Inox Clean Energy withdraws draft papers

Inox Clean Energy has temporarily withdrawn its draft papers after raising around Rs 5,000 crore in a pre-IPO funding round, prompting the company to pull back its preliminary filings, industry sources familiar with the development said on Monday.

However, the company is expected to refile its IPO papers after incorporating the latest funding details in its financials, they added. Inox Clean Energy, part of the INOXGFL Group, had ini-tially filed its draft red herring prospectus confidentially in July 2025, with plans to raise Rs 6,000 crore through its initial public offering (IPO). However, since then, several significant de-velopments have occurred, leading to the decision to withdraw the current draft.

According to industry sources familiar with the development, these include multiple completed acquisitions, as well as other large acquisitions currently underway. Together, these transactions are expected to "substantially increase the operational and pipeline IPP portfolio, as well as de-velopments across the solar manufacturing business."

They added that because 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 in-corporating all updates. Sources said the company has secured sizable commitments from pri-vate equity investors, including a major global investor, enabling it to raise around Rs 5,000 crore in the pre-IPO round.

In addition, the company is planning another significant fundraising through a private placement with commitments from multiple investors. Inox Clean Energy, a privately held subsidiary of the INOXGFL Group, continues to focus on manufacturing solar cells and modules, as well as on captive hybrid power production.