Inox Green Energy IPO to open for subscription this week. GMP, price band, other details inside
2 min read . Updated: 07 Nov 2022, 08:52 AM IST
Premium- Inox Green Energy Services' IPO will open for subscription this week on Friday, November 11
Inox Green Energy Services, a subsidiary of Inox Wind, will launch its initial public offering (IPO) this week 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 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.
As per market observers, Inox Green Energy shares are commanding a premium (GMP) of ₹7 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 company had said that net proceeds from the fresh issue will be utilised by the company for repaying debts and general corporate purposes.
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 Gujarat, Rajasthan, Maharashtra, Madhya Pradesh, Karnataka, Andhra Pradesh, Kerela and Tamil Nadu.
Edelweiss Financial Services, DAM Capital Advisors, Equirus Capital, IDBI Capital Markets & Securities, and Systematix Corporate Services are the merchant bankers for the offer, whereas, Link Intime India is the registrar to the offer.
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Inox Green Energy Services, which had filed draft IPO papers with Sebi on June 20, obtained the observation letter from the regulator on September 13. Earlier, the company had filed the DRHP for its proposed IPO in February with the Sebi. However, the draft offer documents for the IPO were withdrawn in late April without disclosing any reason.
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