Shares of Inox Green Energy Services on Wednesday made a lacklustre listing by tumbling 9 per cent to close at ₹59.10 on the BSE against the issue price of ₹67. The stock got listed at ₹60.50 and tumbled further to ₹58.50.
On the NSE, after listing at ₹60, Inox Green Energy closed at ₹59.25, down 8.84 per cent against the IPO price.
The ₹740-crore IPO was subscribed 1.55 times. The issue comprised a fresh issuance of equity shares worth ₹370 crore and an offer-for-sale (OFS) of equity stocks aggregating to ₹370 crore by the promoter Inox Wind.
Use of funds
The proceeds from the fresh issue will be used for payment of debt and general corporate purposes.
Inox Green is engaged in Operation and Maintenance services for wind farm projects, specifically for wind turbine generators and common infrastructure facilities on wind farms.