The planned offering will comprise an issue of fresh shares by the INOXGFL Group company and an offer for sale from some of its existing shareholders.
By Mohit Bhalla, ET Bureau
Last Updated: Sep 25, 2026, 05:58:00 AM IST
New Delhi: Inox Clean Energy is likely to file a draft red herring prospectus for a ₹10,000 crore initial public offering of shares with the market regulator before the weekend, in what could be the largest IPO from a private Indian renewable energy company to date, people familiar with the matter said. The planned offering will comprise an issue of fresh shares by the INOXGFL Group company and an offer for sale from some of its existing shareholders, the people said.
The INOXGFL Group did not respond to ET's queries. Government-backed NTPC Green Energy made a similar-sized IPO in November 2024.
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Inox Clean Energy in last December made a confidential DRHP filing with the Securities and Exchange Board of India, but withdrew it later. The latest plan comes after it raised funds privately from a diverse group of investors that included prominent global and local institutions, and expanded capacity through acquisitions in India and overseas. The company operates two related businesses: renewable energy generation and manufacturing of solar photovoltaic modules and cells.
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It expanded its power generation and manufacturing businesses rapidly over the past year and a half, both organically and through an aggressive M&A strategy.
Inox Neo Energies, the company's independent power generation vertical, operates renewable power plants with a total capacity of 5 gigawatts. An additional 11 gigawatts of projects are under development.
