Fri Jul 11 17:41:59 UTC 2025: Okay, here’s a summary and rewrite of the provided text as a news article, suitable for The Hindu’s business section:

**Summary:**

INOX Clean Energy, part of the INOXGFL Group, has confidentially filed with SEBI for an IPO of ₹6,000 crore. This could be the largest Indian IPO in the clean energy sector. The IPO aims to dilute over 10% equity, targeting a market capitalization of around ₹50,000 crore. Proceeds will be used for expanding solar and IPP facilities. The company already has a 157 MW operational capacity with 400 MW under construction and a 2.2 GW project pipeline. They plan a capital expenditure of ₹6,500 crore for expansion, funded through a mix of debt, accruals, and equity.

**News Article:**

**INOX Clean Energy Files for ₹6,000 Crore IPO, Eyes Clean Energy Expansion**

**New Delhi, July 11, 2025:** INOX Clean Energy, a subsidiary of the USD 12 billion INOXGFL Group, has confidentially filed draft papers with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) aiming to raise ₹6,000 crore, according to industry sources. This move positions the IPO as potentially the largest in the Indian clean energy and renewables sector to date.

The company’s public announcement on Friday confirmed the submission of the draft red herring prospectus for the proposed listing on the main board of the stock exchanges. The IPO is expected to dilute the company’s equity by over 10%, with INOX Clean Energy targeting a market capitalization of approximately ₹50,000 crore.

Sources indicate that a significant portion of the public offering will comprise a fresh issue of shares, with the generated funds earmarked for establishing new facilities in the solar energy and Independent Power Producer (IPP) sectors. This proposed IPO surpasses the filings of Juniper Green (₹3,000 crore) and Waaree Energies (₹4,300 crore) made in June 2025 and October 2024, respectively.

“This IPO signifies INOX Clean Energy’s commitment to expanding its presence in the rapidly growing renewable energy market,” said an industry analyst familiar with the filing. The company has already demonstrated financial strength through a recent equity raise of approximately ₹700 crore.

The IPO is being managed by a consortium of book running lead managers, including JM Financial, Motilal Oswal, Nuvama, IIFL Securities, and ICICI Securities.

According to a recent report by CareEdge Ratings, INOX Clean Energy anticipates a capital expenditure of ₹6,500 crore to complete its ongoing renewable energy and manufacturing projects. This expenditure will be funded through a combination of project-level debt, cash accruals, and equity contributions from both investors and promoters. While funding is already secured for renewable energy projects under construction, the company will require additional equity capital to establish its planned manufacturing units for solar cells and modules through subsidiaries INOX Neo Energies and INOX Solar.

Currently, INOX Clean Energy has a total operational capacity of 157 MW (107 MW wind and 50 MW solar). An additional 400 MW is under construction, comprising 350 MW of hybrid and 50 MW of solar projects. The company also boasts a robust project pipeline of over 2.2 GW, according to the CareEdge report.

The filing comes at a time when the Indian government is aggressively promoting renewable energy adoption and is likely to be viewed favorably by investors interested in the sector’s growth potential.

(Published – July 11, 2025 11:11 pm IST)

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