Inox Clean Energy Ltd., part of the INOXGFL Group, has filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering of up to ₹10,000 crore. The renewable energy company plans to raise up to ₹8,000 crore through a fresh issue of shares, while promoter Devansh Jain will offer shares worth up to ₹2,000 crore through an offer-for-sale , according to a BSE filing.
Inox Clean Energy may also consider a pre-IPO placement of up to ₹1,600 crore. If such a placement is completed before the red herring prospectus is filed with the Registrar of Companies , the fresh issue size will be reduced by the amount raised through the placement.
The company had previously filed draft papers for an IPO in July 2025 but withdrew them in December. The primary objective of the IPO is to reduce the company’s debt by ₹6,000 crore using proceeds from the fresh issue. The remaining funds will be used for general corporate purposes.
As of August 2026, Inox Clean Energy’s total outstanding borrowings stood at ₹16,781.8 crore on a consolidated basis. About Inox Clean EnergyInox Clean Energy operates an integrated renewable energy platform with two principal businesses: renewable power generation and solar manufacturing.
Its renewable power generation business operates as an independent power producer , with an aggregate renewable IPP portfolio of 9.29 GW across India and Africa as of August 31, 2026. Of this, 2.37 GW was operational, around 0.80 GW was under construction, 2.99 GW was pipeline capacity and 3.13 GW was future capacity.
The company’s solar manufacturing business produces photovoltaic modules and is also developing solar cell manufacturing capacity in India and the US. Its aggregate operational solar module manufacturing capacity stood at 6 GW as of August 31, 2026. Inox Clean Energy is targeting 10 GW of installed renewable energy capacity and 11 GW of integrated solar manufacturing capacity by fiscal 2028, according to its website.
The company reported consolidated revenue from operations of ₹178 crore and profit after tax of around ₹31 crore for the financial year ended March 2026. Its operational power generation capacity stood at 2,375 megawatts as of August 2026, supported by acquisitions including the Vena and Sunsource portfolios.
Nuvama Wealth Management Ltd., CLSA India Pvt. Ltd., Emirates NBD Capital India Pvt. Ltd., HSBC Securities and Capital Markets Pvt. Ltd., ICICI Securities Ltd., IIFL Capital Services Ltd., JM Financial Ltd., Motilal Oswal Investment Advisors Ltd. and UBS Securities India Pvt.
Ltd. are the book-running lead managers to the issue.