BackInox Green Energy shares make a weak debut, list at discount
Inox Green Energy IPO comprised fresh issuance of equity shares worth ₹370 crore and OFS of stocks aggregating to ₹370 crore
PremiumShares of Inox Green Energy Services made a weak market debut on Wednesday with the stock listing at ₹60 apiece on the NSE, a discount of more than 7% as compared to its IPO issue price of ₹65 per share. On the BSE, Inox Green Energy shares started trading at ₹60.5 apiece.
The 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 that concluded 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 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.
In a notice, BSE said, trading members of the exchange are hereby informed that effective from November 23, 2022, the equity shares of Inox Green Energy Services shall be listed and admitted to dealings on the Exchange in the list of 'B ' Group of Securities.
Also, NSE notified that the equity shares of Inox Green Energy shall be listed and admitted to dealings on the exchange with effect from November 23. Trading shall be in the Normal Market segment – Compulsory Demat (Rolling Settlement) for all investors.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
