Inox Green Energy Services IPO Subscribed 46% On Day 1

Inox Green Energy Services Ltd., an arm of the Inox GFL Group, involved in the operations and maintenance of wind turbine generators, launched its maiden issue on Nov. 11.

The O&M provider is raising Rs 370 crore via fresh issue, and Rs 370 crore through offer for sale. It is offering around 5.69 crore equity shares at Rs 61-65 apiece in the IPO.

The company is valued at close to Rs 1,900 crore at the upper end of the price band.

Promoters and promoter group will hold 56% of the post-offer issued, and paid-up equity share capital. The company is offering 39% of the post-offer equity capital in IPO.

The company concluded preferential allotment of equity shares worth Rs 58 crore at Rs 80.64 apiece in November-December 2021, in lieu of repayment of debt owed to the promoters on account of receipt of materials/services, etc.

• Duration: Nov. 11-15.

• Offer for sale: 5.69 crore shares.

• Price band: Rs 61-65 per share.

• Issue size: Fresh issue of Rs 370 crore; offer for sale of Rs 370 crore.

• Face value: Rs 10 apiece.

• Lot size: 230 shares and multiples.

• Listing on: BSE and NSE.

• Lead managers: Edelweiss, DAM Capital, Equirus, IDBI Capital, Systematix Corporate Services.

The IPO was subscribed 0.46 times, or 46%, as of 5 p.m. on Nov. 11.

• Institutional investors: 0.47 times

• Non-institutional investors: 0.05 times

• Retail investors: 1.03 times

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