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Shares of Inox Green Energy Services Ltd will be listed at the boures today. The company has fixed the IPO price at ₹65, at the upper end of the IPO price band ₹61-65.
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.
The proceeds from the fresh issue will be used for payment of debt and general corporate purposes.
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Inox Green IPO: Is the wind blowing in the opposite direction?
Investors are not getting the flavour of a pure-play O&M business as the company comes with legacy issuesThe company had raised ₹333 crore from anchor investors by allotting 5,12 crore shares at ₹65 a share. AMong them were Volrado Ventures, Morgan Stanley, Nomura, Authum Investment, Saint Capital Fund, Eriska Investment Fund, Cohesion MK Best Ideas, Coeus Global Opportunities Fund, Citigroup, Dovetail India Fund, AG Dynamic, ICICI Prudential, HDFC Trustee, Aditya Birla Sun Life, Edelweiss, and JM Financial.
Withdrawn IPO
Earlier in February, the company filed the DRHP for a similar-size IPO, but later withdrew in April without disclosing any reason.
In June, the company had filed draft papers for the IPO with the regulator. In September, it received the regulator’s approval.
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.
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