Inox Clean Energy eyes reviving IPO plan to raise $1 billion

Inox Clean Energy Ltd. has revived plans for an initial public offering that could raise as much as $1 billion, according to people familiar with the matter.

The company is in discussions with bankers and is likely to file the draft prospectus soon, the people said, asking not to be identified as the information is private.

Inox Clean had previously filed draft papers for an IPO in July last year before withdrawing them in December. The company is expected to retain some of the banks that worked on the earlier attempt while adding a few more, including global firms, and is targeting a deal size roughly double its previous plans, the people said.

Deliberations are ongoing and details such as the size and timing of the offering could still change, the people said. A representative for Inox Clean didn’t respond to requests for comment.

A recent selloff in Indian equities following the outbreak of the war in the Middle East has added to the challenges for companies seeking to go public, raising the prospect of a slowdown in issuance after two record-breaking years. Indian IPOs have raised about $2.9 billion so far this year, compared with $22 billion in 2025, according to data compiled by Bloomberg.

Renewable energy has been a bright spot as India’s top 20 companies in the industry have surged between 8% and 53% over the past month, outpacing the Nifty 50’s roughly 6% gain. They benefited from rising crude oil prices boosting investor interest in alternative energy plays.

Inox Clean, part of the INOXGFL Group, is an integrated renewable energy platform. The company is targeting 10 gigawatts of installed renewable energy capacity and 11 gigawatts of integrated solar manufacturing capacity by fiscal year 2028, with assets across India and in several key global markets, according to its website.

Inox Clean raised ₹3100 crore in January funding round. Earlier this month, the company said it had completed the acquisition of Vibrant Energy from Macquarie Corporate Holdings Pty Ltd. and other shareholders at an enterprise value of about ₹5000 crore.

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Published on April 21, 2026