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The IPO of Inox Green Energy Services, a subsidiary of Inox Wind, has opened for subscription today.
Inox Green Energy Services Limited (IGESL) is a subsidiary of Inox Wind Limited and a part of the INOXGFL Group & was incorporated in May 2012. The company provides common infrastructure facilities for Wind Turbine Generators & a variety of services such as WTG Operations services, Coordination with DISCOMs, Management systems & predictive and reactive maintenance.
The company filed its DRHP with the company in June this year and received the approval of the regulator in September.
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The size of the public issue is Rs 740 crores where Rs 370 crores is by the fresh issue of shares and the remaining Rs 370 is an OFS to allow promoters to trim their holdings. From the proceeds of the fresh issue, Rs 260 will be used to repay existing debts which are likely to reduce the interest costs for the company and the remaining for other corporate purposes.
75% of the entire issue has been reserved for Qualified Institutional Buyers, 15% for Non-Institutional Investors, and the remaining 10% for retail investors.
The issue opens today and will stay open for subscription till the 15th of November. The price band for the issue has been set at Rs 61-65 per share with 230 shares available per lot.
The allotment date for the shares has been decided as 18th November & the same is proposed for listing on both NSE and BSE by 23rd November.
Analysts suggest that the company, which made losses in the two preceding fiscals, will have several opportunities to expand considering the government's push towards renewable energy. The strong and diverse portfolio & visible growth opportunities make the issue a worthwhile investment.
Article by Aman Agarwal.
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