Inox Clean Energy, the renewable energy arm of the INOXGFL Group, is preparing to file draft documents for a proposed Rs 10,000-crore initial public offering (IPO) with the Securities and Exchange Board of India (SEBI).
The company is expected to dilute around 10% of its stake through the IPO, targeting a valuation of nearly Rs 1 lakh crore. Investment banks Nuvama, JM Financial and Emirates NBD are advising Inox Clean Energy on the proposed share sale.
The planned IPO comes as the company accelerates its expansion across renewable power generation, solar manufacturing and battery energy storage.
Inox Clean Energy operates as an integrated renewable energy platform through businesses covering wind, solar and hybrid power projects as well as solar module and cell manufacturing.
Its subsidiary, Inox Neo Energies, develops and manages renewable energy projects, while Inox Solar manufactures solar modules and cells in India and the US. The company is also expanding its presence in energy storage as battery-backed renewable projects become increasingly important for integrating intermittent solar and wind generation.
According to sources cited in the report, Inox Clean Energy plans to use proceeds from the IPO to fund further acquisitions and reduce debt. Promoters currently hold around 95% of the company.
The company is promoted by the Vivek Jain-led INOXGFL Group and is headed by executive director Devansh Jain. Its renewable energy and specialty chemicals businesses operate separately from other Inox Group entities involved in industrial gases, cryogenic equipment and multiplex operations.
Inox Clean Energy’s proposed IPO follows an aggressive acquisition-led growth strategy. The company has completed or announced 10 strategic acquisitions over the past year across India and international markets.
The largest transaction was its Rs 6,000-crore acquisition of Vena Energy India, previously owned by Global Infrastructure Partners, a subsidiary of BlackRock.
The acquisition significantly expanded Inox Clean Energy’s renewable energy portfolio, adding operational and development-stage solar and wind projects as well as battery energy storage system (BESS) assets.
Following the transaction, the company’s operational and near-operational portfolio grew to around 4 GW. Its development pipeline has crossed 12 GW of solar and wind projects, alongside approximately 2.5 GWh of battery storage capacity.
The company has also acquired renewable energy assets from Macquarie-backed Vibrant Energy, SunSource Energy, and the Indian and African businesses of SkyPower, as well as Evergreen Power.
With renewable generation increasingly being paired with battery storage, Inox Clean Energy’s growing BESS pipeline could position the company to benefit from India’s expanding demand for flexible and dispatchable clean power.
The proposed IPO would provide the company with additional capital to continue its acquisition strategy, strengthen its balance sheet and expand its renewable energy and energy storage footprint.
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