Renewable energy company Inox Clean Energy has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) of up to ₹100 billion (~$1.04 billion).

The IPO will comprise a fresh issue of equity shares aggregating up to ₹80 billion (~$834.04 million) and an offer for sale of shares worth up to ₹20 billion (~$208.51 million). The equity shares have a face value of ₹1 (~$0.01) each.

The company may also consider a pre-IPO placement of up to ₹16 billion (~$166.81 million). If completed, the amount raised through the pre-IPO placement will be reduced from the fresh issue.

Of the net proceeds, ₹60 billion (~$625.53 million) is proposed to be utilized to repay or prepay, in full or in part, certain outstanding borrowings of the company and some of its direct and indirect subsidiaries. The remaining proceeds will be used for general corporate purposes.

As of August 31, 2026, the company and its subsidiaries had consolidated fund-based outstanding borrowings of ₹167.82 billion (~$1.75 billion).

As of August 31, 2026, Inox Clean Energy had an operational independent power producer portfolio of 2.38 GW comprising wind, solar, and wind-solar hybrid projects. It also had 800.2 MW of projects under construction and 2.99 GW in the pipeline. It also has a 3.1 GW solar-plus-BESS pipeline.

For fiscal year 2026, the company reported revenue from operations of ₹1.78 billion (~$18.56 million), compared with ₹472.44 million (~$4.93 million) in fiscal 2025. Revenue from the sale of renewable energy stood at ₹1.47 billion (~$15.33 million) and accounted for 82.78% of revenue from operations. Solar module sales contributed ₹304.16 million (~$3.17 million).

Inox Clean Energy also operates a solar manufacturing business through Inox Solar. As of August 2026, Inox has a 3 GW solar module plant in Bavla, Gujarat, and another 3 GW of module manufacturing capacity in the U.S. Inox is also developing a 5 GW integrated solar module and cell facility in Odisha. It also has a 3 GW solar cell manufacturing facility in the U.S. that is under construction.

In June, Inox Clean Energy, the renewables arm of the INOXGFL group, signed a definitive agreement to acquire Vena Energy India’s 6 GW renewable energy portfolio.

It also acquired Vibrant Energy, a renewable energy platform owned by Macquarie and other shareholders, for approximately ₹50 billion (~$521.28 million).

Earlier this year, Inox Neo Energies, the independent power producer arm of Inox Clean Energy, acquired around 300 MW of operational solar projects from SunSource Energy.