Renewable energy company Inox Clean Energy has filed draft papers with the Securities and Exchange Board of India (Sebi) to raise up to Rs. 100 bn through an initial public offering (IPO). The proposed issue would be the largest private-sector renewable energy public offering in India to date.

The IPO will comprise a fresh issue of equity shares worth up to Rs. 80 bn and an offer for sale of shares worth Rs. 20 bn by promoter Devansh Jain, according to the Draft Red Herring Prospectus filed with Sebi. The filing was made on Tuesday.

Inox Clean Energy plans to use proceeds from the fresh issue to repay or prepay, fully or partly, certain outstanding borrowings of the company and its subsidiaries. The remaining funds will be allocated for general corporate purposes. The company is part of the broader INOXGFL Group, which has interests in chemicals and renewable energy.

The business operates through renewable power generation and solar manufacturing. As of August 31, 2026, its renewable independent power producer portfolio stood at 9.29 gigawatts (GW) across India and Africa. This included 2.37 GW of operational capacity, about 0.80 GW under construction, 2.99 GW of pipeline capacity and 3.13 GW of future capacity.

Its solar manufacturing business has operational solar module manufacturing capacity of 6 GW across India and the United States, while solar cell manufacturing capacity is under construction in both markets. The company competes with listed renewable energy firms including Adani Green Energy, NTPC Green Energy, ACME Solar Holdings, Waaree Energies, Premier Energies, Clean Max Enviro Energy Solutions and JSW Energy.

The group also includes listed entities Gujarat Fluorochemicals, Inox Wind and Inox Green Energy Services. Its integrated capabilities cover solar module manufacturing, wind turbine generation, engineering, procurement and construction, and renewable energy operations and maintenance. Nuvama Wealth Management, CLSA India, Emirates NBD Capital India, HSBC Securities and Capital Markets (India), ICICI Securities, IIFL Capital Services, JM Financial, Motilal Oswal Investment Advisors and UBS Securities India are the book-running lead managers.