Inox Clean Energy has taken a major step toward a stock market listing. The company has filed its Draft Red Herring Prospectus, or DRHP, with the Securities and Exchange Board of India (SEBI) for an initial public offering worth up to ₹10,000 crore. The filing was made on September 29, 2026, and the news came out on September 30.
The proposed issue has two main parts. The first is a fresh issue of equity shares worth up to ₹8,000 crore. The second is an offer for sale, or OFS, worth up to ₹2,000 crore. Promoter Devansh Jain is set to sell shares through the OFS. Some reports also name Avarna Jain among the promoter selling shareholders.
If the IPO reaches the proposed size of ₹10,000 crore, it would become the largest public issue by a private-sector renewable energy company in India, based on the company’s filing and reports on the issue. This places the proposed deal among the larger IPO plans in India’s renewable energy sector.
A large part of the money will cut debt
One of the most important details in the IPO plan is the use of the fresh issue money. Inox Clean Energy plans to use ₹6,000 crore from the net fresh issue proceeds for the repayment or prepayment of borrowings held by the company and its subsidiaries. The remaining amount from the fresh issue will go toward general corporate purposes.
This debt reduction plan matters because the company had ₹16,781.8 crore of total outstanding borrowings on a consolidated basis as of August 2026. The planned ₹6,000 crore repayment would therefore form a large part of its current debt base.
The IPO is thus not only about a public listing. A major goal is also to strengthen the company’s financial position by reducing its debt. A lower debt load can reduce the amount of money a company has to spend on interest and repayment. However, the final effect will depend on the company’s future cash flow, business growth and other financial needs.
The IPO may also have a pre-IPO placement
The ₹10,000 crore figure is not necessarily the final size of the public issue. Inox Clean Energy may first raise up to ₹1,600 crore through a pre-IPO placement.
If the company completes such a placement before it files the Red Herring Prospectus with the Registrar of Companies, the fresh issue size will fall by the amount raised through that placement. This means the final public issue size could be lower than the ₹10,000 crore headline figure.
The company has not yet disclosed the final IPO price band. It has also not announced the final dates for the public offer. These details will become clearer at a later stage of the IPO process.
What does the IPO structure mean?
The proposed IPO has a fresh issue of ₹8,000 crore and an OFS of ₹2,000 crore.
Money from a fresh issue goes into the company. In this case, Inox Clean Energy plans to use a large share of that money for debt repayment, with the rest for general corporate needs.
An OFS works differently. In an offer for sale, existing shareholders sell part of their shares to public investors. The money from those shares goes to the selling shareholders rather than to the company.
For Inox Clean Energy, the proposed OFS is worth up to ₹2,000 crore. Promoter Devansh Jain is named as a seller in the filing. The Economic Times has also reported Devansh Jain and Avarna Jain as promoter selling shareholders.
A renewable power business at the centre
Inox Clean Energy operates an integrated renewable energy platform. Its business has two main parts: renewable power generation and solar manufacturing.
The renewable power business follows an independent power producer, or IPP, model. The company develops and operates renewable power assets and sells the electricity produced from them.
As of August 31, 2026, its renewable IPP portfolio stood at 9.29 GW across India and Africa. But the full portfolio is not yet operational.
Of the 9.29 GW portfolio, 2.37 GW was operational. Around 0.80 GW was under construction, while 2.99 GW was pipeline capacity and 3.13 GW was future capacity. These figures show that a large part of the company’s stated portfolio is still at different stages of development.
The company runs its Indian IPP business through Inox Neo Energies. Its African operations are carried out through SkyPower Services MENA, a venture with strategic partner Arctic International.
Solar manufacturing adds another business line
The company is not focused only on power generation. It also has a solar manufacturing business.
As of August 2026, Inox Clean Energy had 6.00 GW of operational solar module manufacturing capacity across India and the United States, according to the DRHP-based reports.
The company also has additional capacity under construction. This includes 5.00 GW of solar module manufacturing capacity in Odisha and about 8.00 GW of solar cell manufacturing capacity across India and the United States.
Its Indian solar manufacturing operations are carried out through Inox Solar. In the United States, the business operates through Inox Solar Americas LLC, a wholly owned subsidiary of Amura Renewables.
