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INOX Clean Energy has filed draft papers with SEBI for an Initial Public Offering (IPO) to raise INR 6,000 crore, potentially becoming India's largest clean energy IPO. The company aims for a market capitalization of around INR 50,000 crore with over 10% equity dilution. Proceeds are set aside for new solar and IPP facilities. INOX Clean Energy operates 157 MW and has 400 MW under construction, with a 2.2 GW pipeline. The firm expects INR 6,500 crore capex, funded by debt and accruals, but requires additional equity for manufacturing units.
INOX Clean Energy, a prominent entity in the clean energy sector, has recently confidentially submitted draft papers for an Initial Public Offering (IPO) to the market regulator. This filing, made on Friday, July 11, indicates the company's plan to raise a substantial amount of capital for expansion. Advertisement
INOX Clean Energy, part of the USD 12 billion INOXGFL Group, is looking to raise INR 6,000 crore through its IPO. This could become the largest Indian IPO in the clean energy and renewables sector. The company is targeting a market capitalization of around INR 50,000 crore, with a proposed equity dilution of over 10%. Proceeds from the fresh issue, which forms a major portion of the public offer, are set aside for establishing new facilities in solar and Independent Power Producers (IPPs).
CareEdge Ratings estimates INOX Clean Energy will incur INR 6,500 crore in capital expenditure to complete its under-construction renewable energy and manufacturing capacities. This expenditure is planned to be funded by project-level debt, cash from underlying projects, and equity from investors and promoters. While funding for under-construction renewable energy capacity is in place, additional equity capital is needed for planned manufacturing units. The company has already shown financial flexibility, including a recent equity raise of around INR 700 crore.
INOX Clean Energy develops and operates renewable energy projects and manufactures solar cells and modules. It currently has an operational capacity of 157 MW (107 MW wind, 50 MW solar), with an additional 400 MW under construction (350 MW hybrid, 50 MW solar). The company also has a project pipeline of over 2.2 GW. This proposed IPO surpasses recent filings by other clean energy firms like Juniper Green (INR 3,000 crore) and Waaree Energies (INR 4,300 crore).
JM Financial, Motilal Oswal, Nuvama, IIFL Securities, and ICICI Securities are the book running lead managers. The growth of renewable energy companies and their public listings are key indicators of the sector's expansion and investor confidence in India's clean energy transition.
Source- PTI
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