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Inox Green Energy Services debuts today. Will it be a good listing?

The muted response to its public issue, dependence for orders on parent company Inox Wind and tepid financial performance are expected to weigh on its listing performance. The debut price could be on par with or at discount

November 23, 2022 / 07:26 AM IST
Inox Green Energy Services IPO

Inox Green Energy Services IPO

 
 
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Inox Green Energy Services, the wind power operation and maintenance service provider is unlikely to make investors happy on its debut on the bourses on November 23 despite a positive trend in equity markets, say most analysts.

The muted response to its public issue, dependency for orders on its parent company Inox Wind and tepid financial performance are expected to weigh on its listing performance. The debut price could be on a par with or at discount for Inox Green, they said.

Its initial public offering (IPO) got a muted response from investors, barring qualified institutional buyers with 1.05 times subscription. Retail investors bought 4.7 times the allotted quota but high net-worth individuals subscribed only about 50 percent of the portion reserved for them. The overall offer was subscribed 1.55 times.

“Inox Green Energy Services IPO received a tepid response in the market mainly due to lack of investors’ confidence amid difficult operations in the segment, muted financial performance and high dependence on the parent company,” said Ravi Singh, vice-president and head of research at online broking firm Share India.