Inox Clean Energy Limited

Draft Red Herring Prospectus dated September 29, 2026

Summary

Inox Clean Energy Limited is proposing to raise ₹10,000.00 crore through the IPO: ₹8,000.00 crore from a fresh issue of shares and ₹2,000.00 crore through an offer for sale by existing shareholders. The document does not yet state the price.

About 75% of the fresh issue proceeds go to repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by the company and/or certain of its Subsidiaries (direct and indirect). The amount for general corporate purposes is not yet stated.

The review found 15 points to read closely and 25 worth checking.

Read closely

1. Criminal proceedings against the company, its directors or individual promoters
2. Land or assets bought from related parties
3. Main objects amended during the period of its financial record
4. Tax demands
5. Finance and compliance heads are new or have turned over
6. Regulatory proceedings or actions against the company or its directors
7. Director resignations
8. A substantial portion of the fresh issue will repay debt
9. Profits are not converting into operating cash
10. Profit jumped in the year before the IPO
11. Material restatement adjustments
12. Thin interest cover
13. Other income is material to profit
14. Customers that are also suppliers or related parties
15. Supplier concentration

How the capital was built

• The last priced issue of shares was a fundraise in 3 allotments between 1 Jul 2026 and 22 Sept 2026: 1,73,33,333 shares to non-promoter investors at ₹750 each (3 allottees); it came 0 months before this prospectus.

Conclusion

Of the 15 points to read closely, 7 concern the promoters, management and their dealings (criminal proceedings against the company, its directors or individual promoters; land or assets bought from related parties; main objects amended during the period of its financial record; tax demands; finance and compliance heads are new or have turned over; regulatory proceedings or actions against the company or its directors; director resignations), 1 concerns how the IPO money will be spent, 5 concern the financial statements and 2 concern the business, the valuation or the quality of disclosure. These could not be scored automatically and need reading: contingent liabilities; guarantees given for group entities; promoters have limited experience in this business. These wait for the price and the final share count: shares issued shortly before the IPO at a deep discount to the issue price; low promoter holding after the issue. The pages to read are 3, 37, 58, 65, 109–110, 144, 429–430, 567, 580, 597, 704, 788 and 812.