Focus on renewables post Iran war revives hopes for Inox Clean IPO, report says

Inox Clean Energy is in talks with bankers and is expected to file its draft prospectus soon. It had earlier attempted to go public in July 2025 but withdrew its papers in December.

By CNBCTV18.com

Solar module and cell manufacturer Inox Clean Energy Ltd. has revived plans for a public listing, with a potential issue size of up to $1 billion, according to a Bloomberg report.

The Uttar Pradesh-based company is in talks with bankers and is expected to file its draft prospectus soon. It had earlier attempted to go public in July 2025 but withdrew its papers in December.

The company is likely to retain some of its earlier banking partners while adding new global firms, and is targeting a larger issue size than its previous attempt. Discussions are ongoing, and key details such as timing and valuation remain subject to change.

The revival comes amid a more cautious primary market backdrop, with volatility following geopolitical tensions in West Asia weighing on issuance momentum.

IPO fundraising in India has slowed sharply this year compared to the previous two record years.

Despite this, renewable energy stocks have seen strong traction, supported by rising crude oil prices and increased investor interest in alternative energy plays, outperforming the broader market.

If the offering goes through, it would mark the fifth listed entity from the INOXGFL group, joining Gujarat Fluorochemicals Ltd., Inox Wind Ltd., Inox Green Energy Services Ltd., and Inox Wind Energy Ltd.

Inox Clean Energy operates as an integrated renewable platform with presence across project development and solar manufacturing. The company is targeting 10 GW of renewable capacity and 11 GW of integrated solar manufacturing capacity by FY28.

Incorporated in 2017, the company develops renewable projects and manufactures solar cells and modules through its subsidiaries, Inox Neo Energies and Inox Solar.

As per CareEdge Ratings, the company currently has 157 MW of operational capacity, with an additional 400 MW under construction and a pipeline exceeding 2.2 GW. It is also expanding its manufacturing footprint, with plans to commission 4.8 GW of solar cell and 7.2 GW of module capacity in phases over the next two years.

Earlier this year, the company raised ₹3,100 crore in a funding round. It has also completed the acquisition of Vibrant Energy from Macquarie Group Ltd. and other shareholders at an enterprise value of about ₹5,000 crore.

The company has appointed JM Financial, Motilal Oswal, Nuvama, IIFL Securities and ICICI Securities as book-running lead managers for the proposed IPO.