INOX Clean Energy Plans for ₹6,000 crore IPO, Files Confidential DRHP with SEBI

For the time being, investors wanting to get involved should follow INOX Green Energy latest news and updates on the IPO process. Investors will not fully understand the company's outlook and growth potential until the prospectus is published. #INOX Clean Energy Files and INR 6,000 Crore IPO - India's Largest Green Energy IPO INOX Clean Energy has taken a significant step toward listing, as it has filed with SEBI (Securities and Exchange Board of India), coming out with an IPO of Rs 6,000 crore. The company filed draft papers with Sebi to raise ₹6,000 crore and filed privately.

This would be the largest IPO for India's clean energy space. INOX Clean Energy is part of the US$12 billion INOXGFL Group, which has four other companies listed.

What is INOX Clean Energy IPO Filing About?

INOX Clean Energy, part of the USD 12 billion INOXGFL Group, has taken a significant step toward going public by submitting a confidential pre-filed draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) and stock exchanges, with a plan to raise Rs 6,000 crore from investors.

The INOX Clean Energy DRHP was submitted on July 10, 2025, as a confidential submission, meaning that the public has not seen INOX Clean Energy's detailed financials, and we will only know the full details after SEBI has approved the application.

Company's Business and Operations

INOX Clean Energy works in two main areas:

• Develops and operates renewable energy projects like wind and solar power plants

• Makes solar cells and modules through its subsidiary companies

The company's current renewable energy capacity breakdown:

• Operating capacity: 157 MW (107 MW wind + 50 MW solar)

• Under construction: 400 MW (350 MW hybrid + 50 MW solar)

• Future pipeline: Over 2.2 GW of planned projects

INOX Clean Energy is working through two substantial subsidiaries. INOX Neo Energies is responsible for developing renewable energy projects, while INOX Solar will manufacture solar cells and modules. The company is setting up large new manufacturing facilities with 4.8 GW solar cell capacity and 7.2 GW solar module capacity.

IPO Size and Market Valuation

The INOX Clean Energy IPO size is expected to be roughly Rs 6,000 crore. That would be one of the largest fundraising activities in India's private renewable energy sector. The company is identifying a market valuation of north of Rs 50,000 crore.

The majority of the new funds will be raised by issuing new shares, rather than the existing shareholders selling shares. The company intends to use proceeds from the offering to set up solar manufacturing plants and renewable energy projects.

How Does This Compare to Other Green Energy IPOs?

IPO comparison with other green energy companies:

• INOX Clean Energy: Rs 6,000 crore (current filing)

• NTPC Green: Rs 10,000 crore (November 2024) - largest so far

• Waaree Energies: Rs 4,300 crore (October 2024)

• Juniper Green: Rs 3,000 crore (June 2025)

Investment Banks and Timeline

Investment banks managing the IPO:

• JM Financial

• Motilal Oswal

• Nuvama

• IIFL Securities

• ICICI Securities

These companies will help determine the final IPO price and manage the share allocation process.

The IPO is expected to launch in the third quarter of the 2025-26 financial year. However, the exact timing will depend on SEBI's approval and market conditions.

INOX Clean Energy's Expansion Plans

The company has ambitious expansion plans that require large amounts of capital investment. According to CareEdge Ratings, INOX Clean Energy will need about Rs 6,500 crore to fund the project and manufacturing plants on their drawing board.

The company recently raised Rs 700 crore in equity funding, showing strong demand for shares among investors. The IPO will provide another source of funding needed for expansion.

INOX Solar, the company's manufacturing arm, is constructing plants and lines to manufacture solar cells and modules, which will ramp up in phases starting in FY26 and extending to FY27.

About INOXGFL Group

INOXGFL Group's listed companies:

• Gujarat Fluorochemicals

• Inox Wind

• Inox Green Energy Services

• Inox Wind Energy

If the INOX Clean Energy IPO goes ahead successfully, it will become the fifth company from the INOXGFL Group to be publicly traded.

What This Means for Investors

The INOX Clean Energy IPO presents an exciting opportunity for investors looking to participate in the growth of India's renewable energy sector. The company's integrated business model, which includes both manufacturing and power generation, could create a consistent revenue stream, therefore, enabling investors to reap returns on their investment.

However, investors would be wise to wait until they have the complete INOX Clean Energy DRHP PDF, after SEBI completes its review, to ensure they have all financials, risk factors, and the plan to get an exhaustive view for proper investment decisions.

Many businesses in India have and are continuing to awaken to the fact that the renewable energy sector is experiencing rapid growth, due to government incentives and environmental demand for cleaner energy. INOX Clean Energy and organizations that are structured like them, with their manufacturing component, are well situated to take full advantage of the growth avenue.

INOX Clean Energy DRHP PDF and Documents

The company has filed its draft papers confidentially with SEBI. The complete INOX Clean Energy DRHP PDF will be available to the public only after SEBI's approval.

For reference, you can check similar documents from other INOX group companies:

INOX Green Energy Services DRHP PDF : View PDF on SEBI Website

Right now, the complete financials and risk factors for INOX Clean Energy are not available. Investors will need to wait for the official prospectus. The INOX Clean Energy DRHP PDF will be available on SEBI's public website when it is approved. 

Current Status and Next Steps

INOX Clean Energy has filed its IPO application with SEBI and is awaiting approval. SEBI will examine the financials, business plans, and other elements of the company before providing approval. 

Once SEBI approves the application, the company will have to file an updated prospectus with the final details on the IPO price range and timetable. Those are the only details that retail investors can use to apply for any shares. 

The success of this IPO will be important for the entire renewable energy sector in India and could spark other companies to go public, thereby garnering more investment in clean energy projects.

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