Inox Green Energy Services makes weak debut, shares list at over 7% discount

The shares of Inox Green Energy Services made a forgettable stock market debut on Wednesday, 23 November. On the Bombay Stock Exchange, the shares listed at Rs 60.5 per equity. On the National Stock Exchange, the shares started trading at Rs 60, a discount of over 7 percent over its issue price of Rs 65. At 11:30 am, the stock of Inox Green Energy Services was trading at Rs 60.15 apiece on the BSE and Rs 60.05 on the NSE. Earlier, analysts had predicted that the stock of the Inox Wind subsidiary would see a flat listing as the grey market premium was only Rs 8-10 during the Inox Green Energy public issue. On the BSE, the shares are listed in the ‘B’ Group of Securities, while on the NSE they are trading in the Normal Market segment – Compulsory Demat (Rolling Settlement). The company was expected to benefit from the government’s push towards the renewables sector, but investors were put off by the issue price, which many believed to be a bit high considering the Inox Green Energy’s financials. The initial public offering (IPO) of Inox Green Energy Services was subscribed 1.55 times on the final day of bidding. The public issue, which comprised an offer for sale and a fresh issue of shares worth Rs 370 crore each, was priced at Rs 61-65 per equity. The OFS in the Inox Green Services IPO was by promoter Inox Wind. The company had managed to raise Rs 333 crore from anchor investors such as Nomura Singapore Ltd, Morgan Stanley Asia (Singapore) Pte, HDFC Mutual Fund (MF), Citigroup Global Markets Mauritius Private Limited, ICICI Prudential MF and Aditya Birla Sun Life MF ahead of its issue. The net proceeds were to be used for repaying debt and general corporate purposes. Inox Green Energy Services provides operation and maintenance services for wind farms, especially wind turbine generators. The firm has a presence in states like Madhya Pradesh, Karnataka, Gujarat, Rajasthan, Andhra Pradesh, Tamil Nadu, Kerala and Maharashtra. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook , Twitter and Instagram .