Inox Green Energy Services is a subsidiary of Inox Wind.
Inox Green Energy Services is all set to launch its initial public offering (IPO) on November 11. Inox Green Energy is a wind power operator and maintenance provider. The IPO will commence on November 11 and will close on November 15. The company is yet to reveal its price band and the same is likely to be announced early next week. The shares will be listed on the stock exchange on November 23.
Inox Green Energy Services is a subsidiary of Inox Wind. It received approval from the Securities and Exchange Board of India (SEBI) last month for an IPO worth Rs 740 crore. The IPO will consist of fresh issuance of shares worth Rs 370 crore and an offer-for-sale of equity shares aggregating to Rs 370 crore by Inox Wind.
The company said that it will utilise the proceeds of the IPO for repaying debts and general corporate purposes. As far as reserved shares are concerned, Inox Green Energy Services has reserved 75 per cent of the public offer for qualified institutional buyers, 15 per cent for high net-worth individuals (HNIs), and the rest 10 per cent for retail investors.
According to the reports, Inox Wind holds a 93.84 per cent stake in Inox Green Energy Services at present.
Inox Green Energy Services was incorporated in 2012. It provides exclusive operation and maintenance services for all wind turbine generators sold by IWL. As of March this year, the company has 393 employees. The company has footprints in Gujarat, Madhya Pradesh, Karnataka, Rajasthan, Maharashtra, Andhra Pradesh, Kerala and Tamil Nadu.
The company’s total revenue was Rs 1,721.66 million in FY22, Rs 1,722.48 million in FY21 and Rs 1,653.15 million in FY20.
The merchant bankers for Inox Green Energy Services IPO are Edelweiss Financial Services, DAM Capital Advisors, Equirus Capital, IDBI Capital Markets & Securities, and Systematix Corporate Services. The Grey Market Premium (GMP) for the IPO is expected to be available only after the price band is announced.
Source: Zee News.India