IPO
Its initial DRHP had the potential of becoming the largest Indian initial public offering in the clean energy and renewables sector.
After raising close to Rs 5,000 crore during its pre-IPO funding round, Inox Clean Energy has temporarily withdrawn its draft papers and preliminary filings, industry sources told news agency PTI.
The privately held INOXGFL arm had filed its draft red herring prospectus confidentially in July, with plans to raise Rs 6,000 crore through its initial public offering. However, since then the company has completed multiple acquisitions and has other large acquisitions underway, prompting it to withdraw its DRHP on a temporary basis.
These transactions are expected to substantially increase the operational and pipeline IPP portfolio, as well as developments across the solar manufacturing business, the people aware of the matter told PTI.
Since these major developments are not yet reflected in the existing draft, Inox Clean Energy has opted to withdraw the draft papers and will re-file a revised version incorporating all updates, they added.
The company is also planning another significant fundraising through a private placement with commitments from multiple investors after securing sizable commitments from private equity investors, including a major global investor, that enabled it to raise around Rs 5,000 crore in the pre-IPO round.
After making these modifications and incorporations to its preliminary filings, Inox Clean Energy is expected to refile its IPO papers, the sources said.
Inox Clean Energy is a privately held subsidiary of the INOXGFL Group and focuses on manufacturing solar cells and modules along with captive hybrid power production.
Its initial DRHP had the potential of becoming the largest Indian IPO in the clean energy and renewables sector, surpassing the filings made by Juniper Green (Rs 3,000 crore) in June 2025 and Waaree Energies (Rs 4,300 crore) in October 2024.
(With PTI Inputs)
