Inox Green Energy Services, a subsidiary of Inox Wind, is planning to come out with its Initial Public Offering (IPO) by October this year to raise Rs 740 crore to fund its expansion plans.
The company will focus on the Indian market initially and plans to tap the overseas market after establishing itself in this country, Inox Wind Chief Executive Officer (CEO) Kailash Lal Tarachandani told PTI. Speaking to reporters during a visit to its plant in Rajmol, Gujarat, Tarachandani said the company is planning to launch its IPO "in the next 30 to 45 days".
This is Inox Green Energy Services' second attempt to go public. In February, the company had filed the Draft Red Herring Prospectus (DRHP) for its proposed IPO with the markets regulator Sebi. However, the draft offer documents for the IPO were withdrawn in late April without disclosing any reason.
According to the latest DRHP filed on June 17, the Rs 740-crore IPO will comprise fresh issuance of equity shares worth Rs 370 crore and an offer-for-sale of equity stocks aggregating to Rs 370 crore by promoter Inox Wind. Elaborating on the company's business plans, Tarachandani said: "There is already enough opportunity. India has been consistent in the last few years and has a positive growth story. From that perspective, we have been quite busy. I see that there itself is a huge potential."
Asked about the company's expansion plans, Tarachandani said, "I am not ruling out the overseas market. There are new markets being developed whether it's South East Asia, some part in Gulf and African countries. I would say those are (will be focus areas) a couple of years down the line, after we have established and reached a certain level within this country." Inox Green Energy Services at present is witnessing a 30-40 per cent growth every year. "Today, for Inox Green Services, the volume is close to Rs 160 crore and would touch Rs 400-500 crore in the next 3-4 years," the CEO said.
Inox Green Energy Services is engaged in the business of providing long-term operation and maintenance (O&M) services for wind farm projects, specifically for Wind Turbine Generators (WTGs) and the common infrastructure facilities on the wind farm, which support the evacuation of power from such WTGs.
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