Inox Green Energy IPO fully subscribed on last day. Latest GMP
1 min read 15 Nov 2022, 08:10 AM ISTInox Green Energy IPO was subscribed 85% on the second day of the offer on Monday
PremiumThe initial public offering (IPO) of Inox Green Energy Services, a subsidiary of Inox Wind, was subscribed 85% on the second day of offer on Monday. The three-day issue opened on Friday, November 11, 2022 and will conclude on Tuesday, November 15, 2022. The price band has been fixed at ₹61 to ₹65 per share.
As of 1:05 pm on the last day on Tuesday, the issue has been fully subscribed about 1.32 times with retail category overbooked 3.86x, NIIs 0.37x and QIBs 0.97x, BSE data showed.
The company on Thursday said that it collected ₹333 crore from anchor investors ahead of its public issue. The company decided to allocate 5.12 crore shares to anchor investors at ₹65 apiece. Morgan Stanley Asia (Singapore) Pte, Nomura Singapore Ltd, Citigroup Global Markets Mauritius Private Limited, HDFC Mutual Fund (MF), ICICI Prudential MF, Aditya Birla Sun Life MF are among the anchor investors.
Inox Green Energy IPO comprises a fresh issuance of equity shares worth ₹370 crore and an offer-for-sale (OFS) of equity stocks aggregating to ₹370 crore by its 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.
As per market observers, Inox Green Energy shares are commanding a premium (GMP) of ₹4 in the grey market today. The shares of the company are expected to list on the stock exchanges BSE and NSE next week on Wednesday, November 23, 2022.
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.
The company has a presence in states like Gujarat, Rajasthan, Maharashtra, Madhya Pradesh, Karnataka, Andhra Pradesh, Kerela and Tamil Nadu.
"The macros of the wind energy segment are improving after the regime change and pandemic led restrictions. With massive capacity addition target over the next five years, target market for the O&M services would expand, thereby benefiting players like IWESL. Thus, we assign a “Subscribe with Caution" rating for the issue," said Choice Broking.
Edelweiss Financial Services, DAM Capital Advisors, Equirus Capital, IDBI Capital Markets and Systematix Corporate Services are the managers to the initial share sale.
