Inox Clean Energy, part of INOXGFL Group, is looking to bring out its initial public issue (IPO) in the current financial year.
Last week, the company had acquired 6GW of renewable assets of Vena Energy at an enterprise valuation of Rs 6,000 crore.
“We continue to evaluate the IPO plans positively and are targeting the public markets in FY27, subject to market conditions and regulatory approvals,” Devansh Jain, executive director, INOXGFL Group, told FE.
Valuation Reload
Inox Clean had previously filed draft papers for an IPO in July last year before withdrawing them in December.
“Over the last year, we have significantly scaled the business, expanded our asset base and strengthened our integrated clean energy platform. Naturally, public markets become an important enabler for long-term capital formation,” Jain said.
There has been strong investor interest in the company from both strategic and financial investors, he said. At this stage, Jain said they are not disclosing specific numbers about fundraising size or dilution.
Consolidation Playbook
The company did 10 acquisitions in the last 10 months. Some of the acquisitions include the US-based Boviet Solar’s manufacturing assets for $750 million, Macquarie-owned Vibrant Energy, Indian assets of SunSource Energy, and CalPERS-backed SkyPower, including its Africa business.
“Renewable energy sector globally is entering a consolidation phase. We saw this as the right time to acquire quality assets with long-term strategic value. Our objective was not just capacity addition, but building an integrated clean energy platform spanning manufacturing, IPP assets, O&M services, solar, wind and storage,” he said.