Inox Green Energy Services IPO subscribed 1.55 times

The offer received bids for 10.37 crore shares as against 6.67 crore shares on offer.

The initial public offer (IPO) of Inox Green Energy Services received bids for 10,37,39,890 shares as against 6,67,21,310 shares on offer, according to stock exchange data 17:00 IST on Tuesday (15 November 2022). The issue was subscribed 1.55 times.

The issue opened for bidding on Friday (11 November 2022) and it will close on Tuesday (15 November 2022). The price band of the IPO is fixed at Rs 61 to 65 per share. An investor can bid for a minimum of 230 equity shares and in multiples thereof.

The issue comprises fresh issue of equity shares and offer for sale by promoter selling shareholders, aggregating upto Rs 370 crore each. On post issue expanded equity, the holding of promoter selling shareholders will decline to 56.04% from about 93.84%.

Of the net proceeds from the fresh issue, the company plans to utilize about Rs 260 crore for repayment/pre-payment of debt in full or part of certain borrowings availed by the company including redemption of secured NCDs in full. Balance of net proceeds will be used for general corporate purposes.

Ahead of the IPO, Global Health on Thursday, 11 November 2022, raised Rs 332.99 crore from anchor investors. The board allotted 5.12 crore shares at Rs 65 per share to 27 anchor investors.

Inox Green Energy Services, a subsidiary of Inox Wind and part of the Inox GFL Group, is one of the major wind power operation and maintenance service providers within India. It is engaged in the business of providing long-term O&M services for wind farm projects, specifically the provision of O&M services for wind turbine generators and the common infrastructure facilities on the wind farm which support the evacuation of power from such Wind Turbine Generators (WTGs).

The company reported a net loss of Rs 11.58 crore and sales of Rs 61.79 crore in the quarter ended on 30 June 2022.

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