Inox Wind rises over 7% as green energy subsidiary looks to launch IPO next month

Shares of Inox Wind rallied as much as 8 per cent in Monday's trade as its subsidiary Inox Green Energy Services plans to raise Rs 740 crore via its initial public offering (IPO) by October this year to fund its expansion plans.

The company will focus on the Indian market initially and plans to tap the overseas market after establishing itself in this country, Inox Wind Chief Executive Officer (CEO) Kailash Lal Tarachandani told PTI.

Speaking to reporters during a visit to its plant in Rajmol, Gujarat, Tarachandani said the company is planning to launch its IPO "in the next 30 to 45 days".

This is the second attempt for INOX Green Energy Services to go public. In February, the company filed a Draft Red Herring Prospectus (DRHP) for its proposed IPO with markets regulator SEBI.

However, the draft offer documents for the IPO were withdrawn in late April without disclosing any reason.

According to the latest DRHP filed on June 17, the Rs 740-crore IPO will consist of fresh issuance of equity shares worth Rs 370 crore and an offer-for-sale of equity stocks aggregating to Rs 370 crore by promoter Inox Wind.

At 10.46 am, the shares of Inox Wind were trading 2.21 per cent higher at Rs 148.20 over the last day’s closing of Rs 145 a piece. The scrip has risen nearly 45 per cent in the past one year, while it has surged 34 per cent in the last six months.

As per Trendlyne data, the highest target for Inox Wind goes up to Rs 161 with an upside potential of 11 per cent. Only one analyst is covering the stock with a strong buy rating.

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