Inox Clean Energy Targets ₹10,000 Crore IPO After Expansion Through Acquisitions

Inox Clean Energy is likely to file a draft red herring prospectus (DRHP) for a ₹10,000 crore initial public offering (IPO) with the Securities and Exchange Board of India (SEBI) before the weekend.

The issue is expected to include newly issued shares by the INOXGFL Group company along with an offer for sale (OFS) by some existing shareholders.

The proposed Inox Clean Energy IPO could become the largest offering by a private Indian renewable energy company to date.

The company had previously made a confidential DRHP filing in December before withdrawing it. Since then, it has raised private capital from global and domestic institutional investors.

Inox Clean Energy Expands Through Capacity And Acquisitions

The company has also expanded its operations through acquisitions in India and overseas. Its business is divided across renewable energy generation and the manufacture of solar photovoltaic modules and cells.

Inox Clean Energy has accelerated the expansion of its power generation and manufacturing businesses over the past year and a half. The growth has come through both organic expansion and an aggressive mergers and acquisitions (M&A) strategy.

Inox Neo Energies, its independent power generation arm, currently operates renewable power plants with a combined capacity of 5 gigawatts (GW). Another 11 GW of projects are under development.

The expansion also adds scale to the company's renewable power operations ahead of the proposed renewable energy IPO.

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