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Inox Group company Inox Green Energy Services listed on the bourses today as it disappointed investors at its debut today.
Here at Jobaaj, we discussed all the details of the IPO of Inox Green Energy Services Limited (IGESL) which is a provider of infrastructure facilities for Wind Turbine Generators along with multiple services such as WTG Operations services, Coordination with DISCOMs, Management systems & predictive and reactive maintenance.
Before the IPO of the company opened on 11th November, it raised Rs 333 crores on 10th November from a coterie of anchor investors which included Volrado Ventures, Morgan Stanley, Nomura, Authum Investment, Saint Capital Fund, Eriska Investment Fund, Cohesion MK Best Ideas, Coeus Global Opportunities Fund, Citigroup, Dovetail India Fund, AG Dynamic, ICICI Prudential, HDFC Trustee, Aditya Birla Sun Life, Edelweiss, and JM Financial.
TRAI September data is here, guess which telecom lost subscribers and which made it big.
There was a fair amount of interest in the IPO as QIBs subscribed to their portion 1.05x times. NIIs were not as interested since their portion wasn't fully subscribed, only 0.47x times. However, RIIs drove up participation in the public offer as they subscribed to their portion 4.7x times, resulting in a total subscription of 1.55x times.
Some analysts have suggested that the market mood is slightly bearish as the stock was expected to make a flat debut. It was trading at a discount of Rs 1 this morning.
Come 9:45, the stock, which was issued at a price of Rs 65 per share, is listed at Rs 60 per share, a discount of 7.7%. Bulls tried to put up a fight as the price went up to Rs 64 per share (still below the issue price) but ultimately lost their will.
Bears took over the scrip as the selling pressure drove down its price. By 11:30, the stock breached the Rs 60 mark and traded below it for the remainder of the day. It ultimately closed at Rs 59.10, down 9.7% with a trading volume of almost 40 million!
The investment of Rs 14,950 per lot (Rs 65 per share x 230 shares) declined to Rs 13,593 (Rs 59.10 x 230 shares) after IGESL's disappointing debut today.
The company's loss-making record, operational inefficiencies, and dependency on its parent company, Inox Wind, had driven QIBs and NIIs away from the issue. However, its diverse and strong portfolio has analysts advising their clients to maintain long-term positions.
Article by Aman Agarwal.
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