US$ 4 Billion & Counting. Upcoming Clean Energy IPOs to Hit Dalal Street in 2025-26

Clean energy IPOs have been in the headlines lately.

Vikram Solar's IPO opened this week and over a dozen more firms are lined up, eyeing more than US$ 4 billion (bn) 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 US$ 2.4 bn through IPOs 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.

#1 Inox Clean Energy

First on the list is the Inox Clean Energy IPO with an approximate issue size of Rs 60 bn.

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 MW of capacity (107 MW wind and 50 MW solar), has 400 MW under construction (350 MW hybrid and 50 MW solar), and a project pipeline exceeding 2.2 GW, according to a CareEdge Ratings report dated 26 June 2025.

The company filed its draft red herring prospectus via the confidential route with SEBI on 10 July to raise funds through an IPO.

The INOXGFL group company is likely to raise at least Rs 60 bn via initial share sale and may be looking for a valuation of around Rs 500 bn, 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 50 MW wind power project independently in Kutch, Gujarat, while Inox Solar is building 4.8 GW of solar cell and 7.2 GW of solar module manufacturing capacity. These are expected to become operationalised 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.

#2 Clean Max Enviro Energy Solutions

Next on the list is Clean Max Enviro Energy Solutions with an approximate issue size of Rs 52 bn.

With over 15 years of expertise, CleanMax has carved out a niche in delivering net-zero and decarbonisation 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 draft red herring prospectus (DRHP) with the market regulator to raise Rs 52 bn through an IPO.

The IPO is a mix of fresh issue of shares of up to Rs 15 bn and an offer for sale (OFS) of up to Rs 37 bn by promoters, investors, and selling shareholders.

The proceeds from its fresh issuance worth Rs 11.3 bn will be utilised 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.

#3 Hero Future Energies

Next on the list is Hero Future Energies with an expected issue size of Rs 50 bn.

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 1.8 gigawatts 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 5.2 gigawatt portfolio are under construction.

According to media reports, it's looking to raise around Rs 40 bn and is working with investment banks JM Financial, Axis Capital, Nomura, and Bank of America.

#4 Avaada Energy

Next on the list is Avaada Energy with an expected issue size of Rs 40 bn.

It's a leading Indian independent power producer (IPP) specialising 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 Rs 40-50 bn 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 1.5 GW 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

Here's the full lineup of clean energy IPOs expected to make their debut in 2025-26.

Company	Tentative Issue Size (Rs bn)	IPO Status
Inox Clean Energy	60	DRHP filed (Confidential)
Clean Max Enviro Energy	52	DRHP filed (Aug 2025)
Hero Future Energies	50	Expected
Avaada Energy	40	Early Stage Discussions
Continuum Green Energy	37	Approved
Emmvee Photovoltaic Power	30	DRHP filled (July 2025)
Jupiter International	26	Expected
Vikram Solar*	21	IPO Closing Aug 21, 2025
Saatvik Green Energy	12	Approved
TruAlt Bioenergy	10	Approved
Fujiyama Power Systems	7	Refiled DRHP (Mar 2025)
Solarworld Energy Solutions	6	Approved
Pmea Solar Tech Solutions#	6	Approved

Source: Equitymaster

Conclusion

PM Modi's 2030 target of expanding India's clean-energy capacity to 500 gigawatts, 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.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...