Inox Clean Energy Revives IPO Plans After Withdrawal, Targets Larger Issue

Inox Clean Energy Ltd. has restarted work on a proposed Initial Public Offering (IPO) that could raise up to $1 billion, according to an Economic Times report citing people aware of the matter.  

The company is in early discussions with investment banks and is expected to file draft documents in the coming weeks. The development follows the withdrawal of its earlier draft prospectus in December. The company had first filed for the IPO in July last year. 

Deal Size and Advisors 

The report said the planned issue may be larger than the earlier proposal. Inox Clean is expected to continue with some of the banks from the previous mandate while also adding a few global firms to the process. 

People aware of the matter said the size, timing and structure of the offering are still being finalised and may change. The company has not commented on the development. 

Market Conditions 

The timing comes amid weaker conditions in the equity market. A recent sell-off in Indian stocks, linked to geopolitical tensions in the Middle East, has affected investor sentiment and slowed new listings. 

Data cited in the report shows IPO fundraising in India at about $2.9 billion so far in 2026, compared with around $22 billion in 2025. 

Renewable Sector Trends 

The renewable energy sector has seen gains in recent weeks. Stocks of the top companies in the space have risen between 8% and 53% over the past month, according to the report. 

This compares with a roughly 6% increase in the Nifty 50. Higher crude oil prices have contributed to interest in alternative energy companies. 

Business Details and Recent Activity 

Inox Clean Energy, part of the INOXGFL Group, operates in renewable power and solar manufacturing. The company is targeting 10 GW of installed renewable capacity and 11 GW of solar manufacturing capacity by FY28. 

It raised ₹31 billion in January. Earlier this month, it completed the acquisition of Vibrant Energy at an enterprise value of about ₹50 billion, the report said. 

Read More: Pernod Ricard India IPO in Focus as Company Begins Early Preparations for Potential Listing! 

Conclusion 

The proposed offering is being reworked with a larger size under consideration. Further clarity is likely once discussions with bankers are completed. 

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