This combination of renewable power and solar manufacturing gives the company exposure to two parts of the clean energy value chain.
Strong rise in revenue and profit
The company’s recent financial numbers also show a sharp rise in revenue and profit.
For the financial year ended March 2026, Inox Clean Energy reported a profit of ₹30.9 crore, compared with ₹1.5 crore in FY25. Revenue from operations rose to ₹178.1 crore in FY26, from ₹47.2 crore in FY25.
Financial Express reported the FY26 revenue rise at 277% year on year, while profit rose sharply from the previous year.
These figures show a major change in the company’s recent financial performance. At the same time, investors will need to look beyond one year’s growth. The company’s future results will depend on how quickly its renewable assets become operational, how its solar manufacturing business performs and how it manages its debt.
Promoters and the wider group
Inox Clean Energy is part of the INOXGFL Group. The group already has other listed companies in the Indian stock market.
If the proposed IPO reaches the listing stage, Inox Clean Energy would become the fourth listed entity of the InoxGFL Group, after Gujarat Fluorochemicals, Inox Wind and Inox Green Energy Services, according to Fortune India.
The company is therefore entering the public market as part of a larger business group with existing listed entities.
As of the DRHP date, promoters Devansh Jain and Avarna Jain jointly held 91.65% of the company’s issued share capital, according to Fortune India.
The proposed OFS would allow promoter shareholders to sell part of their holdings through the IPO.
Several major banks are part of the IPO process
Inox Clean Energy has appointed several well-known financial institutions as book-running lead managers for the proposed issue.
The list includes Nuvama Wealth Management, CLSA India, Emirates NBD Capital India, HSBC Securities and Capital Markets India, ICICI Securities, IIFL Capital Services, JM Financial, Motilal Oswal Investment Advisors and UBS Securities India.
Nuvama Wealth Management is also identified as a book-running lead manager in Financial Express’s report, while MUFG Intime India is set to act as the registrar.
The presence of several large financial institutions reflects the size of the proposed transaction and the work required before the shares can reach the public market.
How the IPO quota may be divided
The DRHP also sets out the proposed allocation structure for different investor groups.
Up to 75% of the net offer may be available for qualified institutional buyers. At least 15% is reserved for non-institutional investors. The retail investor portion will not exceed 10% of the total offer.
The final allocation can depend on the rules and terms that apply at the time of the issue. Investors should therefore refer to the final prospectus for the exact structure.
Risks remain part of the story
A large IPO size and strong revenue growth do not remove business risks. The DRHP lists several areas that investors need to consider.
The company faces risks tied to regulatory approvals, acquisitions, its reliance on major customers, related-party transactions and external contractors. The company also has exposure to its subsidiaries and the ability to renew certain partnerships.
Another important point is the difference between the total renewable portfolio and the operational portfolio. The company had a 9.29 GW renewable IPP portfolio as of August 31, 2026, but only 2.37 GW was operational at that time. The rest was under construction, in the pipeline or classified as future capacity.
This makes execution an important part of the company’s future plans.
What comes next for the IPO
The DRHP filing is an important step, but it does not mean the IPO will open immediately.
SEBI will review the draft papers, and the company may need to make changes before the final offer document. The company may also complete a pre-IPO placement of up to ₹1,600 crore, which could reduce the fresh issue size.
The price band, final issue size and public subscription dates have not yet been disclosed. These details will matter to investors once the company moves closer to the actual IPO.
For now, the central numbers are clear. Inox Clean Energy has proposed an IPO of up to ₹10,000 crore, with an ₹8,000 crore fresh issue and a ₹2,000 crore OFS. From the fresh issue, ₹6,000 crore is planned for debt repayment or prepayment. The company had ₹16,781.8 crore of consolidated borrowings as of August 2026. Its renewable IPP portfolio stood at 9.29 GW, with 2.37 GW operational, while its solar manufacturing capacity added another major part to the business.
The proposed listing therefore brings together a large capital raise, debt reduction and expansion plans across renewable power and solar manufacturing. The next major updates will be the SEBI process, any pre-IPO placement, the final issue terms and the eventual price band.
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