INOX Clean Energy files ₹6,000 crore IPO, targets largest Indian green energy listing

INOX Clean Energy has confidentially filed draft papers with the Securities and Exchange Board of India (SEBI) to raise Rs 6,000 crore through an Initial Public Offering (IPO), aiming to become the largest Indian IPO in the clean energy and renewables sector. The company plans an equity dilution of over 10 percent, targeting a market capitalization of around Rs 50,000 crore, with a major portion of the offer being a fresh issue to fund new solar and Independent Power Producer (IPP) facilities. This IPO surpasses recent filings by Juniper Green and Waaree Energies, reflecting INOX Clean Energy's strong financial flexibility, including a recent Rs 700 crore equity raise. The company expects to incur Rs 6,500 crore in capital expenditure to complete its renewable energy and manufacturing capacities, funded through a mix of project debt, cash accruals, and equity from investors and promoters. Book running lead managers for the IPO include JM Financial, Motilal Oswal, Nuvama, IIFL Securities, and ICICI Securities. While funding is secured for under-construction renewable projects, additional equity capital is needed to establish new manufacturing units.