The price band has been fixed at Rs 61 to Rs 65 per equity share, with each equity share having a face value of ₹ 10.
Inox Green Energy Services Limited, a subsidiary of Inox Wind Limited, will open its initial public offer (IPO) on Friday, November 11, 2022, offering up to Rs 740 crore of equity shares, each with a face value of Rs 10.
The IPO includes a fresh issue of Rs 370 crore and an offer for sale of up to Rs 370 crore. The public issue will close on Thursday, November 15, 2022.
The price band of the IPO has been fixed at Rs.61 to Rs.65 per equity share. Bids may be made for a minimum of 230 equity shares and thereafter in multiples of 230 equity shares. The anchor investor bidding date will be Thursday, November 10, 2022.
The net proceeds from the fresh issue are planned to be used for: I. Full or partial repayment and/or pre-payment of certain indebtedness incurred by the Company, including full redemption of secured NCDs; and II. Moderate Corporate Objectives. The company will get the benefits of listing its equity shares on the stock exchanges.
Inox Green Energy Services Limited is one of the leading wind power operation and maintenance (“O&M”) service providers in India, formed in the year 2012. The company is engaged in the business of providing long-term O&M services for wind projects,
In particular, provision of O&M services for wind turbine generators (“WTGs”) and general infrastructure such as pooling stations and transmission lines supporting power evacuation from such WTGs. This has stable annual income due to long-term O&M contracts.
It is a subsidiary of Inox Wind Limited, with which it has a synergistic relationship and is part of the Inox GFL Group of Companies. Inox Green’s O&M services portfolio comprises 2,792 MW of wind farm capacity and 1,396 WTGs as of June 30, 2022.
As of June 30, 2022, its portfolio of O&M contracts (including both full O&M contracts and general infrastructure O&M contracts), covering a total of 2,792 MW of wind projects spread across all eight wind-rich states in India and with an average remaining project life of over 20 years is Counterparties related to its O&M contracts till June 30, 2022 include Independent Power Producers (“IPPs”) (approx. 72%), Public Sector Undertakings (“PSUs”) (approx. 14%) and Corporates (approx. 14%).
The book running lead managers of the offer are – Edelweiss Financial Services Limited, DAM Capital Advisors Limited, Equirus Capital Private Limited, IDBI Capital Markets and Systematrix Corporate Services Limited. The equity shares offered through these red herring prospectuses will be listed on the stock exchanges – BSE and NSE.