The initial public offering (IPO) of Inox Green Energy Services on Tuesday subscribed 1.55 times on the final day of bidding. The issue attracted bids for 10,37,39,890 equity shares against the IPO size of 6,67,21,310 shares.
The quota for qualified institutional buyers (QIBs) got subscribed 1.05 times, the retail individual investors’ portion received 4.70 times subscription, while the category for non-institutional investors witnessed 47 per cent subscription.
The subsidiary of Inox Wind fixed its IPO price band at Rs 61-65 per share. The company had raised Rs 333 crore from anchor investors ahead of its IPO.
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Grey market premium
Market participants said Inox Green IPO grey market premium (GMP) stood nil today. It implies that the grey market is expecting the company to witness a muted listing.
The share allotment status would be finalised by November 18, followed by an expected listing on November 23.
Brokerage view
* Choice Broking assigned a ‘Subscribe with Caution’ rating on the issue.
* Arihant Capital recommended ‘Subscribe for Long Term’ on the issue.
Inox Green Energy Services is a wind power operation and maintenance (O&M) service provider. The company is engaged in providing long-term O&M services for wind farm projects, specifically O&M services for wind turbine generators (WTGs).
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The company offers exclusive O&M services for all WTGs sold by Inox Wind through the entry of long-term O&M contracts between the WTG purchaser and terms that typically range between 5 to 20 years.
