Inox Clean Energy IPO: Date, ₹10,000 Crore Issue Details, DRHP and SEBI Status

Inox Clean Energy IPO overview

Data as of 9 November 2026, 01:00 IST. Confirmed = DRHP or SEBI records. Reported = media or broker summaries not yet checked against the full filing. Calculated = our arithmetic.

There is no Inox Clean Energy IPO date yet, and the issue is currently on hold. The company filed its draft red herring prospectus (DRHP) dated 29 September 2026 for an IPO of up to ₹10,000 crore: ₹8,000 crore of new shares and a ₹2,000 crore offer for sale (OFS) by promoter Devansh Jain. But SEBI’s weekly processing report as of 1 October listed the issue under “observations kept in abeyance”, meaning the regulator has paused its review (Confirmed). Until SEBI clears the draft and the company files a red herring prospectus, there is no price band, lot size or bidding window.

Inox Clean Energy IPO details: what the DRHP says

At ₹10,000 crore it matches NTPC Green Energy’s November 2024 IPO and would be the largest by a private-sector renewable company in India, as several reports note.

Why SEBI has put the Inox Clean Energy IPO on hold

SEBI has not published a reason. Reports point to past transactions inside the INOXGFL Group. Moneycontrol reported on 6 October, citing people familiar with the matter, that the abeyance relates to ongoing investigations involving group entities (Reported, via Kotak Neo). The DRHP itself discloses that SEBI wrote to Inox Green Energy Services, the company’s former parent, in December 2025 about how Inox Green sold Inox Neo Energies and two wind companies to Inox Clean Energy at face value, and later asked about two valuation reports on Inox Clean Energy dated 20 October 2023, by the same valuer, that showed materially different values (Reported from the DRHP).

“In abeyance” is not a rejection. It means SEBI will not issue observations until it is satisfied on the open questions. Some companies have cleared this stage after weeks; others have waited many months or withdrawn. There is no published timeline.

What Inox Clean Energy does

Inox Clean Energy is the renewable arm of the INOXGFL Group. It has two businesses: independent power production from wind, solar and hybrid plants, and solar module manufacturing, with about 3 GW of module capacity in India and about 3 GW in the US (Reported, TaiyangNews). As of 31 August 2026 its power portfolio, operating plus under development, stood at about 9.3 GW across India and Africa (Reported).

Much of this came quickly. The Ken reported that the company has made 11 acquisitions since June 2025, and that its borrowings rose from about ₹350 crore to roughly ₹16,000 crore over that period, mostly debt that came with the acquired businesses (Reported). The DRHP-based figure is about ₹16,782 crore of consolidated borrowings as of August 2026 (Reported, Free Press Journal), which is why ₹6,000 crore of the fresh issue is earmarked for repayment.

Inox Clean Energy financials

The restated accounts show a small company that is in the middle of a large expansion:

These numbers are hard to read on their own. Most acquisitions closed during or after FY26, so the restated accounts capture only part of the enlarged business. The Ken put FY26 revenue at about ₹2,000 crore, a figure that appears to include the acquired businesses on a fuller basis; we have not reconciled the two, and the DRHP’s pro forma statements are where investors should look. The gap itself is the point: the IPO is priced on a business whose combined track record is very short.

Inox Clean Energy debt and scale

Debt is the core of this IPO. Consolidated borrowings stood at about ₹16,781.8 crore as of August 2026 (Reported, from the DRHP). That is roughly 540 times FY26 restated net profit of ₹30.9 crore (Calculated), although restated profit does not yet reflect the full year of acquired assets.

Consequently, the IPO is largely a balance-sheet repair exercise. If SEBI lifts the hold, investors should look at the debt left after repayment, the interest cover, and the pro forma accounts for the acquired platforms. Listed peers named in reports include Adani Green Energy, NTPC Green Energy, ACME Solar, Waaree Energies and JSW Energy.

Inox Clean Energy IPO valuation and pre-IPO deals

No valuation is set until there is a price band. Reports have mentioned a target of around ₹1 lakh crore, against a valuation of about ₹70,000 crore when Adar Poonawalla’s family office invested earlier in 2026 (Reported, 5paisa). Treat both as indications, not filed figures. With roughly ₹16,800 crore of debt, the gap between equity value and enterprise value will matter when comparing it with listed peers such as ACME Solar, Adani Green Energy, NTPC Green Energy, Waaree Energies and JSW Energy, which the DRHP names as competitors (Reported).

Inox Clean Energy IPO GMP

There is no meaningful grey market premium for Inox Clean Energy. Grey-market quotes only begin once a price band is announced, and any number seen before then is not tied to an actual offer. See what IPO GMP means.

Inox Clean Energy IPO review: what investors should weigh

In its favour

• Scale in a sector with policy support: a 9 GW-plus power portfolio and integrated module manufacturing in India and the US.
• Most of the fresh money would cut debt rather than fund new spending, which lowers interest costs if the IPO goes ahead.
• Backing from a large listed group and institutional pre-IPO investors.

Against it

• Regulatory overhang: SEBI has paused the review over group transactions, and the outcome is uncertain.
• Short combined history: rapid acquisitions mean restated accounts say little about the enlarged business.
• Heavy debt: about ₹16,800 crore before the IPO.
• Promoter exit: ₹2,000 crore of the issue goes to the promoter, not the company.
• US exposure: module manufacturing in the US carries tariff and trade-policy risk.

This is not a recommendation. We will give the issue a Scouter Reading only once it has a price band.

What happens next

• SEBI’s weekly processing report: the first sign of progress will be the issue moving out of the “in abeyance” section.
• Group investigations: any SEBI order involving INOXGFL Group entities would bear on the timeline.
• RHP filing: only then will a price band, lot size and dates be set. We will update this page when that happens; meanwhile see the upcoming IPOs with confirmed dates and other big IPOs in the pipeline.

Inox Clean Energy IPO: frequently asked questions

Sources: SEBI public issue filings (Inox Clean Energy DRHP) · Kotak Neo (SEBI hold) · INDmoney · Bar & Bench · Free Press Journal · The Ken

Draft terms can change in the red herring prospectus.