Inox Green Energy Services, a subsidiary of Inox Wind, has gotten the nod to launch its Initial Public Offering. According to a report in CNBC TV-18, the Securities and Exchange Board of India (SEBI) has given its approval to the company’s Rs 740 crore public issue.
Stock Price History
Shares of Inox Wind rallied as much as 8 per cent in Monday’s trade. At 10.46 am, the shares of Inox Wind were trading 2.21 per cent higher at Rs 148.20 over the last day’s closing of Rs 145 a piece. The scrip has risen nearly 45 per cent in the past one year, while it has surged 34 per cent in the last six months.
As per Trendlyne data, the highest target for Inox Wind goes up to Rs 161 with an upside potential of 11 per cent. Only one analyst is covering the stock with a strong buy rating.
About the Public Offer
As per sources, the Inox Green Energy Services IPO may be tweaked as per the prevailing market conditions. The public issue of the Inox Wind subsidiary is expected to consist of an offer for sale (OFS) of Rs 370 crore by promoter Inox Wind and a fresh issue of the same amount.
The company will focus on the Indian market initially and plans to tap the overseas market after establishing itself in this country, Inox Wind Chief Executive Officer (CEO) Kailash Lal Tarachandani told PTI.
Speaking to reporters during a visit to its plant in Rajmol, Gujarat, Tarachandani said the company is planning to launch its IPO “in the next 30 to 45 days”.
This is Inox Green Energy Services’ second attempt to go public. In February, the company had filed the Draft Red Herring Prospectus (DRHP) for its proposed IPO with the markets regulator Sebi.
However, the draft offer documents for the IPO were withdrawn in late April without disclosing any reason. According to the latest DRHP filed on June 17, the Rs 740-crore IPO will comprise of fresh issuance of equity shares worth Rs 370 crore and an offer-for-sale of equity stocks aggregating to Rs 370 crore by promoter Inox Wind.
“Inox Green Energy Services at present is witnessing a 30-40 per cent growth every year. Today, for Inox Green Services, the volume is close to Rs 160 crore and would touch Rs 400-500 crore in the next 3-4 years,” the CEO said.
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 the common infrastructure facilities on the wind farm, which support the evacuation of power from such WTGs.
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