Inox Green Energy IPO subscribed 46% on day 1 on Friday. Check GMP, key details


Inox Green Energy Services, a subsidiary of Inox Wind, launched its initial public offering (IPO) on Friday, November 11, 2022 and the three-day long issue will conclude on Tuesday, November 15, 2022. The company has fixed a price band of 61 to 65 per share for its initial share sale. The company on Thursday said that it collected 333 crore from anchor investors ahead of its public issue.

Inox Green Energy IPO got subscribed 46% on the first day of subscription on Friday and received bids for 3.05 crore shares against 6.67 crore shares on offer, according to the NSE data.

The portion for Retail Individual Investors (RIIs) got subscribed 1.03 times while the category for Qualified Institutional Buyers (QIBs) received 47% subscription and non-institutional investors got subscribed 5%.

As per market observers, Inox Green Energy shares are commanding a premium (GMP) of 8 in the grey market today. The shares of the company are expected to list on stock exchanges BSE and NSE on Wednesday, November 23, 2022.

The 740-crore IPO of Inox Green Energy will comprise a fresh issuance of equity shares worth 370 crore and an offer-for-sale (OFS) of equity stocks aggregating to 370 crore by promoter Inox Wind. The company plans to use the net proceeds from the fresh issue will be utilised by the company for repaying debts and general corporate purposes.

The company decided to allocate 5.12 crore shares to anchor investors at 65 apiece aggregating the transaction size to 333 crore. Morgan Stanley Asia (Singapore) Pte, Nomura Singapore Ltd, Citigroup Global Markets Mauritius Private Limited, HDFC Mutual Fund (MF), ICICI Prudential MF, Aditya Birla Sun Life MF are among the anchor investors.

Inox Green Energy Services is engaged in the business of providing long-term Operation and Maintenance (O&M) services for wind farm projects, specifically for Wind Turbine Generators (WTGs) and common infrastructure facilities on wind farms, which support the evacuation of power from such WTGs.

The company has a presence in states like Gujarat, Rajasthan, Maharashtra, Madhya Pradesh, Karnataka, Andhra Pradesh, Kerela and Tamil Nadu.

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