Subscribe to Inox Wind IPO, says Hem Securities

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Hem Securities' report on Inox Wind

Inox Wind which is promoted by GFL, part of Inox group of companies is one of India’s leading wind power solutions providers. Company manufactures wind turbine generators, or WTGs, and provide turnkey solutions by supplying WTGs and offering services including wind resource assessment, site acquisition, infrastructure development, erection and commissioning, and also long term operations and maintenance of wind power projects. Co manufacture the key components of WTGs in-house while it manufacture nacelles and hubs at its Una Unit, located in Himachal Pradesh. Also, co’s rotor blade manufacturing facility and its tower manufacturing facility are housed in Rohika Unit, located in the Ahmedabad district of Gujarat.

Company have also commenced construction of a new integrated manufacturing facility at Barwani, Madhya Pradesh to produce nacelles and hubs, rotor blade sets and towers. Through its wholly owned subsidiaries, Inox Wind Infrastructure Services Limited (“IWISL”) and Marut-Shakti India Limited ("MSEIL") company provide turnkey solutions for wind farm projects.

Valuation:"The company is bringing the issue at price band of Rs 315-325( Incl Rs 15/Sh discount to Retail & Employee) at p/e multiple of 29-30 on post issue 9MFY15 annualized eps of Rs 10.76. The company with its robust financial performance, well recognized promoter group, healthy order book & strong business potential looks an attractive issue to deploy the funds in. Hence, we recommend “Subscribe” on issue", says Hem Securities research report.

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