Inox Clean Energy Limited files DRHP with SEBI for Rs. 10,000 Crore IPO, set to be the largest in the Indian private sector renewable energy space

Inox Clean Energy Limited files DRHP with SEBI for Rs. 10,000 Crore IPO, set to be the largest in the Indian private sector renewable energy space

DRHP Link: https://www.nuvama.com/wp-content/uploads/2026/09/Inox-Clean-Energy-Limited-DRHP.pdf.

  

Inox Clean Energy Limited, part of the broader INOXGFL Group and a leading integrated renewable energy platform, has filed its DRHP with SEBI for an IPO.

The IPO of total issue size aggregating up to Rs. 10,000 Crore comprises of a fresh issue of up to Rs. 8,000 Crore and an offer for sale of up to Rs. 2,000 Crore by the selling shareholder.

Devansh Jain And Avarna Jain are the promoters of the company.

The proceeds from the fresh issue will be utilised towards repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by the Company and/or certain of its Subsidiaries (direct and indirect); and general corporate purposes.

Inox Clean Energy Limited is an integrated renewable energy platform with two principal business verticals, its renewable power generation business, which it undertake as an independent power producer the “IPP Business”, comprising an aggregate renewable IPP portfolio of 9.29 GW across India and Africa, of which 2.37 GW is operational and approximately 0.80 GW is under construction, 2.99 GW is pipeline capacity and 3.13 GW is future capacity, as of August 31, 2026. Its solar manufacturing business, under which it currently manufacture solar photovoltaic (PV) modules, with solar cell manufacturing capacity under construction in India and the United States, with an aggregate operational solar module manufacturing capacity of 6.00 GW across India and the United States, as of August 31, 2026. 

It is among the top 10 Indian renewable IPP platforms and, on a fully commissioned basis, among the top 10 Indian integrated solar PV module and cell manufacturing players, as of August 31, 2026, as per CRISIL Report. Company’s IPP Business comprises the development, acquisition, ownership and operation of renewable power generation assets, while the Solar Manufacturing Business comprises the manufacturing of PV modules for the renewable energy market, with backward integration into solar cell manufacturing currently under development.

In the IPP Business, It is the fastest scaled-up platform in India, having reached 2.37 GW of operational capacity within the past 1.5 years, since April 2025, through an active acquisition-led strategy, as per CRISIL Report.

The company represent a differentiated dual-engine renewable energy platform, uniquely combining scalable manufacturing revenues from its Solar Manufacturing Business with long-term annuity cash flows from its IPP Business, as per CRISIL Report. The company is one of the leading and among the few Indian-origin renewable energy platforms with an operational presence across three continents, operating renewable power generation platforms across India and, through SkyPower MENA, Africa, and its solar manufacturing facilities across India and the United States of America, as per CRISIL Report.

The Company is part of the broader INOXGFL Group, a diversified industrial group with businesses across chemicals and renewable energy and three listed entities in India, namely Gujarat Fluorochemicals Limited, Inox Wind Limited and Inox Green Energy Services Limited. The renewable energy platform benefits from the integrated capabilities of the INOXGFL Group ecosystem, spanning solar module manufacturing to IPP power generation, with access to wind turbine generators through Inox Wind Limited, engineering, procurement and construction capabilities through Inox Renewable Solutions Limited and renewable energy operations and maintenance through Inox Green Energy Solutions Limited, which as of August 31,2026 serviced O&M for 0.53 GW of its aggregate operational IPP capacity of approximately 2.37 GW.

It undertakes the IPP Business in India through Inox Neo Energies Limited and in Africa through SkyPower Services MENA Limited which is company’s venture with Arctic International Private Limited, its strategic partner. The company undertakes Solar Manufacturing Business in India through Inox Solar Limited while the solar module manufacturing operations in the United States are conducted through Inox Solar Americas LLC, a wholly owned subsidiary of Amura Renewables Private Limited.

Nuvama Wealth Management Limited, CLSA India Private Limited, Emirates NBD Capital India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), JM Financial Limited, Motilal Oswal Investment Advisors Limited, and UBS Securities India Private Limited are the book running lead managers to the offer.