Inox Green Energy IPO: GMP rises ahead of subscription opening on Friday
2 min read . Updated: 08 Nov 2022, 03:33 PM IST
Premium- Inox Green Energy IPO to open on Friday, November 11, 2022
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 bidding for anchor investors will open on November 10, 2022.
As per market observers, Inox Green Energy shares are commanding a premium (GMP) of ₹11 in the grey market today, up from ₹7 yesterday. The shares of the company are expected to list on stock exchanges BSE and NSE on Wednesday, November 23, 2022. The finalisation of the basis of share allotment of Inox Green Energy IPO is expected to take place on November 18, 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.
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.
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 IPO. Investors can make a minimum bid of 230 equity shares and then multiples thereof.
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