INOX Clean Energy targets 6,000-crore IPO, information paper

This may doubtlessly turn into the most important Indian IPO within the clear vitality and renewables sector.

With a proposed fairness dilution of over 10%, the corporate is concentrating on a market capitalisation of round ₹50,000 crore, they added.

In a public announcement on Friday (July 11, 2025), INOX Clean Energy, part of the USD 12 billion INOXGFL Group, acknowledged that it has submitted “the pre-filed draft pink herring prospectus with Sebi and the inventory exchanges, in relation to the proposed preliminary public providing of its fairness shares on the primary board of the inventory exchanges.”

Industry sources aware of the event mentioned {that a} main portion of the general public supply will comprise a recent challenge, with the proceeds earmarked for organising new services in photo voltaic and Independent Power Producers (IPPs).

The proposed IPO surpasses the filings made by Juniper Green (₹3,000 crore) in June 2025 and Waaree Energies (₹4,300 crore) in October 2024.

The firm has already demonstrated robust monetary flexibility, highlighted by a latest fairness elevate of round ₹700 crore.

The guide operating lead managers for the proposed IPO embody JM Financial, Motilal Oswal, Nuvama, IIFL Securities, and ICICI Securities.

According to a report by CareEdge Ratings, INOX Clean Energy is anticipated to incur capital expenditure of ₹6,500 crore to finish its under-construction renewable vitality and manufacturing capacities.

This expenditure is deliberate to be funded by means of a mixture of project-level debt, money accruals from underlying initiatives, and fairness contributions from each traders and promoters.

While funding for the under-construction renewable vitality capability is in place, the corporate would require extra fairness capital to determine its deliberate manufacturing models.

INOX Clean Energy is engaged within the enterprise of growing and working renewable vitality initiatives in addition to manufacturing photo voltaic cells and modules by means of its subsidiaries INOX Neo Energies and INOX Solar.

Currently, INOX Clean Energy has a complete operational capability of 157 MW, which incorporates 107 MW of wind and 50 MW of solar energy.

Additionally, 400 MW is underneath development, comprising 350 MW of hybrid and 50 MW of photo voltaic initiatives. The firm additionally has a challenge pipeline of over 2.2 GW, in accordance with a CareEdge report from June 2025.