Inox Clean Energy Ltd. has revived plans for an initial public offering that could raise as much as $1 billion, according to people familiar with the matter. The company is in discussions with bankers and is likely to file the draft prospectus soon, the people said, asking not to be identified as the information is private. Inox Clean had previously filed draft papers for an IPO in July last year ...
Inox Clean Energy Ltd. has revived plans for an initial public offering that could raise as much as $1 billion, according to people familiar with the matter. The company is in discussions with bankers and is likely to file the draft prospectus soon, the people said, asking not to be identified as the information is private. Inox Clean had previously filed draft papers for an IPO in July last year before withdrawing them in December. The company is expected to retain some of the banks that worked on the earlier attempt while adding a few more, including global firms, and is targeting a deal size roughly double its previous plans, the people said. Deliberations are ongoing and details such as the size and timing of the offering could still change, the people said. A representative for Inox Clean didn’t respond to requests for comment. A recent selloff in Indian equities following the outbreak of the war in the Middle East has added to the challenges for companies seeking to go public, raising the prospect of a slowdown in issuance after two record-breaking years. Indian IPOs have raised about $2.9 billion so far this year, compared with $22 billion in 2025, according to data compiled by Bloomberg. Renewable energy has been a bright spot as India’s top 20 companies in the industry have surged between 8% and 53% over the past month, outpacing the Nifty 50’s roughly 6% gain. They benefited from rising crude oil prices boosting investor interest in alternative energy plays. Inox Clean, part of the INOXGFL Group, is an integrated renewable energy platform. The company is targeting 10 gigawatts of installed renewable energy capacity and 11 gigawatts of integrated solar manufacturing capacity by fiscal year 2028, with assets across India and in several key global markets, according to its website . Inox Clean raised 31 billion rupees ($332 million) in January funding round. Earlier this month, the company said it had completed the acquisition of Vibrant Energy from Macquarie...
Insight with Haslinda Amin, a daily news program featuring in-depth, high-profile interviews and analysis to give viewers the complete picture on the stories that matter. The show features prominent leaders spanning the worlds of business, finance, politics and culture. (Source: Bloomberg)
Insight with Haslinda Amin, a daily news program featuring in-depth, high-profile interviews and analysis to give viewers the complete picture on the stories that matter. The show features prominent leaders spanning the worlds of business, finance, politics and culture. (Source: Bloomberg)
Melpomenem/iStock via Getty Images The following segment was excerpted from the Laughing Water Capital Q1 2026 Letter. Stride ( LRN ) entered our portfolio as a mid-sized position. The company is the largest operator of virtual schools for grades K-12 in the U.S., serving more than 240,000 students across 30 states. Virtual schools are enjoying secular tail winds as advances in technology (Zoom, G...
Melpomenem/iStock via Getty Images The following segment was excerpted from the Laughing Water Capital Q1 2026 Letter. Stride ( LRN ) entered our portfolio as a mid-sized position. The company is the largest operator of virtual schools for grades K-12 in the U.S., serving more than 240,000 students across 30 states. Virtual schools are enjoying secular tail winds as advances in technology (Zoom, Google Meet etc.) and changes to the way online education is perceived following the Covid experience have led to what I believe is a sustainable increase in demand. The company had been growing at mid to low teens percent for several years and traded at ~14x EBIT when they guided to 10-15% growth in enrollment for fiscal '26. However, prior to the 2025-2026 school year the company attempted to upgrade the software that governs their enrollment process as well as their learning management software. The implementation did not go smoothly, and in late October of 2025 management announced they would be cutting guidance. In brief, the new software was disjointed to the point that parents could not successfully navigate the enrollment process, and if successful, students faced problems with logging in and finding the right classes and curriculum. This cost the company upwards of 10,000 enrollments and led to a more than 50% decline in share price, where we began to buy stock. In response to these events, management initiated a $500M buyback and moved quickly to fix the software problems. Given that commentary from both Stride and a key competitor indicates that demand for virtual schools remains strong, this investment logically comes down to one issue; either they can fix their software, or they cannot. At present, the company is valued below 7.5x EBIT, which seems to imply either 1) that the company will not be able to fix their software or 2) that the market does not have the patience to wait for the company to fix their software. I am of the view that given enough time, the p...