Inox Clean Energy Files Rs.10,000 Crore IPO for Clean-Energy
Inox Clean Energy has submitted documents for an initial public offering valued at up to Rs.10,000 crore ($1.04 billion), according to draft papers, aiming to capitalize on investor excitement for India’s clean-energy expansion.
The renewable energy firm is the newest to aim for an IPO this year, wagering on India's initiative to grow non-fossil-fuel power capacity to 500 gigawatts by 2030 and a resurgence in primary market activity following a sluggish beginning to the year.
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Clean Max and Juniper Green Energy have officially listed in 2026, while Avaada Electro, backed by Brookfield, along with Sembcorp’s India division and SAEL Industries are getting ready for IPOs.
Inox Clean Energy intends to issue new shares valued at approximately Rs.8,000 crore, whereas primary shareholder and non-executive director Devansh Jain aims to sell shares worth as much as Rs.2,000 crore, according to the filing.
The firm plans to allocate roughly Rs.6,000 crore of the funds to settle its debts.
Inox Clean Energy submitted an IPO application to the nation's market regulator last year but later retracted it. It rivals power producers like Adani Green Energy, NTPC Green Energy, and ACME Solar, along with solar equipment manufacturers Waaree Energies and Premier Energies.
The INOXGFL group, primarily dedicated to renewable energy and chemicals, includes three publicly traded companies in India: Gujarat Fluorochemicals, Inox Wind, and Inox Green Energy Services.
Nuvama Wealth Management, HSBC, UBS, ICICI Securities, CLSA, and Emirates NBD Capital are some of the firms overseeing the IPO. The company, belonging to the INOXGFL group, develops and operates solar and wind energy facilities in India and Africa, with 2.37 GW now functional from a 9.29 GW project pipeline at different phases. It also produces solar panels in India and the US.
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Inox Wind has entered into a memorandum of understanding (MoU) with Inox Clean Energy to provide 1,500 MW of wind turbines. This strategic partnership, revealed on June 16, 2026, strengthens the INOXGFL Group's 'One Integrated' renewable approach and ensures multi-year revenue predictability for Inox Wind. The order book of the company has now surpassed 4.5 GW, backed by a strong existing pipeline totaling 3.1 GW.
The MoU involves the provision of Inox Wind's cutting-edge 3.3 MW and 4X MW series wind turbines for renewable energy initiatives being undertaken by Inox Clean throughout India. This partnership capitalizes on the interaction among INOXGFL Group entities to support execution and revenue generation, establishing a beneficial cycle that protects the business from market fluctuations.
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The inclusion of this MoU has increased Inox Wind's order book from 3.1 GW to more than 4.5 GW. This significant backlog secures the company for the upcoming years and highlights its production capacity of around 2.5 GW annually. The accord corresponds with the Group's strategy to merge the capabilities of Inox Clean Energy, Inox Renewable Solutions, Inox Green Energy Services, and Inox Wind into a formidable renewable energy entity.
Inox Clean, the counterpart and Group entity, has quickly become a prominent renewable platform. The firm reached an operational portfolio of around 3.5 GW in its initial two years and intends to increase renewable capacity by more than 3 GW each year. Inox Clean aims for a renewable operational portfolio of 14 GW by FY29, anticipating that around 20 percent – 30 percent of these yearly increments will come from wind energy.