Inox Green Energy IPO to open on Nov 11; price band fixed at Rs 61-65

New Delhi: The initial public offering (IPO) of Inox Green Energy Services (IGESL) will open for subscription on Friday, November 11. The company will sell its shares in the range of Rs 61-65 apiece.

Incorporated in 2012, Inox Green Energy Services is one of the major wind power operation and maintenance (O&M) service providers in India.

The company aims to raise Rs 740 crore via its primary offering which includes the issuance of fresh shares worth Rs 370 crore, with a face value of Rs 10 each. Its parent company, Inox Wind, will offload shares worth Rs 370 crore via an offer for sale.

The anchor book will open on Thursday, November 10. Investors can make a minimum bid of 230 equity shares and then multiples thereof. The issue will close for subscription on Tuesday, November 15.

The net proceeds from the issue will be utilised towards repayment and/or pre-payment of certain borrowings availed by the company including redemption of non-convertible debentures and general corporate purposes.

The company is engaged in the business of providing long-term O&M services for wind farm projects, specifically the provision of O&M services for wind turbine generators.

The company, which is a subsidiary of Inox Wind, has a presence in Gujarat, Rajasthan, Maharashtra, Madhya Pradesh, Karnataka, Andhra Pradesh, Kerala and Tamil Nadu.

For the year ended on March 31, 2022, the company reported a net loss of Rs 4.95 crore with total revenue of Rs 190.23 crore. For the period ended June 30, it reported a loss of Rs 11.58 crore with a revenue of Rs 63.13 crore.

The company has fixed 75% portion for qualified institutional buyers, whereas non-institutional buyers will get 15% shares. The remaining 10% of shares will be allocated to retail bidders.

Edelweiss Financial Services, DAM Capital Advisors, Equirus Capital, IDBI Capital Market Services and Systematix Corporate Services are managers to the issue, whereas Link Intime India is appointed as the registrar to the issue.