Inox Clean Energy Ltd. IPO Details
Inox Clean Energy was incorporated on November 20, 2017. The company is an integrated renewable energy platform with two principal verticals: an IPP business with a 9.29 GW renewable portfolio across India and Africa, including 2.37 GW operational, 0.80 GW under construction, 2.99 GW pipeline and 3.13 GW future capacity as of August 31, 2026. Its Solar Manufacturing Business manufactures solar PV modules and has 6.00 GW of operational module manufacturing capacity across India and the United States, with solar cell capacity under construction
| Bidding Dates |
|---|
| To Be Announced |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| - | - | - | - | 0 | - | - | ₹100,000.0 M | DRHP DOC |
Inox Clean Energy issue details
Inox Clean Energy IPO issue size is ₹ 100,000.0 M
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 10% | 15% | 75% |
Inox Clean Energy IMPORTANT IPO DATES
| Issue Open Date | - |
| Issue close Date | - |
| Allotment Date | - |
| Refund Date | - |
| Demat Account Credit Date | - |
| Listing Date | - |
| Listing on Exchange(s) | NSE and BSE |
Inox Clean Energy NUMBER OF SHARES ON OFFER
Inox Clean Energy FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY26 | 178.1 | 45.4 | -52.1 | -1,764.6 | 18.1% |
| FY25 | 47.2 | 2.4 | 28.6 | -144.0 | 76.0% |
| FY24 | 39.4 | 2.4 | 20.9 | -14.4 | 88.9% |
Inox Clean Energy INFORMATION ON IPO ISSUE
About Inox Clean Energy
Inox Clean Energy was incorporated on November 20, 2017. The company is an integrated renewable energy platform with two principal verticals: an IPP business with a 9.29 GW renewable portfolio across India and Africa, including 2.37 GW operational, 0.80 GW under construction, 2.99 GW pipeline and 3.13 GW future capacity as of August 31, 2026. Its Solar Manufacturing Business manufactures solar PV modules and has 6.00 GW of operational module manufacturing capacity across India and the United States, with solar cell capacity under construction
Object of the Issue
- Repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by the company and/or certain of its subsidiaries (direct and indirect)
- General corporate purposes
Inox Clean Energy - PROMOTERS
| Name |
|---|
| Devansh Jain |
| Avarna Jain |
Inox Clean Energy - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Bharat Nareshkumar Saxena | Chief Executive Officer & Whole-time Director |
| Devansh Jain | Non-Executive Director |
| Akhil Jindal | Non-Executive Director |
| Bindu Saxena | Independent Director |
| Sunil Jain | Independent Director |
| Anas Rahman Junaid | Independent Director |
Inox Clean Energy Book Running Lead Manager
Nuvama Wealth Management Limited
inoxclean@nuvama.com
CLSA India Private Limited
inoxclean.ipo@clsa.com
Emirates NBD Capital India Private Limited
inoxclean.ipo@emiratesnbd.com
HSBC Securities and Capital Markets (India) Private Limited
inoxcleanipo@hsbc.co.in
ICICI Securities Limited
inoxclean.ipo@icicisecurities.com
IIFL Capital Services Limited
inoxcleanenergy.ipo@iiflcap.com
JM Financia Limited
inoxcleanenergy.ipo@jmfl.com
Motilal Oswal Investment Advisors Limited
inoxcleanipo@motilaloswal.com
UBS Securities India Private Limited
olinoxcleanenergy_ipo@ubs.com
Inox Clean Energy Registrar to the Offer
MUFG Intime India Private Limited
inoxenergy.ipo@in.mpms.mufg.com
Inox Clean Energy Strengths
Integrated renewable platform
The company is a vertically integrated renewable energy platform with capabilities across solar module manufacturing, solar cell manufacturing, IPP operations, project development, EPC execution and long-term O&M through the INOXGFL Group ecosystem. Long-term exclusivity agreements provide preferential access to Group infrastructure, execution capabilities and market relationships, while GFL serves as its group captive C&I off-taker/customer, supporting long-term revenue visibility for its IPP Business
Client relationship
The company has a diversified customer base across utility agencies, government-backed entities, hyperscalers, digital infrastructure companies, C&I customers and global counterparties. As of August 31, 2026, its operational IPP portfolio comprised 108 customers, with 46.68% of capacity contracted with utility-scale customers, 52.48% with C&I customers and 0.84% on a merchant basis, while 74.36% of rated customers had an ‘A-’ or above rating
Diversified investor base
The company is supported by a diversified investor base comprising institutional investors, strategic business groups, Indian capital providers and family offices, including Skypower Southeast Asia Holdings 2 Limited, Arctic International and other investors. This investor support strengthens its access to long-term growth capital and financial flexibility for pursuing organic and inorganic opportunities across India, the United States and Africa, while supporting relationships with lenders, project finance providers, off-take counterparties and strategic partners
Inox Clean Energy Risks
Acquisition risks
The company’s acquisition and joint venture-led growth strategy involves significant financial and managerial commitments and may create integration, execution and regulatory risks. Recent and proposed acquisitions across India, Africa and the United States, including the Windworld and Athena portfolios, remain subject to regulatory approvals and other closing conditions, which could adversely affect business, financial performance and prospects
Capital intensive
The company’s capital-intensive business requires substantial funding for completing under-construction projects, acquisitions and expanding its operations and manufacturing capacity. Any inability to raise funds on commercially acceptable terms could adversely affect its growth, business, financial condition, results of operations and cash flows
Depend on third-party vendors
The company depends on third-party suppliers for wind turbines, inverters, solar modules, solar cells, wafers and other equipment required for its projects. Fluctuations in the prices of these materials due to supply-demand changes and other factors may increase project costs and adversely affect its business, financial condition and results
IPO FAQs
The promoters of the company are Devansh Jain and Avarna Jain.
The category allocation of qualified institutional buyers is 75.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 10.0%.