BackInox Green Energy IPO: Latest GMP ahead of share allotment
Inox Green Energy IPO was subscribed 1.55 times on the last day of the issue
PremiumThe initial public offering (IPO) of Inox Green Energy Services, a subsidiary of Inox Wind, received 1.55 times subscription on the last day of offer on Tuesday, November 15, 2022. The issue received bids for 10.37 crore shares against 6.67 crore shares on offer.
Inox Green Energy IPO comprised 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 price band was fixed in the range of ₹61 to ₹65 per share.
The finalisation of the basis of allotment of the initial share sale is likely to take place tomorrow i.e., Friday, November 18, 2022. Link Intime India Private Ltd is the registrar of the public issue.
As per market observers, Inox Green Energy shares' GMP have slipped to a discount of ₹2 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.
The company collected ₹333 crore from anchor investors ahead of its public issue and 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.
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.
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.
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