New Delhi: Inox Clean Energy is likely to file a draft red herring prospectus for a ₹10,000 crore initial public offering of shares with the market regulator before the weekend, in what could be the largest IPO from a private Indian renewable energy company to date, people familiar with the matter said. The planned offering will comprise an issue of fresh shares by the INOXGFL Group company and an offer for sale from some of its existing shareholders, the people said.

The INOXGFL Group did not respond to ET’s queries. Government-backed NTPC Green Energy made a similar-sized IPO in November 2024.

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Inox Clean Energy in last December made a confidential DRHP filing with the Securities and Exchange Board of India, but withdrew it later. The latest plan comes after it raised funds privately from a diverse group of investors that included prominent global and local institutions, and expanded capacity through acquisitions in India and overseas. The company operates two related businesses: renewable energy generation and manufacturing of solar photovoltaic modules and cells.

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It expanded its power generation and manufacturing businesses rapidly over the past year and a half, both organically and through an aggressive M&A strategy.
Inox Neo Energies, the company’s independent power generation vertical, operates renewable power plants with a total capacity of 5 gigawatts. An additional 11 gigawatts of projects are under development.

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The relatively modest stock market debut of the National Stock Exchange (NSE) has put the spotlight on the listing performance of India’s biggest IPOs, as several of the recent ones have struggled to deliver the kind of listing pop often associated with a buoyant primary market. NSE gained 2% on the listing day, while many of the other large issues in recent years either listed at a discount or managed only modest gains.

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Hyundai Motor India, which raised ₹27,870 crore in October 2024 in India’s largest IPO by issue size, fell 7.1% on listing day. LIC, which raised ₹20,557 crore in May 2022, dropped 7.7% on debut, while One97 Communications, the operator of Paytm, tumbled 27.2%. Tata Capital, which raised ₹15,512 crore in October 2025, managed a gain of 1.3% on listing day.
Read more: NSE shares list with gains on debut day: How much Radhakishan Damani, Raamdeo Agrawal & other ace investors’ stakes are now worth
The record has been mixed after up to one year of listing, though there have been exceptions. LG Electronics India surged 48.2% on its debut and is currently about 48% above its issue price. ICICI Prudential Asset Management, which listed in December 2025, is about 47% above its offer price.

Health Innovation Bolton is largest site covered in council proposals

Bolton council wants to develop three areas which are currently green belt.

Their draft plan identifies the main areas where up to 14,052 new homes and a minimum of 135,099 sq m of industrial space is to be built before 2042.

Health Innovation Bolton (HIB) is the largest site earmarked to be taken out of the green belt. It is a large area of land between Royal Bolton Hospital and the M61 where it is proposed 1,895 homes and 40,839 sq ft of employment space will be created.

Another current green belt area within the draft plans is described as the Blackrod employment cluster, which is green land close to the village’s railway station. It is allocated for 44,800 sq m of employment space.

The third potential area of green belt to disappear is an extension to the Logistics North industrial park, just off the M61, near Over Hulton. That would accommodate between 30,000 to 80,000 sq m of employment space and possibly some housing.

A council cabinet report states that there are ‘two mixed use sites’ in the plan.

It said: “Health Innovation Bolton is a health innovation district combining housing with employment located with the hospital and the University of Greater Manchester medical school, creating high-quality jobs across healthcare, education, research, innovation, manufacturing and supporting sectors and the Logistics North extension floorspace is expressed as a range because it may include an element of housing to the west, reflecting its position between Logistics North and neighbouring residential areas.”

The report identifies a need for 14,052 housing units to be built during the period of the plan. Sites which already enjoy planning permission make up 4,976 of that number.

Additional strategic and ‘key housing allocations’ identify another 5,715 new homes. They are made up of Crompton Place (340), Health Innovation Bolton (1,895), Anchor Lane, Farnworth (460), Lee Hall (1,450), Ditchers Farm, Westhoughton (570) and Burnden Way, Middlebrook (1,000).

The report said the remainder of the home build target would be met by strategic housing and employment land availability assessment sites (1,741) and windfall sites (1,600).

The report contains a section titled ‘Brownfield Prioritisation and Green Belt’. It said: “Brownfield regeneration remains the priority and the first source of supply, and regenerating the town centre in particular is the starting point for the plan.

“Crompton Place is allocated because of its prominent location and should not be read as the only site that will come forward.

“The green belt boundary was established by Places for Everyone.

“This plan alters it only in exceptional circumstances, to meet identified development needs that cannot be met elsewhere.

“All available sources of supply have been assessed, and the needs cannot be met on brownfield or other non-green belt land within the borough.”

If the cabinet approves the proposals at its meeting on Monday, September 28, the draft local plan will go out for public consultation. Following that period, the representations received and assessment will be reported to council in December. At that stage approval to submit the local plan will be sought.

An inspector appointed by the Secretary of State from the Planning Inspectorate will then test the plan’s legal compliance and soundness at public hearings, expected during 2027.

The council said that timetable depends on the Planning Inspectorate’s capacity, with a large number of authorities, including several Greater Manchester districts, expected to submit in December.

Earlier this month, an agreement was signed by partners hoping to bring forward Health Innovation Bolton, the largest green belt allocation in the draft local plan. Partners said it would ‘create a new neighbourhood’ and transform much of the south of Bolton.

The agreement was between organisations including Bolton council, Peel Land and the hospital trust, which would have a capital investment of £520M.

