INOX Clean Energy wants to raise $1B via IPO
What's the story
INOX Clean Energy Ltd, a major player in the renewable energy sector, is said to be reviving its initial public offering (IPO) plans. The company hopes to raise as much as $1 billion through this move. According to Bloomberg, INOX Clean Energy is already in talks with bankers and could file its draft prospectus soon. This comes after a previous attempt at an IPO was withdrawn last December.
Strategic shift
Details on the upcoming IPO
For its upcoming IPO, INOX Clean Energy is likely to keep some of the banks that were part of its earlier attempt while bringing in a few more, including global firms. The company is now targeting a deal size that's roughly double its previous plans. However, the ongoing discussions are still fluid and details such as size and timing could change.
Market dynamics
Impact of recent market selloff and renewable energy sector performance
The recent selloff in Indian equities, triggered by the Middle East war, has made it tougher for companies to go public. This could slow down issuance after two record years. However, the renewable energy sector has remained resilient with India's top 20 companies in this space, witnessing gains of 8-53% over the last month.
Expansion plans
About INOX Clean Energy and recent acquisition
Part of the INOXGFL Group, INOX Clean Energy is an integrated renewable energy platform. The company plans to achieve 10GW of installed renewable energy capacity, and 11GW of integrated solar manufacturing capacity by FY28. It has assets across India and several key global markets. Earlier this April, it completed the acquisition of Vibrant Energy from Macquarie Corporate Holdings and other shareholders at an enterprise value of around ₹5,000 crore.