- Inox Clean Energy plans to raise up to Rs 10,000 crore via IPO and OFS
- Fresh issue of Rs 8,000 crore and Rs 2,000 crore offer-for-sale proposed
- Rs 6,000 crore from IPO proceeds will be used to repay or reduce debt
Inox Clean Energy IPO: Gujarat-based Inox Clean Energy, part of the INOXGFL Group, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), proposing 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 worth up to Rs 2,000 crore by promoter Devansh Jain, according to the DRHP filed on September 29.
The company may also explore a pre-IPO placement of up to Rs 1,600 crore. In case such a placement is completed before the red herring prospectus is filed with the Registrar of Companies (RoC), the fresh issue size will be reduced by the amount raised through the placement.
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Inox Clean Energy IPO: Where Will The Money Go?
A major portion of the fresh issue proceeds is proposed to be used for debt reduction.
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Inox Clean Energy plans to deploy Rs 6,000 crore from the net fresh issue proceeds towards repayment or reduction of its debt. The balance amount will be used for general corporate purposes.
The company's consolidated outstanding borrowings stood at Rs 16,781.8 crore as of August 2026, according to the DRHP.
Inox Clean Energy Business: Renewable Power, Solar Manufacturing
Inox Clean Energy operates across two key business verticals — renewable power generation and solar manufacturing.
In renewable power generation, the company operates as an independent power producer (IPP), with a renewable IPP portfolio of 9.29 GW across India and Africa as of August 2026.
Of this portfolio, 2.37 GW was operational, around 0.80 GW was under construction, 2.99 GW represented pipeline capacity and 3.13 GW was classified as future capacity.
Inox Clean Energy Solar Manufacturing Capacity
The company's second business is solar manufacturing, where it produces solar photovoltaic (PV) modules and operates solar cell manufacturing facilities.
As of August 2026, Inox Clean Energy had 6.00 GW of operational solar cell manufacturing capacity across India and the US.
The company also had 5.00 GW of solar module manufacturing capacity under construction in Odisha and approximately 8.00 GW of solar cell manufacturing capacity under construction across India and the US.
Inox Clean Energy Operations
In India, the company's independent power producer business is operated through Inox Neo Energies, while its African operations are conducted through SkyPower Services MENA, a venture with strategic partner Arctic International.
Its solar manufacturing operations in India are carried out through Inox Solar, while the US business operates through Inox Solar Americas LLC, a wholly owned subsidiary of Amura Renewables.
Inox Clean Energy Financial Performance
Inox Clean Energy reported a significant improvement in profitability in FY26.
The company recorded a profit of Rs 30.9 crore in the financial year ended March 2026, compared with Rs 1.5 crore in the previous year.
Revenue from operations also increased sharply to Rs 178.1 crore in FY26, from Rs 47.2 crore in FY25.
Inox Clean Energy IPO: Merchant Bankers
The merchant bankers appointed for the proposed IPO are 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.
The proposed Rs 10,000 crore Inox Clean Energy IPO will therefore comprise a large fresh issue aimed primarily at reducing the company's debt, alongside an OFS by promoter Devansh Jain. The company has yet to disclose the IPO price band and other issue-related details.
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