The initial public offer (IPO) of Inox Green Energy Services was subscribed 65 per cent in the afternoon trade today. Inox Green Energy IPO received bids for 4.34 crore shares against an IPO size of 6.67 crore shares amounting to a subscription of 65 per cent on the second day of bidding. The quota for retail investors was subscribed two times of the allotted portion, while the portion set aside for non-institutional investors was subscribed 11 per cent in the afternoon session today. The subsidiary of Inox Wind launched its IPO on November 11 and plans to raise Rs 740 crore through the share sale. The issue, which closes on November 15 has a price band of Rs 60-65.
The IPO comprises a fresh issue of 56,923,077 shares and an offer for sale of 56,923,077 shares, both aggregating up to Rs 370 crore. INOX wind, the promoter, will be the only seller in the OFS. The issue opened for anchor investors on November 10. The firm collected Rs 333 crore from 27 anchor investors ahead of the public issue. The wind power operation and maintenance service provider said it has finalised the allocation of 5.12 crore equity shares to anchor investors at the upper price band of Rs 65 per share.
Marquee investors participated in the anchor book were Volrado Ventures, Morgan Stanley, Nomura, Authum Investment, Saint Capital Fund, Eriska Investment Fund, Cohesion MK Best Ideas, Coeus Global Opportunities Fund, Citigroup, Dovetail India Fund, AG Dynamic, ICICI Prudential, HDFC Trustee, Aditya Birla Sun Life, Edelweiss, and JM Financial.
Bids during the IPO can be made for a minimum of 230 shares and in multiples of 230 equity shares thereafter. A retail-individual investor can apply for up to 13 lots or 2990 shares by spending Rs 194,350). A retail investor will have to spend Rs 14,950 to apply for a single lot 230 shares.
The allotment of shares will be finalised by November 18. The stock of Inox Green Energy Services is likely to list on November 23. The issue was commanding a grey market premium (GMP) of Rs 5 today.
Inox Green is a wind power operator and maintenance service provider in India. The company is engaged in the business of providing long-term O&M services for wind farm projects, specifically the provision of O&M services for wind turbine generators (WTGs) and the common infrastructure facilities on the wind farm that support the evacuation of power from such WTGs.
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