₹6,000 Cr IPO: Why did Inox Clean Energy withdraw IPO draft papers?

Synopsis: Inox Clean Energy has temporarily withdrawn its ₹6,000 crore IPO draft after raising nearly ₹5,000 crore in pre-IPO funding and completing several acquisitions. The company plans to refile its IPO documents with updated information reflecting these developments.

Inox Clean Energy (ICEL), an integrated renewable energy platform under India’s INOXGFL Group, has temporarily halted its IPO plans after raising nearly ₹5,000 crore in its pre-IPO funding round. In this article, let’s explore the reasons behind their withdrawal.

Reasons for Withdrawal

The company is focused on building a sustainable ecosystem through solar manufacturing (cells and modules) and renewable power generation for both captive and third-party use, aiming for a greener future,  after raising nearly Rs 5,000 crore in its pre-IPO funding round, has temporarily withdrawn its draft red herring prospectus (DRHP) for a Rs 6,000 crore initial public offering (IPO), according to industry sources.

The privately held INOXGFL arm had confidentially filed its draft red herring prospectus (DRHP) in July, to raise Rs 6,000 crore through an initial public offering (IPO). However, following several completed acquisitions and plans for additional large-scale acquisitions, the company has decided to temporarily withdraw its DRHP.

According to sources familiar with the matter, these transactions are expected to significantly expand both its operational and pipeline independent power producer (IPP) portfolio, as well as advance developments in its solar manufacturing business.

Since these major developments are not yet reflected in the existing draft, Inox Clean Energy has opted to withdraw the draft papers and will re-file a revised version incorporating all updates, they added.

The company is also gearing up for another major fundraising through a private placement, securing commitments from multiple investors. Earlier, it had raised around Rs 5,000 crore in the pre-IPO round, backed by private equity investors, including a prominent global investor. Following these updates and adjustments to its preliminary filings, Inox Clean Energy is expected to refile its IPO papers in the near future, according to sources.

Inox Clean Energy’s initial draft red herring prospectus (DRHP) had the potential to become the largest IPO in India’s clean energy and renewables sector. With plans to raise Rs 6,000 crore, the offering highlighted the company’s ambitions to expand its solar manufacturing and independent power projects, particularly after completing multiple acquisitions and initiating large-scale projects.

If successful, the IPO would have surpassed previous clean energy offerings in India, including Juniper Green’s Rs 3,000 crore issue in June 2025 and Waaree Energies’ Rs 4,300 crore IPO in October 2024. The scale of the proposed IPO reflected both investor confidence and Inox Clean Energy’s growth trajectory, positioning it as a potential leader in the country’s renewable energy market.

Written by Sridhar J 

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