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- Inox Clean Energy Files Confidential DRHP for ₹ 6,000 Crore IPO – India’s Biggest Clean Energy Issue
Mumbai9 minutes ago
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Uttar Pradesh -based solar module and sale maker INOX Clean Energy will bring an IPO of Rs 6,000 crore. For this, the company has filed a Confidency Draft Red Herring Prospectus (DRHP) near SEBI.
The company aims to achieve an valuation of around Rs 50,000 crore. It can be the largest IPO ever in India’s clean energy sector.
Einox Clean Energy established in 2017
Einox is a company of Clean Energy, INOXGFL Group. It was established in 2017. The company works in renewable energy projects as well as solar cells and modules manufacturing.
It has two main subsidiary Einox Neo Energy and Einox Solar. Currently, the company has an operational capacity of 157 MW. Along with this, the capacity of 400 MW (350 MW Hybrid, 50 MW Solar) is being expanded. In addition, there is a project pipeline of more than 2.2 GW.
Einox works in clean energy solar cells and modules manufacturing.
IPO money will be spent in creating new solar unit
The company will spend a large part of the amount raised from the IPO in setting up new solar and independent power producers (IPP) units.
According to reports, Einox Clean Energy is working on a plan to prepare a 4.8 GW solar cell and 7.2 GW solar module manufacturing capacity in the next two years. The company has already raised around Rs 700 crore as equity.
INOXGFL will be the fifth listed company of the group
After the IPO arrives, Einox will become the fifth listed company of Clean Energy INOXGFL Group. Earlier, Gujarat Florochemicals, Einox wind, Einox Green Energy Service and Einox Wind Energy have been listed in the stock market.
This IPO will be larger than recent issues like Junipar Green (3,000 crore) and Vare Energy (4,300 crore). JM Financial, Motilal Oswal has been made book running lead manager for IPO.
