INOX Clean Energy files for ₹6,000cr IPO, eyes ₹50,000cr valuation
What's the story
INOX Clean Energy has filed draft papers with the Securities and Exchange Board of India(SEBI) to raise ₹6,000 crore through an Initial Public Offering (IPO). The move could make it the largest Indian IPO in the clean energy and renewables sector. The company hopes to achieve a market capitalization of around ₹50,000 crore with this public offering.
Market comparison
Competing with green energy filings by Juniper, Waaree
The upcoming IPO from INOX Clean Energy is bigger than the recent green energy filings by Juniper Green and Waaree Energies. Juniper Green had filed for a ₹3,000 crore IPO while Waaree Energies followed suit with a ₹4,300 crore public offering.
Fund allocation
Major portion of public offer will be fresh issue
A major portion of the public offer will be a fresh issue, with the proceeds going toward setting up new facilities in solar and Independent Power Producers (IPPs). The company has already shown strong financial flexibility, as seen by its recent equity raise of around ₹700 crore. The book running lead managers for this proposed IPO include JM Financial, Motilal Oswal, Nuvama IIFL Securities, and ICICI Securities.
Financial details
CareEdge on INOX's capex plans
According to CareEdge Ratings, INOX Clean Energy plans to spend ₹6,500 crore in capital expenditure to complete its under-construction renewable energy and manufacturing capacities. The company has a total operational capacity of 157 MW (107 MW wind + 50 MW solar). Another 400 MW is under construction (350 MW hybrid + 50 MW solar) with a project pipeline of over 2.2 GW, as per CareEdge's June 2025 report.