Uttar Pradesh-based solar modules and cell manufacturer Inox Clean Energy has filed draft red herring prospectus via confidential route with the SEBI to raise funds via initial public offering (IPO) on July 10.
The INOXGFL group company is likely to raise at least Rs 6,000 crore via initial share sale and may be looking for a valuation of around Rs 50,000 crore, according to media reports quoting market sources.
"...the company has filed the pre-filled draft red herring prospectus with SEBI and the stock exchanges for the proposed initial public offering of its equity shares on the mainboard of the stock exchanges," said Inox Clean Energy in its public announcement published in business newspaper.
It further said the filing of the pre-filled DRHP shall not necessarily mean that the company would undertake the IPO.
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If the IPO plans fructify, then Inox Clean Energy would be the fifth company from the INOXGFL group to list on the bourses after Gujarat Fluorochemicals, Inox Wind, Inox Green Energy Services, and Inox Wind Energy.
Incorporated in 2017, Inox Clean Energy develops renewable energy (RE) projects, and manufactures solar cells and modules through its two subsidiaries - Inox Neo Energies, and Inox Solar.
Currently, the company has an operational capacity of 157 MW (107 MW wind & 50 MW solar) and under construction capacity of 400 MW (350 MW hybrid and 50 MW solar) and pipeline capacity of over 2.2 GW, as per CareEdge Ratings report dated June 26, 2025.
It is also independently operating a 50 MW wind power plant in Kutch, Gujarat, while Inox Solar is setting up 4.8 GW solar cell and 7.2 GW solar module manufacturing capacities which are expected to become operationalised in a phased manner over the next two years, as per the rating agency report.
Inox Clean Energy has appointed JM Financial, Motilal Oswal, Nuvama, IIFL Securities, and ICICI Securities as the book running lead managers for its proposed IPO.
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