Inox Clean Energy has filed for an initial public offering worth up to 100 billion rupees ($1.04 billion), draft papers showed on Tuesday, as it looks to ride investor enthusiasm for India’s clean-energy growth.
The renewable energy company is the latest to pursue an IPO this year, betting on India’s drive to expand non-fossil-fuel power capacity to 500 gigawatts by 2030 and a revival in primary market activity after a slow start to the year.
Clean Max and Juniper Green Energy have already listed in 2026, while Brookfield-backed Avaada Electro, Sembcorp’s India unit and SAEL Industries are preparing IPOs.
Inox Clean Energy plans to sell new shares worth about 80 billion rupees, while top shareholder and non-executive director Devansh Jain is looking to offload shares worth up to 20 billion rupees, the filing showed.
The firm, part of the INOXGFL conglomerate, builds and runs solar and wind power plants in India and Africa, with 2.37 GW currently operating out of a 9.29 GW pipeline of projects at various stages. It also manufactures solar panels in India and the US.
The company will use about 60 billion rupees of the proceeds to repay debt.
Inox Clean Energy had confidentially filed for an IPO with the country’s markets regulator last year before withdrawing the issue.
It competes with power producers such as Adani Green Energy, NTPC Green Energy and ACME Solar, as well as solar equipment makers Waaree Energies and Premier Energies.
The INOXGFL group, which mainly focuses on renewable energy and chemicals, has three listed companies in India: Gujarat Fluorochemicals, Inox Wind and Inox Green Energy Services.
Nuvama Wealth Management, HSBC, UBS, ICICI Securities, CLSA and Emirates NBD Capital are among those managing the IPO.
Reuters
