Inox Green Energy Services' Rs 740-crore IPO subscribed 85% on Day 2

The initial share-sale of Inox Green Energy Services, a subsidiary of Inox Wind, was subscribed 85 per cent on the second day of offer on Monday.

The Rs 740-crore IPO received bids for 5,70,13,780 shares against 6,67,21,310 on offer, as per NSE data.

Retail Individual Investors (RIIs) category was subscribed 2.93 times, Qualified Institutional Buyers (QIBs) portion received 47 per cent subscription and non-institutional investors got 23 per cent.

The Initial Public Offering (IPO) has a fresh issue of up to Rs 370 crore and an offer for sale of up to Rs 370 crore.

The public subscription will conclude on Tuesday and has a price range of Rs 61-65 a share.

Inox Green Energy Services has collected Rs 333 crore from anchor investors.

Proceeds from the fresh issue will be used for payment of debt and general corporate purposes.

Inox Green is engaged in the business of providing long-term Operation and Maintenance (O&M) services for wind farm projects, specifically for wind turbine generators and common infrastructure facilities on wind farms.

Shares of the company will be listed on the BSE and NSE.

Edelweiss Financial Services, DAM Capital Advisors, Equirus Capital, IDBI Capital Markets and Systematix Corporate Services are the managers to the offer.