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Inox Clean Energy Halts IPO Plans Amid Major Acquisitions
8 Dec
Summary
- Inox Clean Energy temporarily withdrew its IPO draft papers.
- The company raised approximately Rs 5,000 crore in pre-IPO funding.
- Revised filings will include details of recent and ongoing acquisitions.
Inox Clean Energy, a subsidiary of the INOXGFL Group, has temporarily withdrawn its draft red herring prospectus (DRHP) for an initial public offering. This decision comes after the company successfully raised close to Rs 5,000 crore through a pre-IPO funding round, securing commitments from significant private equity investors.
The withdrawal is primarily driven by recent and planned acquisitions that are poised to substantially enhance the company's operational and pipeline International Power Producer (IPP) portfolio, as well as its solar manufacturing business. As these crucial developments are not yet reflected in the existing draft filings, Inox Clean Energy intends to revise and resubmit its DRHP.
Following the incorporation of these strategic expansions and the significant private placement, the company is expected to refile its IPO papers. This move signals a strategic shift towards consolidating growth and operational expansion before re-engaging with the public markets for its planned Rs 6,000 crore IPO.
