Inox Green Energy Services slides on debut

Shares of Inox Green Energy Services were currently trading at Rs 62.45 at 10:13 IST on the BSE, representing a discount of 3.92% as compared to the issue price of Rs 65.

The scrip was listed at a price of Rs 60.50, at a discount of 6.92% as compared to the issue price.

So far, the stock has hit a high of 63.95 and a low of 59.55. On the BSE, over 9.34 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Inox Green Energy Services was subscribed 1.55 times. The issue opened for bidding on 11 November 2022 and it closed on 15 November 2022. The price band of the IPO was fixed at Rs 61 to 65 per share.

The issue comprised 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.

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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