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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