INOX Clean Energy files ₹6,000 cr IPO draft, eyes India’s biggest green energy listing

 The IPO aims for a ₹50,000 crore valuation, surpassing recent green energy filings by Juniper Green and Waaree Energies. 

INOX Clean Energy, part of the $12 billion INOXGFL Group, has filed a draft red herring prospectus via a confidential route (CDRHP) for the largest ever Indian IPO in the clean energy and renewables space.

The IPO is targeting to raise upwards of ₹6,000 crore and this is bigger than Juniper Green’s ₹3,000 crore filing and that of Waaree Energies’ IPO of ₹4,300 crore launched last October.

With a proposed equity dilution upwards of 10 per cent through the IPO, INOX Clean is aiming for a market capitalisation of about ₹50,000 crore, sources added.

The company recently raised ₹700 crore equity issuance. This includes ₹90 crore at the ICEL level and ₹600 crore at the Inox Neo Energies through minority stake dilution to private investors.

INOX Clean is expected to incur capital expenditure of ₹6,500 crore to commission the given under-construction RE and manufacturing capacities, as per CareEdge Ratings’ base case.

The capex is expected to be funded through a mix of project level debt, cash accruals generated from underlying projects and envisaged equity contributions from investors and promoters. While required funding is in place for the under-construction RE capacity, additional equity capital would be required for setting up the manufacturing capacities.

The book running lead managers for the proposed IPO are JM Financial, Motilal Oswal, Nuvama, IIFL Securities and ICICI Securities.

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Published on July 11, 2025