• Inox Green Energy's IPO was subscribed 1.55 times on the last day of the issue
The initial public offering (IPO) of Inox Green Energy Services, a subsidiary of Inox Wind, was subscribed 1.55 times on Tuesday, November 15, 2022, the last day of the offer. The issue received bids for 10.37 crore shares against 6.67 crore shares. offer.
Inox Green Energy IPO comprises issuance of new equity shares worth ₹370 crore and offer-for-sale (OFS) of equity stock by its promoter Inox Wind for a total of ₹370 crore. The price band was fixed in the range of ₹61 to ₹65 per share.
The finalization of the basis of allotment of the Initial Share Sale is likely to take place tomorrow i.e. Friday, November 18, 2022. Link Intime India Private Limited is the Registrar to the Public Issue.
According to market observers, shares of Inox Green Energy slipped to GMP at a discount of ₹2 in the gray market today. The shares of the company are expected to be listed on the stock exchanges BSE and NSE next week, Wednesday, November 23, 2022.
The company raised ₹333 crore from anchor investors ahead of its public issue and decided to allot 5.12 crore shares to anchor investors at ₹65 per share. Morgan Stanley Asia (Singapore) Pte, Nomura Singapore Ltd, Citigroup Global Markets Mauritius Pte Ltd, HDFC Mutual Fund (MF), ICICI Prudential MF, Aditya Birla Sun Life MF are among the anchor investors.
The company plans to use the net proceeds from the fresh issue to be used by the company to repay debt and for general corporate purposes.
INOX Green is engaged in the business of providing long-term operation and maintenance (O&M) services for wind farm projects, particularly for wind turbine generators and general infrastructure facilities on wind farms.
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