Inox Clean Energy has filed a draft red herring prospectus with the Securities and Exchange Board of India for a Rs 10,000 crore initial public offering, a proposed issue that would become the largest IPO so far by a private-sector renewable energy company.
The issue will include a fresh share sale of Rs 8,000 crore and an offer for sale of Rs 2,000 crore by promoters Devansh Jain and Avarna Jain, according to the draft prospectus details reported by Economic Times. The filing comes as renewable power developers and equipment manufacturers seek larger pools of capital to expand generation and manufacturing capacity.
The company operates through an independent power producer business covering renewable energy generation and a manufacturing business making solar photovoltaic modules and cells. It has an aggregate renewable independent power producer portfolio of 9.29 gigawatts across India and Africa. The portfolio includes both operational projects and assets under development.
Inox Clean Energy also has an aggregate solar module manufacturing capacity of 6 gigawatts across India and the United States. The combination of power generation and equipment manufacturing gives the company exposure to two parts of the renewable-energy supply chain: producing electricity and supplying the modules used in solar projects.
The proposed issue would match the Rs 10,000 crore IPO raised by NTPC Green Energy in November 2024. The comparison places Inox Clean Energy’s planned listing among the largest public-market fundraising exercises by a renewable-energy company in India, although the final issue structure and pricing will be determined through the regulatory and listing process.
The company reported total revenue from operations of Rs 178 crore in the details cited from its DRHP. Renewable energy generation contributed 82.78% of current revenues, while the manufacturing business contributed 17.08%. The revenue mix indicates that generation remains the company’s primary operating business even as its manufacturing capacity expands.
Inox Clean Energy said it has expanded its footprint through acquisitions of operational assets. The company was originally incorporated as Nani Virani Wind Energy Private Limited on November 20, 2017. It was later renamed Inox Clean Energy Private Limited following a shareholder resolution passed on November 15, 2024, and was subsequently converted into a public limited company. A fresh certificate of incorporation for Inox Clean Energy Limited was issued on April 9, 2025.
The company is part of the INOXGFL group, which includes three listed entities: Gujarat Fluorochemicals, Inox Wind and Inox Green Energy Services. The group’s presence across renewable generation, wind-energy equipment and related services gives the proposed IPO a wider connection to India’s clean-energy infrastructure ecosystem.
Nuvama, CLSA, Emirates NBD, HSBC, ICICI Securities, IIFL Capital, JM Financial, Motilal Oswal and UBS have been appointed as book-running lead managers for the issue. The next stages will depend on regulatory review, the final offer documents and the company’s decision on the issue timetable and pricing.
