Inox Clean Energy files DRHP papers: to raise Rs 6,000 crore in IPO: Report – IPO News
Inox Clean Energy, an INOXGFL Group company, has filed DRHP documents via a confidential route to raise Rs 6,000 crore through an Initial Public Offering, says a Mint report. The company filed the draft red herring prospectus with the market regulator, Securities and Exchange Board of India (SEBI), on July 10.
The company is looking to dilute its 10 percent stake in the massive Rs 6,000 crore IPO. The company is potentially valued at Rs 50,000 crore at the IPO. This could be the biggest IPO in the renewable energy sector of India.
In a public announcement, Inox Clean Energy said on Friday, “the pre-filed draft red herring prospectus with Sebi and the stock exchanges, in relation to the proposed initial public offering of its equity shares on the main board of the stock exchanges.”
Inox Clean Energy is a part of $12 billion INOXGFL group. This will be the fifth company of the group to get listed on the stock exchange. Four companies of the group, namely, Gujarat Fluorochemicals, Inox Wind, Inox Green Energy Services, and Inox Wind Energy, have already been listed.
Inox Clean Energy’s business
Inox Clean Energy is a renewable energy sector company and primarily develops and operates green energy projects. Additionally, the company also has two subsidiaries, Inox Neo Energies and Inox Solar, which manufacture solar cells and solar PV modules.
Currently, the company operates renewable energy projects of 157 MW capacity, including 50 MW Solar and 107 MW wind. Furthermore, the company is developing a green energy project of 400 MW capacity, which includes 350 MW capacity hybrid projects and 50 MW solar projects. According to a CareEdge report, Inox Clean Energy has a massive 2.2 GW capacity of renewable energy projects in the pipeline.
Additionally, the report points out that Inox Clean Energy is expected to spend about 6500 crore for the compilation of its pv module manufacturing and renewable energy projects.
