The Inox Clean Energy IPO is now with SEBI. The company has filed draft papers for an issue of about ₹10,000 crore, as per reports on 29 and 30 September 2026. Of that, ₹8,000 crore is a fresh issue of new shares and ₹2,000 crore an offer for sale by an existing shareholder. Reports say ₹6,000 crore of the money is for repaying debt.
If it goes through at that size, it would be the largest IPO by a private Indian renewable energy company so far.
The ask has grown by two thirds since July
This is the second time the company has gone to SEBI this year. In July 2026 it filed confidential draft papers for a ₹6,000 crore issue, and the reports then put its target market value at around ₹50,000 crore. The confidential route lets a company file privately, get SEBI's review, and only later put out a version the public can read and comment on.
The number being reported now is ₹10,000 crore, two thirds higher. A report on 7 September said the group was aiming at a valuation close to ₹1 lakh crore for a stake sale of roughly 10 per cent. Both the size and the valuation are from reports and neither has been confirmed by the company or by an exchange.
What the company does
Inox Clean Energy is the renewable energy arm of the INOXGFL Group, which also runs chemicals and wind turbine businesses. Its subsidiary Inox Neo Energies builds and runs wind, solar and hybrid projects. Inox Solar makes solar modules and cells in India and the United States. Promoters hold about 95 per cent, which is why a 10 per cent sale still leaves them firmly in control.
The company has been buying rather than only building. Its largest deal was the ₹6,000 crore purchase of Vena Energy India, which brought in operating plants, a project pipeline and battery storage assets, and it has announced roughly ten acquisitions in a year.
The capacity figures in the reports do not agree. Those written around the filing put operating wind and solar capacity at 2.37 GW and the project pipeline at 9.29 GW. The 7 September report put operating capacity nearer 4 GW after the Vena deal and the pipeline above 12 GW, plus 2.5 GWh of battery storage. The draft prospectus will settle which is right.
What the reports do not tell you yet
Three things matter and none of them is public. There is no revenue or profit figure for FY26 in any of the reports. There is no break up of the ₹8,000 crore fresh issue beyond the ₹6,000 crore for debt. And the filing had not appeared on SEBI's public list of draft documents when this was written on 30 September, so the figures above are what outlets have reported, not what a filed document shows.
Reports name Nuvama, JM Financial and Emirates NBD among the banks working on the issue. The July report on the confidential filing named a wider set, including Motilal Oswal, IIFL Securities and ICICI Securities.
That gap between debt repayment and growth spending is the part to read when the document does come out. A fresh issue that mostly clears borrowings puts money into the lenders' hands, not into new plants.
What happens next
SEBI normally takes one to three months to give its observations on a draft prospectus. After that the company files a red herring prospectus with the price band, the lot size and the dates, and the approval stays valid for 12 months. So an actual IPO is months away, not weeks.
We list every draft filing and approval as it happens on our upcoming mainboard IPO page, and every issue that reaches the market on the mainboard IPO list.
