Business · India Bureau
Sebi puts Inox Clean Energy's ₹10,000 crore IPO on hold
India's markets regulator has placed the initial public offering documents of renewable energy company Inox Clean Energy in abeyance, halting progress on what could be one of the largest IPO launches in the private-sector clean energy space.
LSN India ·
The Securities and Exchange Board of India (Sebi) has kept the draft offer documents of Inox Clean Energy Ltd in 'abeyance', effectively pausing the company's plans to raise up to ₹10,000 crore through a public market listing. The regulatory status change was updated on the Sebi website on Thursday, though the regulator did not specify reasons for the decision.
The proposed IPO consists of a fresh equity issuance worth ₹8,000 crore and an offer-for-sale of ₹2,000 crore by promoter Devansh Jain, as detailed in the company's draft red herring prospectus. Inox Clean Energy, which is part of the INOXGFL Group, had submitted its draft papers with Sebi on September 29.
Sebi's statement indicated that the "issuance of observations (has been) kept in abeyance" without elaborating on the circumstances necessitating the hold. Companies typically receive regulatory observations on their draft documents before proceeding toward final approval and listing.
The proposed IPO would rank among the largest debuts in India's private renewable energy sector, underscoring significant investor appetite in the clean energy space. The abeyance status suggests the company may need to address regulatory queries or provide additional disclosures before advancing toward a formal listing approval.