INOX Clean Energy Limited has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 60 billion through an initial public offering (IPO) of equity shares. The issue is expected to include a major portion as fresh equity issuance. The company is targeting a market capitalisation of around Rs 500 billion with an equity dilution of over 10 per cent.
Proceeds from the IPO will reportedly be utilised for setting up new facilities in solar manufacturing and independent power producers. The book-running lead managers for the proposed IPO include JM Financial, Motilal Oswal, Nuvama, IIFL Securities, and ICICI Securities.
In July 2025, Inox Clean Energy acquired Skypower Solar India for approximately Rs 2.65 billion, securing a 50 MW AC operational solar project in Madhya Pradesh, with the deal reflecting an enterprise value to EBITDA ratio of around 5.3 times.
