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Inox Green Energy, a subsidiary of Inox Wind, has announced its plans to float its Rs 740 crores IPO in October 2022.
Inox Green Energy Services Ltd. (IGESL) is a subsidiary of Inox Wind Limited and a part of the specialty chemicals & renewables' INOXGFL Group. It was established in May 2012 as Inox Wind Infrastructure Limited and renamed IGESL in October 2021. It provides a wide range of services connected to the prime functioning of wind farms and the associated power evacuation infrastructure.
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This is the company's second attempt at going public. The company had filed its DRHP with the market regulator in February but withdrew the same in April for undisclosed reasons. It refiled fresh papers in June 2022 which was reportedly approved.
According to the fresh DRHP, the issue was sized at Rs 740 crores, 50% of which will be an OFS, and the balance is a fresh issue. No details regarding the date or its pricing are currently known & the same are not ironclad and could be tweaked in the future.
Inox Wind CEO, Kailash Lal Tarachandani, told PTI that the company was planning to launch its IPO in the "next 30-45 days". He explained that the company was currently witnessing 30-40% growth annually with a volume of Rs 160 crores. Moreover, he expects the same to reach Rs 400-500 crores in the next 3-4 years.
Inox Wind Ltd. is a listed company. It currently trades around Rs 150 per share, up 34% since the beginning of September 2022.
Article by Aman Agarwal.
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