Inox Clean Energy's IPO Plan: INOXGFL Group’s Executive Director Devansh Jain has said that Inox Clean Energy is planning for an initial public offering
(IPO) by the FY 2027. In an interaction with ET Now on the sidelines of the World Economic Forum (WEF) in Davos, Jain said that the group is also targeting another larger equity raise in the next 15 days.
“INOXGFL will be deploying the entire capital for Inox Clean Energy. Broadly, we have raised equity of over Rs 3,000 crore till date. We would be raising another over Rs 2,000 crore in the next couple of days. So, cumulatively it will give us around Rs 5,000 crore equity,” he added.
“With all the volatility in this geo-political equation, it is becoming more about resilience on the supply chain. In the battery chemical space, we have tied up with some of the largest US players because for them there is a clear mandate to move away from China. So, there are unique opportunities for Indian companies to come in. So, it is having the ability to shift from one supply chain to another and India is in a sweet spot,” Jain said.
In December last year, PTI reported that Inox Clean Energy temporarily withdrew its draft papers after raising around Rs 5,000 crore in a pre-IPO funding round.
Inox Clean Energy, part of the INOXGFL Group, had initially filed its draft papers confidentially in July 2025, with plans to raise Rs 6,000 crore through its IPO.
Inox Clean Energy is building an integrated renewables ecosystem, focused on the manufacturing of high-quality solar modules and cells. These will be partially utilised to set up captive hybrid renewable power generation capacities, ensuring a sustainable and efficient energy supply, according to the company’s website.
A total of four companies of INOXGFL Group are listed on the exchanges namely — Gujarat Fluorochemicals Ltd, the flagship chemical company developing products for battery materials, Inox Wind Ltd, a leading manufacturer of wind turbines in India; Inox Wind Energy Ltd, the holding company currently undergoing a merger with Inox Wind Ltd; and Inox Green, the listed O&M company of the renewable arm.
Earlier this month, PTI reported that Inox Clean Energy’s arm Inox Neo Energies had acquired 250 MWp of solar projects from SunSource Energy. SunSource is a wholly-owned subsidiary of the Netherlands-based multinational company SHV Energy.
The acquisition of the SunSource portfolio marks a major milestone in Inox Clean's journey towards achieving 3 GW of renewable power generation capacity by FY26-end.
