Inox Clean Energy Files DRHP for INR 6,000 Crore IPO to Power Renewable Drive

Inox Clean Energy, a solar cell and module manufacturer based in Uttar Pradesh, has filed a draft red herring prospectus (DRHP) via the confidential route with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO).

According to the company’s public statement, the DRHP  outlines a plan to list its equity shares on the mainboard of Indian stock exchanges. The filing marks a major milestone for the INOXGFL group company, which is reportedly aiming to raise at least INR 6,000 crore through the IPO. Market chatter suggests the firm could be eyeing a valuation of around INR 50,000 crore, though no official confirmation has been made.

“The filing of the pre-filled draft red herring prospectus with SEBI and the stock exchanges for the proposed IPO has been completed,” Inox Clean Energy said in a statement, adding that the move does not necessarily indicate a final decision to go public.

If successful, Inox Clean Energy would become the fifth company from the INOXGFL stable to be listed, following Gujarat Fluorochemicals, Inox Wind, Inox Green Energy Services, and Inox Wind Energy.

Inox Clean Energy is engaged in developing renewable energy projects and manufacturing solar cells and modules through its subsidiaries, Inox Neo Energies and Inox Solar. As per a recent CareEdge Ratings report dated June 26, the company currently has 157 MW of operational capacity, including 107 MW of wind and 50 MW of solar power. An additional 400 MW of capacity is under construction, while over 2.2 GW lies in the development pipeline.

The company also operates a 50 MW standalone wind power plant in Kutch, Gujarat. Meanwhile, Inox Solar is constructing large-scale manufacturing capacity of 4.8 GW for solar cells and 7.2 GW for solar modules, which is expected to go live in phases over the next two years.

For the IPO, Inox Clean Energy has appointed a lineup of prominent book-running lead managers including JM Financial, Motilal Oswal, Nuvama, IIFL Securities, and ICICI Securities.