Inox Clean Energy Ltd. has filed a draft red herring prospectus that could value its fresh equity issue at ₹8,000 crore, while promoters plan to sell up to ₹2,000 crore in an offer‑for‑sale. The combined structure positions the company to bring in a total of ₹10,000 crore if the placement and OFS close as planned.
The company may also secure up to ₹1,600 crore through a pre‑IPO placement. If that placement closes before the DRHP filing, the fresh issue size will shrink proportionally, potentially leaving a ₹8,000 crore core issue. This flexibility allows Inox to adjust the capital raise based on market appetite.
A primary driver of the IPO is debt deleveraging. At August 2026, the firm’s consolidated borrowings stood at ₹16,781.8 crore; the fresh issue is earmarked to slash ₹6,000 crore of that debt. The remaining proceeds will fund general corporate purposes, but the debt reduction focus is clear in the filing.
Financially, the company reported FY25 net revenue of ₹178 crore and a profit after tax of ₹31 crore. Its renewable power portfolio totals 9.29 GW, with 2.37 GW operational and 0.80 GW under construction. The solar manufacturing arm adds another 6 GW of module capacity, underscoring the company’s integrated renewable strategy.
In the context of the Indian renewable sector, the IPO size rivals recent listings like Adani Green Energy, which raised ₹6,000 crore. Market analysts expect the pricing range to fall between ₹70 and ₹90 per share, reflecting the sector’s bullish sentiment. The book‑running team – Nuvama, CLSA, HSBC, and others – will set the final price in the coming weeks, with the first pricing meeting slated for early September.