The group said a public consultation on the scheme will take place in 2027 ahead of any planning application.

NSE shares declined 1.6% to their day’s low of Rs 1,790 on the BSE on Friday, a day after the exchange made its much-awaited stock market debut on Thursday, marking India’s second-largest IPO. The stock listed at a 0.8% premium to its issue price and ended the session more than 1% higher.

NSE’s post-listing market capitalisation now stands at Rs 4.49 lakh crore, making it the 10th largest listed company in the Indian stock market. Data shows that it has overtaken healthcare giant Sun Pharmaceuticals and Tata group’s Titan.

The newly listed exchange now ranks behind Reliance Industries, which has a market capitalisation of Rs 16.49 lakh crore, followed by HDFC Bank at Rs 11.24 lakh crore, along with Bharti Airtel, ICICI Bank, SBI, TCS, Bajaj Finance, L&T, and HUL, stock exchange data showed.

Should you buy, sell or hold NSE shares?

Macquarie called NSE ‘The Dominator’ as it assigned an ‘Outperform’ rating and a Rs 1,965 target price, implying an upside potential of 8% from the upper price band. The brokerage highlighted NSE’s full suite of services, technology and deep liquidity, which make it a key part of India’s financialisation, calling it the ‘lynchpin’ of India’s financialisation. Strong network effects, profitability, and cash generation further support the business.

Emkay also initiated coverage on NSE with a ‘Buy’ rating and a Sep-27E target price of Rs 2,050, implying around 15% upside. The brokerage’s positive view on NSE rests on three key factors. First, India’s capital market development and growth story has a long runway as wealth creation and financialisation gain momentum, with India’s per capita GDP expected to move from around $3,000 to $10,000 over the coming decades.

Second, NSE has maintained a resilient leadership position across capital market business segments over the decades. Emkay believes its business model has sufficient levers to adapt to changing regulatory and macroeconomic conditions while continuing to deliver profitable growth.
Read more: NSE IPO Tracker: Catch all the highlights hereThird, strong profitability and cash generation at market infrastructure institutions (MIIs), including stock exchanges, allow them to command higher valuation multiples globally than other capital market players, which are more fragmented and exposed to competition.

NSE commands uncontested leadership across cash and derivatives, driven by a self-reinforcing liquidity flywheel. In the cash segment, NSE holds 93% market share while retaining near-monopoly in the equity futures and stock options segment. While BSE has captured market share following its derivatives relaunch, Emkay believes index options are transitioning to a phase of stabilisation following several regulatory rejigs. Supported by secular domestic financialisation and under-penetration, NSE possesses a multi-year structural runway, as rising household savings, record SIP flows, and capital formation continue to compound.

Domestic brokerage firm PL Capital has assigned an ‘Accumulate’ rating with a target price of Rs 1,950, forecasting an upside of over 9% from the IPO price band.

While transaction income accounted for 79% of NSE’s operating revenue in FY26, PL Capital expects the exchange to increasingly benefit from a more diversified revenue mix, supported by multiple recurring income streams. Listing services, colocation, data feed and index licensing are expected to grow at a faster 14% CAGR over FY26-29E, compared with 9% for transaction income.

Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.

Two-day study follows complaints from local residents

A public inquiry is to examine logistics firm Whistl’s application to operate up to 60 HGVs and 95 trailers at its site at the controversial Astley business park.

The office of the Traffic Commissioner said the two day inquiry will consider the application on November 10 and 11 following opposition from dozens of nearby residents.

The commissioner has determined 131 individuals across 96 properties near to the giant warehouse complex have valid objections.

These individuals, termed ‘representors’ will be able to speak at the inquiry.

The company began trading at unit 2 at the Astley Business Park on Monday (July 20) after being granted an interim licence by the traffic commissioner regarding heavy goods vehicle movements.

Whistl previously agreed a 15-year lease for the unit with the intention of moving their local operation from the nearby Logistics North complex near Bolton.

The now completed development has been dogged by controversy for more than year since building work started.

Many residents, some of whom have gardens just 30 metres from the 350,000 sq ft logistics site, have slammed the huge scale and appearance of the ‘towering warehouses’.

In late August, Whistl ended overnight transport operations at the site in Tyldesley after admitting noise ‘has had an impact on nearby residents’.

Since 24-hour operations, including numerous HGV movements began, nearby households reported issues about noise, with some complaining of sleep disturbance, banging and background hum.

The company agreed to cease transport operations between midnight and 6am and introduce more noise mitigation measures.

Ahead of the inquiry, letters will be issued to all objectors to give them details and background into what the public inquiry will entail.

It is understood that in early October the presiding traffic commissioner will visit the operating centre and surrounding area to observe the site.

The Astley Warehouse Action Group, who have been critical of the overall site and some of Whistl’s operations will be represented at the inquiry and is likely to speak on behalf of some of the objectors.

A spokesperson for the group said it ‘welcomed the opportunity to put forward our objections to the inquiry’.

The venue for the public inquiry is yet to be confirmed.

A spokesperson for Whistl said: “A public inquiry has been listed for November 10 and 11 by the Traffic Commissioner for Whistl’s operation at PLP Astley, Wigan.

“Whistl will be taking a full part in the hearing and has been in frequent contact with the traffic commissioner’s office.

“We have also been closely working with local residents since moving our north west depot to PLP Astley, Wigan.”