INOX Clean Energy, (ICEL), part of the INOXGFL Group, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi), for an initial public offering via the confidential route
The company is looking to raise over Rs 6,000 crore through the IPO. When launched, it will be the second biggest fund raise till date in the renewable energy space after NTPC Green raised Rs 10,000 crore in November last year.
Juniper Green recently filed for an IPO to raise about Rs. 3,000 crore, while the size of Waaree Energies’ IPO in October 2024 was around Rs. 4,300 crore.
With a proposed equity dilution of over 10% through this IPO, INOX Clean aims to achieve a market capitalisation of around Rs. 50,000 crore, sources said.
INOX Clean aims to create an integrated renewables ecosystem, whereby it will manufacture solar modules and cells that will be partly used to set up captive hybrid renewable power generation capacities. Post commissioning, the power thus generated will be sold to commercial and industrial (C&I) establishments and exchanges.
As part of this strategy, INOX Clean is setting up a 4.8 gigawatt (GW) solar cell and 7.2 GW solar module manufacturing facilities under its subsidiary, INOX Solar. The manufacturing facilities are expected to be commissioned in a phased manner, over FY26 and FY27.
The company recently raised ₹700 crore via equity issuance. It is expected to incur a capital expenditure of Rs 6,500 crore to commission the given under-construction RE and manufacturing capacities, as per CareEdge Ratings’ base case.
JM Financial, Motilal Oswal, Nuvama, IIFL Securities, and ICICI Securities are the bankers for the IPO.