INOX Clean plans IPO comeback after ₹700 crore investment from Poonawalla family office

INOX Clean plans to refile for its initial public offering (IPO) in the coming months after strengthening its business through acquisitions, Executive Director Devansh Jain of the InoxGFL Group said following a ₹700 crore investment by the Poonawalla family office.

The investment values the renewable energy platform at ₹70,000 crore and comes after a series of investments from institutional and family office investors over the past year.

Jain said the company had earlier filed confidentially for an IPO but decided to defer the listing as it pursued acquisitions to expand its renewable energy business.

"At some point in time, over the next couple of months, you will be hearing on that front," Jain said, referring to the company's IPO plans. He added that "that should be the broad plan" when asked whether INOX Clean would refile its IPO papers.

Jain said the latest investment reinforces confidence in the company's long-term strategy. The company is targeting 15 GW of operating independent power producer (IPP) capacity and 11 GW of solar module and cell manufacturing capacity over the next two years across India, Africa and the United States.

According to Jain, INOX Clean has expanded rapidly over the past 15 months.

"We've taken this company from zero megawatt to now more than four gigawatt of operational capacity," he said, adding that the group has also built a renewable energy business in Africa and acquired assets in the US.

Explaining the ₹70,000 crore valuation, Jain said it was based on a sum-of-the-parts approach covering the IPP business and the solar manufacturing operations in India and the US. He said independent valuers and investment bankers were involved in the fundraising process.

The company has completed nearly 10 acquisitions over the past 10 months, which Jain said has strengthened its balance sheet and business plan ahead of a public listing.

The promoter group, comprising the Jain family and InoxGFL, currently owns about 95% of INOX Clean. Other investors include CalPERS, RJ Corp, Enam, Akash Bhansali, Hero, DLF, and the Poonawalla family office.

Jain said the company believes there is further scope for value creation as it scales up its renewable energy platform and manufacturing capacity over the coming months.

For the full interview, watch the accompanying video

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