Five separate corporate developments moved the market's attention on September 30, 2026, from a Rs 10,000 Cr IPO filing to a fresh joint venture in the power sector. Here is each one, with the figures we could verify.
1. Inox Clean Energy Files DRHP for a Rs 10,000 Cr IPO
Inox Clean Energy, part of the INOXGFL Group, filed a draft red herring prospectus with SEBI for an IPO of up to Rs 10,000 Cr. The offer has two parts: a fresh issue of Rs 8,000 Cr and an offer for sale of up to Rs 2,000 Cr by promoter Devansh Jain.
- Rs 6,000 Cr of the fresh-issue proceeds are earmarked to repay debt. The rest goes to general corporate purposes.
- Consolidated borrowings stood at Rs 16,781.8 Cr as of August 2026, so the IPO would retire a little over a third of that.
- The company runs renewable power generation and solar manufacturing, with a 9.29 GW portfolio across India and Africa.
If completed at this size, it would be the largest private-sector renewable energy IPO in India so far. A DRHP is a draft filed with the regulator, not a confirmed listing, so price band, dates and final issue size are still to come.
See how another large DRHP played out in our earlier report on the Jio IPO's DRHP filing and what happens next.
2. Goldman Sachs and BNP Paribas Sell Rs 2,186 Cr of BSE Shares Ahead of Nifty 50 Entry
Goldman Sachs Investments Mauritius and BNP Paribas Financial Markets together sold 68.33 lakh shares of BSE, the stock exchange operator, worth about Rs 2,186.44 Cr through bulk deals on the NSE, just ahead of BSE joining the Nifty 50 index.
- Goldman Sachs sold 23.8 lakh shares at Rs 3,200 each.
- BNP Paribas sold 44.52 lakh shares at a weighted average of Rs 3,199.54.
- On the other side, UTI Mutual Fund bought 27.13 lakh shares and Nippon India Mutual Fund bought 25.3 lakh shares, both at Rs 3,200, a combined purchase of about Rs 1,678 Cr.
BSE shares fell about 4% on the day it entered the index. Selling by early or institutional holders around an index-inclusion event is common, since index funds are forced buyers on the effective date while existing holders sometimes book profits into that demand.
3. Power Mech Projects Wins Rs 549 Cr Adani Group Order
Power Mech Projects secured a Rs 549.37 Cr order from MOXIE Power Generation, part of the Adani Group, to operate and maintain the 2x600 MW Moxie power plant at Tuticorin, Tamil Nadu.
- Contract value: Rs 549.37 Cr, including taxes and duties but excluding GST.
- Duration: 60 months, from October 1, 2026 to September 30, 2031.
- Power Mech Projects stated its promoter, promoter group and group companies have no interest in MOXIE Power Generation, so this is not a related-party transaction.
Operation and maintenance contracts like this give a company multi-year revenue visibility rather than a one-time payment, since the value is earned across the full 60-month term.
4. Cosmo First Buys a Mumbai Pet Clinic Through Its Zigly Arm
Cosmo First, better known for packaging films, acquired Mumbai's Prolife Specialty Vet Clinic LLP through Zigly, its separate pet-care vertical. The deal is structured as a slump sale, covering assets, liabilities, brand intellectual property, the customer database and vendor contracts.
- The clinic has an annual run rate of about Rs 4.36 Cr and has treated over 20,000 pets.
- The transaction was expected to close within 20 days of the announcement.
- This is not Cosmo First's first veterinary purchase. It earlier acquired the Small Animal Clinic, a diagnostic imaging and surgical center in Mumbai.
This is a bolt-on acquisition for Zigly's clinical network, not a shift in Cosmo First's core packaging and specialty films business.
5. NLC India and NALCO Form a 1,080 MW Thermal Power JV
NLC India and NALCO signed a Joint Venture-cum-Shareholders' Agreement to set up NLC NALCO Power Limited, a 50:50 joint venture, to build a 1,080 MW (4x270 MW) thermal captive power plant at Angul, Odisha.
- Ownership: 50:50 equity participation between NLC India and NALCO.
- Purpose: meeting higher power demand from NALCO's aluminium smelter expansion at Angul.
- The JV will also procure 200 to 250 MW of renewable energy to meet Renewable Consumption Obligation requirements.
- DIPAM clearance came through the Ministry of Coal on September 8, 2026. Commissioning is expected in 2030-31.
A captive power plant is built to supply a specific industrial user rather than sell power on the open market, which is why NALCO's own expansion is driving this project's size and timing.
What This Means for IPO Watchers
The Inox Clean Energy filing adds to a busy year of large DRHPs. Track how current issues are trading on our IPO GMP tracker, and see our explainer on why the Indian stock market has been falling for the broader backdrop new issues are launching into. None of this tells you whether any specific IPO is worth applying to.
Frequently Asked Questions
How big is the Inox Clean Energy IPO?
Up to Rs 10,000 Cr: a Rs 8,000 Cr fresh issue plus an offer for sale of up to Rs 2,000 Cr by promoter Devansh Jain. Rs 6,000 Cr of the fresh-issue money is meant to repay debt. This is a DRHP filing, not a confirmed listing, so the price band and dates are not yet set.
Why did Goldman Sachs and BNP Paribas sell BSE shares?
They sold a combined 68.33 lakh shares worth about Rs 2,186 Cr through bulk deals just before BSE joined the Nifty 50 index. Mutual funds including UTI and Nippon India were on the buying side. The reports we reviewed did not state Goldman's or BNP Paribas's specific reason for selling.
What is the Power Mech Projects order from Adani worth?
Rs 549.37 Cr for a 60-month contract, from October 2026 to September 2031, to operate and maintain MOXIE Power Generation's 2x600 MW plant at Tuticorin.
Disclaimer: This article is for informational and educational purposes only and does not constitute financial or investment advice. IPOLyst is not a SEBI-registered investment advisor. Corporate announcements and figures can change quickly. Please verify details with official sources and consult a registered advisor before making investment decisions.