Inox Clean Energy Limited, part of the INOXGFL Group, filed a draft red herring prospectus dated September 29, 2026, proposing an initial public offering of up to ₹10,000 crore. The offer comprises a fresh issue of equity shares worth up to ₹8,000 crore and an offer for sale of up to ₹2,000 crore by promoter selling shareholder Devansh Jain. The draft documents were published on the Securities and Exchange Board of India’s public-issues filing section on October 5.
The planned use of proceeds places debt reduction at the centre of the offer. The company proposes to allocate ₹6,000 crore from the net proceeds of the fresh issue towards repayment or prepayment, in full or in part, of certain borrowings held by the company and its direct and indirect subsidiaries. The balance is intended for general corporate purposes. The draft prospectus also allows for a possible pre-IPO placement of up to ₹1,600 crore before the red herring prospectus is filed. If completed, that amount would reduce the size of the fresh issue.
The company’s renewable power business and solar manufacturing operations form the two main pillars of its proposed public-market offering. As of August 31, 2026, its renewable independent power producer portfolio totalled 9.29 GW across India and Africa. Of this, 2.37 GW was operational, 0.80 GW was under construction, 2.99 GW was in the project pipeline and 3.13 GW was classified as future capacity. These figures cover different development stages and should not be interpreted as existing operating capacity alone.
Its manufacturing business reported 6 GW of operational solar module manufacturing capacity across India and the United States as of the same date. The company develops and operates utility-scale, commercial and industrial, rooftop, group-captive and merchant renewable projects, while firm and dispatchable renewable energy offerings and battery energy storage systems remain under development. Its stated strategy includes expanding manufacturing capabilities, scaling its independent power producer portfolio and broadening hybrid and round-the-clock renewable energy offerings.
The prospectus also highlights the difference between the company’s historical financial performance and its separate pro forma presentation. Restated consolidated revenue from operations for the financial year ended March 2026 was ₹178.13 crore, compared with ₹47.24 crore in FY2025, while profit after tax rose to ₹30.98 crore from ₹1.56 crore. Separately, its pro forma FY2026 financial information showed revenue of ₹2,046.4 crore and a loss after tax of ₹408.45 crore. These figures use different bases of preparation and should not be treated as directly interchangeable.
The filing identifies several risks relevant to the business’s expansion strategy, including integration challenges associated with acquisitions, dependence on a limited number of power off-takers and reliance on group companies for certain commercial and operational support. It also discloses that SEBI sought information and clarification from Inox Green Energy Services, the company’s former holding company, concerning the divestment of its shareholding in Inox Clean Energy and certain subsidiaries. The prospectus warns that an adverse outcome could affect the former holding company’s financial condition and reputation, as well as Inox Clean Energy’s reputation.
The IPO’s regulatory position is a separate development. SEBI’s public-issue status report lists Inox Clean Energy’s filing under issues for which observations have been kept in abeyance. The status entry records October 1, 2026, as both the date of receipt and the last date of communication, but does not state a reason for the abeyance. The filing’s status therefore should not be confused with approval to launch the IPO.
The proposed offer would combine fresh capital for debt reduction with a partial promoter stake sale, while giving investors exposure to a renewable platform spanning power generation and solar manufacturing. Its next steps will depend on the regulatory process, alongside the company’s ability to integrate acquired assets, expand operating capacity and manage the risks disclosed in its draft prospectus.