Shares of Inox Green Energy Services, a subsidiary of Inox Wind, made a tepid market debut on Wednesday, listing with a discount of nearly 8 per cent against the issue price of Rs 65.
The stock listed at Rs 60.50, a fall of 6.92 per cent from the issue price on the BSE. It further declined 8.92 per cent to Rs 59.20.
On the NSE, the shares of the firm made its debut at Rs 60, a discount of 7.69 per cent.
The company commanded a market valuation of Rs 1,772.07 crore in morning trade on the BSE.
The initial share-sale of Inox Green Energy Services received 1.55 times subscription.
The IPO had a fresh issue of up to Rs 370 crore and an offer-for-sale of up to Rs 370 crore.
Price range for the IPO was at Rs 61-65 a share.
Inox Green is engaged in the business of providing long-term Operation and Maintenance (O&M) services for wind farm projects, specifically for wind turbine generators and common infrastructure facilities on wind farms.
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