INOXGFL Group, a USD 12 billion Indian business conglomerate, is all set to list its renewable energy arm INOX Clean Energy on domestic exchanges in FY 2025-26. As per industry sources, the group is looking to raise INR 5,000 crore from this IPO, a significant milestone in its growth journey.
IPO Details and Valuation
Once listed, INOX Clean Energy will be the 5th entity from INOXGFL Group to list on Indian exchanges and further cement the group’s presence in multiple sectors. INOX Clean Energy IPO will dilute 10-15% of the company’s equity and value the company at around INR 50,000 crore (USD 6 billion). This will be one of the largest fundraising in India’s private renewable energy space, reflecting the growing appetite for clean energy investments.
Expected Timeline and Management
The issue is expected to open in Q3 of FY 2025-26, giving the market enough time to gauge the opportunity. INOXGFL has reportedly hired 5 top investment banks to manage the issue, indicating the scale and importance of the IPO. Although the company has not made any official announcement, industry experts believe this will be a big event for the renewable energy space.
INOX Clean Energy’s Operations
INOX Clean is a fully integrated renewable energy platform with operations spanning solar manufacturing, including cells and modules, and a robust Independent Power Producer (IPP) business. The funds raised through the IPO are expected to help the company expand its manufacturing capabilities, accelerate project development, and fortify its position as a key player in India’s green energy sector.
Current Listed Entities of INOXGFL Group
Currently, four entities from the INOXGFL are listed on Indian stock exchanges:
- Gujarat Fluorochemicals Ltd (GFL) – The flagship company focused on fluoropolymers, battery materials and specialty chemicals.
- Inox Wind Ltd – A wind turbine manufacturer with an integrated approach to wind energy solutions.
- Inox Wind Energy Ltd – The holding company which is merging with Inox Wind Ltd to consolidate operations and benefits.
- Inox Green – The group’s listed operations and maintenance (O&M) company, providing long-term service solutions in the renewable energy domain.
Group Profile and Business Verticals
INOXGFL Group has business verticals in chemicals and renewable energy with a focus on innovation and sustainability. Its subsidiaries are enabling India’s shift to greener alternatives through advanced solutions in fluoropolymers, battery technologies, wind energy and solar power. The group reported consolidated revenues of INR 6,612 crore and has over 6,400 employees across its various business units.
Market Context and Sector Growth
This IPO comes at a time when the Indian renewable energy space is growing fast. According to data, the sector has seen investments of INR 8.5 lakh crore between 2014 and 2023. With government policies favoring renewable energy, INOX Clean Energy IPO is poised to ride this wave.
Impact and Industry Outlook
INOX Clean Energy listing will drive interest not just in the company but the entire clean energy space. It will encourage other players in the sector to go for similar fundraisings and thereby create competition and innovation.
Conclusion
As the markets wait for this big IPO, INOX Clean Energy’s listing will be a catalyst for growth and development in India’s renewable energy space. It will not only strengthen INOXGFL Group’s presence in the market but also contribute to India’s long-term sustainability and energy security.
