INOX Clean Energy IPO: India’s Largest Clean Energy Listing...
12 Jul, 2025
INOX Clean Energy Ltd., a flagship company of the $12 billion INOXGFL Group, filed draft papers with SEBI in July 2025 to raise ₹6,000 crore via an IPO. It is going to be the biggest IPO in India’s clean and renewable energy space so far. It is targeting a market cap of almost ₹50,000 crore and wants to dilute over 10% equity via this issue.
The IPO will be a majority fresh issue, with some secondary selling by existing shareholders. The funds will go towards building new solar manufacturing facilities and scaling its IPP assets. INOXCE filed a DRHP with SEBI and the stock exchanges in Jul 2025. As of now, the company has not announced a final valuation, appointed bankers, or fixed an IPO date. INOX Clean Energy has indicated that it will proceed with the IPO once it achieves greater operational scale and maturity.
Founded in 2012, INOX Green Energy Services Limited is one of India’s major wind power operation and maintenance (O&M) service providers, with its headquarters in Vadodara, Gujarat. The company engages in providing long-term O&M services and common infrastructure facilities for wind turbine generators (WTGs) across multiple Indian states, including Gujarat, Rajasthan, Maharashtra, Madhya Pradesh, Karnataka, Andhra Pradesh, Kerala and Tamil Nadu.
The company has 157 MW under operation, consisting of 107 MW wind and 50 MW solar and has 400 MW being built, with 350 MW hybrid and 50 MW solar as of July 2025. The pipeline is more than 2.2 GW, with a target of 10 GW of renewable capacity addition over the next 3-4 years. INOX Solar is establishing 4.8 GW solar cell and 7.2 GW solar module manufacturing plants, which will be commissioned in phases by the next fiscal year.
INOX Clean Energy builds and operates renewable energy projects and produces solar cells and modules through its subsidiaries, INOX Neo Energies and INOX Solar. INOX Clean Energy recently raised ₹700 crore in equity by diluting a minority stake, ₹90 crore at the company level and ₹600 crore at INOX Neo Energies. CareEdge Ratings’ report noted that the company will need ₹6,500 crore in capital expenditures to finish its current renewable energy and manufacturing projects. This capex will be funded with a combination of project-level debt, internal accruals and equity.
INOX Clean Energy is one of India’s leading independent renewable power producers, operating across the entire value chain from wind and solar manufacturing to engineering, procurement, construction (EPC), operations and maintenance (O&M) and power generation.
The business gains from:
Investors have welcomed the IPO announcement, with the company’s robust growth potential in the renewable energy market securing confidence. The INOXGFL Group’s strong track record and financial muscle underpin the IPO. To stakeholders, the IPO is a further value unlock and acceleration of India’s clean energy transition.
The INOX Clean Energy IPO will be India’s largest-ever offering in the renewable energy segment. The company’s emphasis on scaling up, investing in next-generation renewables and expanding manufacturing capacity puts it in a strong position for growth. With a healthy project pipeline and improving financials, INOX Clean Energy is going to have great investor interest once it officially launches its IPO. Investors are awaiting news on the IPO timetable and valuation.
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