Inox Clean Energy IPO

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Inox Clean Energy IPO details

To be announced
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10000cr

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Download prospectus (PDF)

About Inox Clean Energy

Inox Clean Energy operates in independent power production (renewables; 2,375.05 MW capacity under long-term PPAs with utilities and hyperscalers) and solar module manufacturing (Bavla, Gujarat facility, with Dhenkanal, Odisha cells under development). Backed by group entities for project execution, the company is expanding globally, including the United States and Africa, through acquisitions and joint ventures. Read more 

Financials of Inox Clean Energy

Issue size

Funds Raised in the IPO Amount
Total issue size 10000
Fresh Issue – Proceeds go to the company 8000
Offer for sale – Proceeds go to the existing investors 2000

Utilisation of proceeds

Purpose INR crores (%)
Repayment / Prepayment of secured borrowings 6000 (75%)
General corporate purposes 2000 (25%)

Strengths

  • 2,375.05 MW operational capacity across wind, solar, and hybrid projects.
  • High revenue visibility with 19.10 years’ average remaining PPA tenure.
  • Expanding global footprint with projects across Africa and the United States.
  • Integrated project execution backed by the INOXGFL Group’s infrastructure.
  • Strong 70% capacity utilization achieved at the Phase 1 Bavla solar facility

Risks

  • Limited operating history in solar generation and large-scale manufacturing.
  • High revenue concentration with top off-takers driving over 82% of sales.
  • Heavy reliance on the INOXGFL Group for project execution and components.
  • Lack of long-term raw material supply agreements exposes it to price volatility.
  • History of negative cash flows from operating and investing activities.

Media Coverage