Inox Clean Energy Files for $1 Billion India IPO
Draft papers revealed on Tuesday that Inox Clean Energy filed for a public offering of up to 100 billion Rupees ($1.04billion) as it aims to capitalize on investor interest in India's clean energy growth.
The renewable energy company has become the latest in a long line of companies to 'pursue' an IPO. They are betting on India’s push to increase non-fossil fuel power capacity by 500?gigawatts (by 2030) and a recovery in the primary market after a slow first half of the year.
Clean Max, Juniper Green Energy, Sembcorp India's unit, and SAEL Industries are all preparing their IPOs. Brookfield-backed Avaada Electro and Sembcorp India's unit have already listed.
Inox Clean Energy intends to sell shares worth about 80 billion rupees. Meanwhile, Devansh Jain, the non-executive chairman and top shareholder, is seeking to unload shares up to 20 billion, according to a filing.
Part of the INOXGFL group, this firm builds and operates solar and wind energy plants in India and Africa. Currently, 2.37 GW of 9.29 GW of projects are at various stages of development. The firm also manufactures solar panel in India and the US.
The company will repay its debt with 60 billion rupees.
Inox Clean Energy filed a confidential IPO?with the?country's?markets regulating body last year, before withdrawing it.
It competes against power producers like Adani Green Energy, NTPC Green?Energy, and ACME Solar as well as solar gear makers Waaree?Energies, and Premier Energies.
Inox Wind, Inox Green Energy Services and Gujarat Fluorochemicals are listed in India.
Nuvama, HSBC?UBS ICICI Securities CLSA, and Emirates NBD Capital will be managing the IPO.
(source: Reuters)
