Inox Clean Energy Limited, part of the broader INOXGFL Group, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering aggregating up to ₹10,000 crore.
The proposed IPO comprises a fresh issue of shares worth up to ₹8,000 crore and an offer for sale (OFS) of up to ₹2,000 crore by the selling shareholder. Devansh Jain and Avarna Jain are the promoters of the company.
Inox Clean Energy plans to use proceeds from the fresh issue towards the repayment or prepayment, in full or in part, of certain outstanding borrowings of the company and/or some of its direct and indirect subsidiaries, as well as for general corporate purposes.
The company operates an integrated renewable energy platform with two principal business verticals — renewable power generation through its Independent Power Producer (IPP) business and solar photovoltaic manufacturing.
As of August 31, 2026, Inox Clean Energy’s renewable IPP portfolio stood at 9.29 GW across India and Africa, comprising 2.37 GW of operational capacity, approximately 0.80 GW under construction, 2.99 GW of pipeline capacity and 3.13 GW of future capacity.
The company also had an aggregate 6 GW of operational solar module manufacturing capacity across India and the United States, while solar cell manufacturing capacity is under construction in both markets.
According to the CRISIL Report cited by the company, Inox Clean Energy is among the top 10 Indian renewable IPP platforms and, on a fully commissioned basis, among the top 10 Indian integrated solar PV module and cell manufacturing players as of August 31, 2026. The report also describes the company as the fastest scaled-up IPP platform in India, having reached 2.37 GW of operational capacity since April 2025 through an acquisition-led strategy.
Inox Clean Energy’s Indian IPP operations are undertaken through Inox Neo Energies Limited, while its African operations are conducted through SkyPower Services MENA Limited, a venture with strategic partner Arctic International Private Limited.
Its solar manufacturing business in India operates through Inox Solar Limited, while its US module manufacturing operations are conducted through Inox Solar Americas LLC, a wholly owned subsidiary of Amura Renewables Private Limited.
The company is part of the INOXGFL Group, whose renewable energy ecosystem spans solar manufacturing, wind turbine generators, EPC services, renewable power generation and 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 proposed offering.
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