Inox Green Energy IPO opens on 11 November; details here

Inox Green Energy Services is about to launch its Initial Public Offering (IPO) on 11 November. The IPO will close on 15 November. The company has reserved 75 percent of the public offer for qualified institutional buyers, 15 percent for high net-worth individuals, and remaining 10 percent for retail investors.

Inox Green Energy Services has said that it is going to use the proceeds of the Rs 740 crore public issue for repaying debts and general corporate purposes. The price band has been fixed at Rs 61 to Rs 65 per share for the initial share sale. The shares are going to be listed on the stock exchanges on 23 November.

The merchant bankers for the Inox Green Energy Services IPO are DAM Capital Advisors, Equirus Capital, Edelweiss Financial Services, IDBI Capital Markets & Securities, and Systematix Corporate Services.

Inox Green Energy Services is a subsidiary of Inox Wind, and it got approval from the Securities and Exchange Board of India (SEBI) last month for an IPO worth Rs 740 crore. The public issue will consist of fresh issuance of shares worth Rs 370 crore and an offer-for-sale (OFS) of equity shares aggregating to Rs 370 crore by Inox Wind. According to the reports, Inox Wind holds a 93.84 percent stake in Inox Green Energy Services.

Inox Green Energy Services is a major wind power operation and maintenance (O&M) service provider in India. As of March 2022, the company contains 393 employees. It has facilities in Gujarat, Karnataka, Rajasthan, Madhya Pradesh, Maharashtra, Kerala, Andhra Pradesh, and Tamil Nadu. The total revenue of the company was Rs 1,721.66 million in FY22, Rs 1,722.48 million in FY21, and Rs 1,653.15 million in FY20.

Inox Green Energy Services had filed draft IPO papers with SEBI on 20 June, and obtained the observation letter from the regulator on 13 September. Earlier, it had filed the DRHP for its proposed IPO in February with SEBI. But the draft offer documents for the IPO were withdrawn in late April without disclosing any reason.

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