With a proposed equity dilution of over 10 per cent, the company is targeting a market capitalisation of around Rs 50,000 crore, the sources added.

In a public announcement on Friday, INOX Clean Energy, a part of the USD 12 billion INOXGFL Group, stated that it has submitted “the pre-filed draft red herring prospectus with Sebi and the stock exchanges, in relation to the proposed IPO on the main board of the stock exchanges.”

Industry sources said that a major portion of the public offer will comprise a fresh issue, with the proceeds earmarked for setting up new facilities in solar and Independent Power Producers (IPPs).

INOX Clean Energy is engaged in the business of developing and operating renewable energy projects as well as manufacturing solar cells and modules through its subsidiaries INOX Neo Energies and INOX Solar.

Currently, INOX Clean Energy has a total operational capacity of 157 MW, which includes 107 MW of wind and 50 MW of solar power. Additionally, 400 MW is under construction, comprising 350 MW of hybrid and 50 MW of solar projects. The company also has a project pipeline of over 2.2 GW, according to a CareEdge report from June 2025.

The book running lead managers for the proposed IPO include JM Financial, Motilal Oswal, Nuvama, IIFL Securities, and ICICI Securities.

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•         The operational project, commissioned in 2018, is located in Madhya Pradesh and has a 25-year PPA with MP Power Management Company Limited

•         The enterprise value of ~Rs 265 crores translates into a trailing EV/EBITDA multiple of ~ 5.3x, well within the INOXGFL Group’s valuation framework

Bengaluru, July 01, 2025: INOXGFL Group, one of the leading business Groups in India in the energy transition space, announced today that Inox Clean Energy Limited’s renewable independent power producer (RE IPP) arm, Inox Neo Energies Private Limited, has completed the acquisition of Skypower Solar India Private Limited, which has a portfolio comprising 50 MW (AC) / 57.5 MW (DC) of solar power assets located in Madhya Pradesh. The transaction values the asset at an enterprise value of ~Rs 265 crores, translating into a trailing EV/EBITDA multiple of ~ 5.3x.

The 50 MW (AC) / 57.5 MW (DC) solar project, commissioned in FY18, is located in Khandwa district of Madhya Pradesh. The power generated is tied up under a 25-year PPA with Madhya Pradesh Power Management Company Ltd. (MPPMCL).

On this occasion, Mr. Bharat Saxena, CEO, Inox Clean Energy Ltd., said, “At Inox Clean, we are substantially scaling up our IPP capacity under Inox Neo both organically and inorganically. The acquisition of Skypower, a 50 MW solar power asset aligns well with our inorganic growth strategy. This asset has strong operational and financial credentials, and is value-accretive from day one. Importantly, the acquisition is well within the Group’s valuation framework and we continue to be on the lookout for such opportunities which will aid our plans of reaching 3 GW of  hybrid installed capacity in the next 2-3 years.”

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