On Friday’s opening day, 46% of the Inox Green Energy IPO received subscriptions.
- ByStartupStory | November 15, 2022
The initial public offering (IPO) of Inox Green Energy Services, a division of Inox Wind, began on Friday, November 11, 2022, and it will end on Tuesday, November 15, 2022. For its initial share offering, the company has set a price range of 61 to 65 rupees per share. Prior to its initial public offering, the business reported on Thursday that it had raised Rs. 333 crore from anchor investors.
According to NSE data, the Inox Green Energy IPO received bids for 3.05 crore shares on Friday, against the 6.67 crore shares that were being offered, representing a 46% subscription rate on the first day of subscription. Retail Individual Investors (RIIs) received 1.03 times as many subscriptions as Qualified Institutional Buyers (QIBs), who obtained 47%, and Non-Institutional Investors (NIIs), who received 5%. Inox Green Energy shares are currently fetching a premium (GMP) of 8 on the black market, according to market watchers. On November 23, 2022, the company’s shares are anticipated to list on the BSE and NSE stock markets.
The $740 million initial public offering (IPO) of Inox Green Energy would include a new issuance of equity shares worth 370 crore as well as a 370 crore offer-for-sale (OFS) of equity stocks by the promoter Inox Wind. The company intends to use the net proceeds from the new issue for general corporate activities and the repayment of debts. 5.12 crore shares, or 333 crore, were distributed by the firm to anchor investors at a price of 65 each. Among the anchor, investors are Nomura Singapore Ltd., Citigroup Global Markets Mauritius Private Limited, Morgan Stanley Asia (Singapore) Pte., HDFC Mutual Fund (MF), ICICI Prudential MF, and Aditya Birla Sun Life MF. Inox Green Energy Services’ line of work is the provision of long-term operation and maintenance (O&M) services for wind farm projects, particularly for wind turbine generators (WTGs) and common infrastructure facilities on wind farms that support the evacuation of power from such WTGs.
Gujarat, Rajasthan, Maharashtra, Madhya Pradesh, Karnataka, Andhra Pradesh, Kerela, and Tamil Nadu are among the states where the company has operations.
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