Inox Clean Energy files DRHP for ₹10,000 crore IPO
Kalpana Maurya
1 Oct 2026 · 3 min read
Inox Clean Energy has filed a draft red herring prospectus with SEBI for an IPO of up to ₹10,000 crore, which would be the largest by a private-sector renewable energy company in India. Most of the fresh money is earmarked for paying down debt.
Inox Clean Energy, the renewable energy company of the INOXGFL Group, filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Tuesday, 29 September 2026, to raise up to ₹10,000 crore (about $1.04 billion) through an initial public offering, PTI reported.
The issue consists of fresh shares worth up to ₹8,000 crore and an offer for sale (OFS) of ₹2,000 crore by Devansh Jain. If it goes ahead at that size, it would be the largest public issue by a private-sector renewable energy company in India to date.
What the money is for
Proceeds from the fresh issue will be used to repay or prepay, fully or partly, certain borrowings of the company and its subsidiaries, with the rest going to general corporate purposes, according to the DRHP as reported by PTI. Entrepreneur India put the debt repayment portion at about ₹6,000 crore.
The OFS money goes to the selling shareholder, not the company.
About Inox Clean Energy
The company runs two main businesses: renewable power generation and solar manufacturing. As of 31 August 2026, its independent power producer portfolio across India and Africa totalled 9.29 GW. That comprised 2.37 GW in operation, about 0.80 GW under construction, 2.99 GW in the pipeline and 3.13 GW of future capacity, the draft papers show.
On the manufacturing side, it has 6 GW of operating solar module capacity in India and the US, and is building solar cell capacity in both countries. Entrepreneur India reported that the power business sits in Inox Neo Energies and manufacturing in Inox Solar, and that growth has come largely through acquisitions, including the ₹6,000 crore purchase of Vena Energy India from Global Infrastructure Partners. It also reported that Motilal Oswal Group has committed ₹1,500 crore to the company through compulsorily convertible debentures.
The company had made a confidential filing in July 2026 for a smaller ₹6,000 crore issue, which it later withdrew before returning with the larger offer, according to Entrepreneur India.
The group and the market
The INOXGFL Group, led by Vivek Jain, has interests in chemicals and renewable energy and three listed companies: Gujarat Fluorochemicals, Inox Wind and Inox Green Energy Services. Inox Clean Energy will compete with listed peers including Adani Green Energy, NTPC Green Energy, ACME Solar Holdings, Waaree Energies, Premier Energies, Clean Max Enviro Energy Solutions and JSW Energy.
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.
Key facts
- Company: Inox Clean Energy (INOXGFL Group)
- Issue size: up to ₹10,000 crore (about $1.04 billion)
- Fresh issue: up to ₹8,000 crore
- Offer for sale: ₹2,000 crore by Devansh Jain
- Use of fresh proceeds: debt repayment and general corporate purposes
- IPP portfolio: 9.29 GW (2.37 GW operational) as of 31 August 2026
- Solar module capacity: 6 GW in India and the US
- DRHP filed: 29 September 2026
Frequently asked questions
How much does Inox Clean Energy plan to raise in its IPO?
Up to ₹10,000 crore, made up of a fresh issue of up to ₹8,000 crore and a ₹2,000 crore offer for sale.
Who is selling shares in the offer for sale?
Devansh Jain is selling shares worth ₹2,000 crore.
What will the company do with the fresh money?
Repay or prepay borrowings of the company and its subsidiaries, and fund general corporate purposes.
Which group owns Inox Clean Energy?
It is part of the Vivek Jain-led INOXGFL Group, which also controls Gujarat Fluorochemicals, Inox Wind and Inox Green Energy Services.
