Inox Clean Energy Seeks to Raise Rs 10,000 Crore with DRHP Filing for Upcoming IPO.

Inox Clean Energy has filed its draft red herring prospectus with the Securities and Exchange Board of India (Sebi) for a substantial initial public offering (IPO) aimed at raising Rs. 10,000 crore. This offering includes a fresh issue of Rs. 8,000 crore and an offer for sale of Rs. 2,000 crore by the promoters, Devansh Jain and Avarna Jain. Notably, this IPO is poised to be the largest to date for a private sector renewable energy company in India, surpassing the record set by NTPC Green Energy in November 2024. Renowned financial institutions such as Nuvama, CLSA, and HSBC have been appointed as book running lead managers for this high-profile listing.

The company boasts a significant footprint in the renewable energy sector, with an independent power producer portfolio totaling 9.29 gigawatts across India and Africa, along with a noteworthy solar module manufacturing capacity of 6 gigawatts. The financials presented in the draft suggest potential robust earnings, with reported revenues of Rs. 2,046 crore and an EBITDA of Rs. 1,190 crore when accounting for recent acquisitions. Currently, around 82.78% of Inox Clean Energy’s revenue stems from renewable energy, indicating a strong alignment with India’s sustainable growth trajectory.

Grey market sentiment appears cautiously optimistic regarding the Inox Clean Energy IPO, due to the burgeoning interest in renewable energy investments in India. Retail investors may view this offering as a strategic opportunity to gain exposure to a scaling business in the fast-growing sector of clean energy. With government policies favoring renewable initiatives, this IPO could potentially yield significant long-term gains for investors seeking to contribute to and benefit from India’s green transition.

Source: The Economic Times

(Expert Note: This report was prepared by the Wealthova IPO team.)