Inox Green, a Inox Wind subsidiary, on Monday fixed the price band for its forthcoming initial public offer (IPO) at Rs 60-65. The Rs 740 crore IPO would comprise a fresh issue of 56,923,077 shares and an offer for sale of 56,923,077 shares, both aggregating up to Rs 370 crore. INOX wind, the promoter, will be the sole seller in the OFS.
The issue will open for anchor bidding on November 10. It will open for subscription for public on November 11 and conclude on November 15. Bids can be made for a minimum of 230 shares and in multiples of 230 equity shares thereafter. Retail investors can bid a maximum 13 lots.
The basis of allotment will be finalised by November 18 and, if successful, the IPO will list on November 23. Last heard, the issue was commanding a grey market premium (GMP) of Rs 6.
Inox Green is a wind power operation and maintenance service provider in India. The company is engaged in in the business of providing long-term O&M services for wind farm projects, specifically the provision of O&M services for wind turbine generators (WTGs) and the common infrastructure facilities on the wind farm that support the evacuation of power from such WTGs.
The company usually has stable annual income owing to the long-term O&M contracts that it enters into with our customers.
As of June 30, the company’s O&M services portfolio consisted of an aggregate 2,792 mw of wind farm capacity and 1,396 WTGs.
That included a total capacity of 1,220 mw for various customers in Mahidad, Rojmal, Sadla, Savarkundla, Rajkot and Dayapar in Gujarat; a total capacity of 632 mw for various customers in Kukru, Nipaniya, Jaora and Lahori in Madhya Pradesh; a total capacity of 560 mw for various customers in Dangri, Rajasthan; and a total capacity of 196 mw for various customers in Vaspet, Bhendewade and South Budh in Maharashtra.
Out of the 2,792 mw capacity, 1,964 mw was attributable to contracts for comprehensive O&M services and 828 mw was attributable to common infrastructure O&M contracts.