• Inox Green Energy launched its IPO on 11 November and ended on 15 November. The company's IPO consisted of a fresh issue of ₹370 crore and an offer for sale (OFS) of ₹370 crore. It had fixed a price band of ₹61 and ₹65 per equity share.
Inox Green Energy Services, one of the leading wind power operation and maintenance service providers, will make its market debut on Wednesday. The company's ₹740 crore initial public offering (IPO) that ended last week was fully subscribed driven by retail investors and institutional buyers. Inox Green Energy Services is a subsidiary of listed firm Inox Wind.
In a notice, BSE said, trading members of the exchange are informed that with effect from November 23, 2022, the equity shares of Inox Green Energy Services will be listed and admitted for trading on the exchange in the 'B' group list. Will be done securities.
Further, NSE notified that the equity shares of Inox Green Energy will be listed and admitted for trading on the exchange with effect from November 23. Trading will take place in the general market segment - Compulsory Demat (Rolling Settlement) for all investors.
Inox Green Energy launched its IPO on 11 November and ended on 15 November. The company's IPO consisted of a fresh issue of ₹370 crore and an offer for sale (OFS) of ₹370 crore. It had fixed a price band of ₹61 and ₹65 per equity share.
The issue was fully subscribed 1.55 times on the last day of the IPO (15 November). The performance was driven by retail individual investors who were major buyers as the portion reserved for their category was oversubscribed 4.70 times. Also the portion reserved for qualified institutional buyers (QIBs) was subscribed 1.05 times. But the Inox Green Energy IPO saw weak demand from non-institutional investors as the category was subscribed by only 47% against the reserved portion.
INOX Green Energy is engaged in the business of providing long term O&M services for wind farm projects, specifically provision of O&M services for Wind Turbine Generators (WTGs) and general infrastructure facilities on wind farms which are thus Supports power outage. WTGs.
What to expect from the listing of Inox Green Energy?
According to Avinash Goraksharkar, Profitmart Securities Inox Green Energy shares may have a moderate opening as the market sentiment is slightly bearish and the weekly close is also bullish.
Gorakskar added that "one should book profit with whatever listing premium one gets as the Arcane Chemicals issue is expected to start profit booking any time after the lower than expected listing premium."
Pravesh Gaur, Senior Technical Analyst, Swastika Investmart, also expects a muted listing for Inox Green Energy due to negative P/E, lower-than-expected subscription number (1.55), and the nature of the issue as well as OFS. Lack of activity in the gray market.
Analyst at Swastika Investmart said, "INOX Green Energy Services is one of the leading wind power operation and maintenance service providers in India. It has a strong and diversified existing portfolio, and is well positioned to leverage the government's initiative on renewable energy under Atmanirbhar Bharat." can have a favorable effect." In the future, the company plans to evolve into a more asset-light business model."
Further, Gaur said, "On the other hand, it has been making losses in the last 2 years, so the issue is priced at negative P/E, and as per the objective of the IPO, the IPO amount will be used to pay for Liabilities. Lastly, its group performance is also not attractive enough. Thus, we have assigned "Avoid" rating to the issue.
Meanwhile, Manoj Kumar Dalmia, Founder and Director, Proficient Equities, said, "Inox Green Energy is a leading wind energy solutions provider in India. INOX manufactures wind turbine generators. The main objective is to partially finance the expansion and upgradation of existing Investing in manufacturing facilities, subsidiaries and raising a common corpus fund. The issue is aggressively priced with a PE of 30. The investment can be considered with a long term plan as the renewable energy sector is set to take off "
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