The offering, the third to come to the market this month, will be the largest IPO since December 2002.
Inox Wind has set the price band between Rs 315 and Rs 325 a share. It is providing an additional discount of Rs 15 a share to retail investors.
The issue comprises 31.5 million shares, of which a third will be ‘offer for sale’ by existing promoter Gujarat Fluorochemicals, a manufacturer of speciality chemicals used in refrigeration. Inox Wind expects to raise Rs 700 crore by issue of fresh equity in the IPO to help meet its working capital requirements.
The going has not been easy for the two IPOs, which have come to the market this year. The Rs 70 crore-IPO of NCML Industries in January failed to go through owing to poor investor demand. Last week, Ortel Communications’ Rs 240-crore IPO remained under-subscribed, forcing the issuer to cut the issue size.
Meanwhile, Adlabs Entertainment’s Rs 450-crore IPO had received only 10 per cent subscription a day before close.