Inox Clean Energy, the renewable energy platform of the INOXGFL Group, has filed its draft red herring prospectus (DRHP) with SEBI for an initial public offering of up to ₹10,000 crore, as the company seeks to raise capital after a year of aggressive expansion through acquisitions.
The IPO will comprise a fresh issue of up to ₹8,000 crore and an offer for sale of up to ₹2,000 crore by the selling shareholder. Proceeds from the fresh issue will primarily be used to repay or prepay borrowings of the company and its subsidiaries, with the balance earmarked for general corporate purposes.
The filing comes after Inox Clean has rapidly expanded its renewable energy platform through acquisitions.
The businessline had reported in July that the company had spent more than ₹25,200 crore over the preceding year on acquisitions across India, West Asia and Southeast Asia, spanning renewable power generation, solar manufacturing, project development, operations and maintenance, and international assets.
The company had also secured ₹1,500 crore from the Motilal Oswal Group in August, as it stepped up acquisitions and capacity additions.
Other investors in the company and its subsidiaries include the Adar Poonawalla Family Office, CalPERS, RJ Corp, Hero Group, Authum Investments, Akash Bhansali, and other family offices and high-net-worth investors.
Inox Clean operates two principal businesses—renewable power generation and solar manufacturing. As of August 31, 2026, its renewable IPP portfolio stood at 9.29 GW, including 2.37 GW operational, around 0.80 GW under construction, 2.99 GW in the pipeline and 3.13 GW classified as future capacity.
Its solar manufacturing business had 6 GW of operational module manufacturing capacity across India and the US, with solar cell manufacturing capacity under construction in both countries. The company said its IPP business has scaled to 2.37 GW of operational capacity within 1.5 years since April 2025, primarily through an acquisition-led strategy.
The IPO will make Inox Clean the latest renewable energy platform seeking to tap India’s strong investor appetite for clean-energy assets, while providing the company with a listed vehicle to support its next phase of expansion. Promoters Devansh Jain and Avarna Jain will be the selling shareholders/promoters associated with the offer.
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 issue.
Published on September 30, 2026
