Vikram Solar’s initial public offering (IPO) opened this week, and over a dozen more firms are eyeing more than $4 billion in fundraising, according to primedatabase.com and media reports.
This marks a sharp turnaround, considering the sector saw no major offerings earlier this year after raising $2.4 billion through public listings in 2024.
The revival also mirrors the rebound in India’s broader IPO market after a sluggish start to the year.
Let’s check out the biggest upcoming clean-energy IPOs.
Inox Clean Energy
First on the list is the Inox Clean Energy IPO with an approximate issue size of ₹6,000 crore.
Inox Clean Energy develops renewable-energy (RE) projects and manufactures solar cells and modules through its two subsidiaries: Inox Neo Energies and Inox Solar.
As of now, the company operates 157 megawatts of capacity (107MW wind and 50MW solar), has 400MW under construction (350MW hybrid and 50MW solar), and a project pipeline exceeding 2.2 gigawatts, according to a 26 June CareEdge Ratings report.
The company filed its draft red herring prospectus (DRHP) via the confidential route with the Securities and Exchange Board of India (Sebi) on 10 July to raise funds through an IPO.
The INOXGFL group company is likely to raise at least ₹6,000 crore via initial share sale and may be looking for a valuation of around ₹50,000 crore, according to media reports.
If cleared, this would make it one of the largest clean-energy IPOs of the year.
Inox Clean Energy also operates a 50MW wind power project independently in Kutch, Gujarat, while Inox Solar is building 4.8GW of solar cell and 7.2GW of solar module manufacturing capacity. These are expected to become operationalized in a phased manner over the next two years.
Inox Clean Energy, in its public announcement, clarified that the filing of the pre-filled DRHP does not automatically imply that the company will proceed with the IPO.
Clean Max Enviro Energy Solutions
Next on the list is Clean Max Enviro Energy Solutions with an approximate issue size of ₹5,200 crore.
With over 15 years of expertise, CleanMax has carved out a niche in delivering net-zero and decarbonization solutions to the commercial and industrial (C&I) sector.
It holds a strong leadership position with the largest customer base among C&I renewable energy players in India.
As of 31 March 2025, the company had 531 customers across 1,127 signed power purchase agreements (PPAs). Notably, 77.28% of its contracted capacity in FY25 came from repeat customers.
CleanMax’s solutions include the supply of renewable power (wind/solar/wind-solar), energy services and carbon credit solutions across data centres, and more.
On 18 August 2025, Clean Max Enviro Energy Solutions filed its DRHP with the market regulator to raise ₹5,200 crore through an IPO.
The IPO is a mix of fresh issue of shares of up to ₹1,500 crore and an offer for sale (OFS) of up to ₹3,700 crore by promoters, investors, and selling shareholders.
The proceeds from its fresh issuance worth ₹1,130 crore will be utilized for repayment and/or pre-payment, in part or in full, of all or certain outstanding borrowings of the company and/or its subsidiaries, and general corporate purposes.
Hero Future Energies
Next on the list is Hero Future Energies with an expected issue size of ₹5,000 crore.
Hero Future Energies, the renewable energy arm of Rahul Munjal-led Hero Group, is expected to soon file draft papers for its IPO.
The company has a significant presence in India, but it has expanded its operations to the UK, Ukraine, Singapore, Vietnam, and Bangladesh. The company is headquartered in the UK.
In the UK, the company is focusing on battery energy storage and behind-the-meter projects, which involve installing renewable energy generation units at buildings or homes.
The company has 1.8GW of operational renewable energy generation assets in India, spread across seven states: Rajasthan, Maharashtra, Karnataka, Tamil Nadu, Telangana, Andhra Pradesh, and Madhya Pradesh. The remaining assets from its 5.2GW portfolio are under construction.
According to media reports, it’s looking to raise around ₹4,000 crore and is working with investment banks JM Financial, Axis Capital, Nomura, and Bank of America.
Avaada Energy
Next on the list is Avaada Energy with an expected issue size of ₹4,000 crore.
It’s a leading Indian independent power producer (IPP) specializing in renewable energy.
It’s part of the larger Avaada Group, which is involved in various aspects of the renewable energy value chain. Avaada Energy focuses on developing, constructing, and operating utility-scale solar and wind power projects.
As per media reports, the company, which is backed by Brookfield’s Energy Transition Fund, is gearing up for an IPO of ₹4,000-5000 crore for its solar module manufacturing business. It has started engaging with top investment banks and law firms to manage the public listing which is still in early stages.
This comes after the company had inaugurated a 1.5GW solar module gigafactory in Dadri, Uttar Pradesh, in March 2025. This made Avaada a major player in India’s solar manufacturing space. The company currently manufactures around 5,800 solar modules a day.
Upcoming clean-energy IPOs
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Conclusion
Prime Minister Narendra Modi’s 2030 target of expanding India’s clean-energy capacity to 500GW had sparked a rush of green listings and soaring valuations in 2024.
However, stretched pricing and project delays cooled the frenzy, leading many stocks to fall from their highs.
Now, with valuations more reasonable and a strong pipeline of IPOs re-emerging, the sector is once again gaining momentum.
So, should you invest in clean energy IPOs?
With government support, rising energy demand, and improving market conditions, the opportunity looks promising, but investors will need to carefully weigh company fundamentals before jumping in.
Happy Investing.
Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such.
This article is syndicated from Equitymaster.com.
