MUMBAI: Inox Clean Energy, part of the $12-billion Inox GFL group, has filed for the largest initial share sale in the renewable energy space targeting to mop up over Rs 6,000 crore. A major portion of the proposed offer will be a fresh issue.
According to market sources, at Rs 6,000-crore plus, when completed this will be largest renewables fund raise via an initial public offering (IPO).The Sebi filing has been done under the confidential route.
The other two recent IPOs in the green energy space were Waaree Energies’ Rs 4,300 crore issue that was closed in October 2024 and the yet to be launched Juniper Green’s Rs 3,000-crore issue.
The $12 billion Inox group, promoted by Vivek Jain and Devansh Jain, is into green energy as well as into industrial and medical gases along with cryogenic gases. Inox Clean Energy is the group’s third major vertical and is engaged in the business of developing and operating renewable energy projects as well as manufacturing solar cells and modules through its majority-owned arm Inox Neo Energies and wholly owned subsidiary Inox Solar, respectively.
Currently, its operational capacity is 157 mw (107 mw wind and 50 mw in solar) and under-construction capacity of 400 mw (350 mw hybrid and 50 mw solar) and has a pipeline capacity of over 2.2 gw, according to a recent Care Ratings report. The group is present in across the renewables value chain – wind/ solar manufacturing, RE projects under EPC, O&M, RE power generation and consumption.
With a proposed equity dilution upwards of 10% through the IPO, Inoz Clean is aiming for a market capitalization of around Rs 50,000 crore, market source told TNIE. The company is likely to use the IPO money to part fund its Rs 6,500-crore planned capex for setting up new facilities in solar and as an independent power producer.
The company has strong financials and had recently raise Rs 700 crore in equity, including Rs 90 crore raised at the company level and Rs 600 crore at the Inox Neo Energies level through minority stake dilution to private investors.
According to a recent Care Ratings report, the company is expected to spend Rs 6,500 crore to commission its under-construction green energy projects and manufacturing capacities. This capex is expected to be funded through a mix of project level debt, cash accruals generated from underlying projects, and envisaged equity contributions from investors and promoters.
The report states the company has ambitious plans to add 10 gw in the next three to four years. Its subsidiary Inox Solar, is setting up 4.8 gw solar cell and 7.2 gw solar module manufacturing facilities and are expected to be commissioned by next fiscal. It also under-construction solar capacity of 200 mw at present and has plans to reach 2,400 mw by the end of this fiscal.