Inox Green Energy Services launching Rs 740 crore IPO on November 11

Proceeds from the fresh issue will be utilised by the company for repaying debts and general corporate purposes.

The company has reserved 75 percent of the offer for qualified institutional buyers, 15 percent for high net worth individuals, and the rest 10 percent for retail investors.

Inox Green Energy Services is a subsidiary of Inox Wind (the manufacturer of wind turbine generators) and part of the Inox GFL group of companies. Inox Wind currently holds 93.84 percent stake in Inox Green Energy Services.

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Having an exclusivity agreement with Inox Wind, the company provides exclusive operation and maintenance services for all wind turbine generators (WTGs) sold by Inox Wind.

As of June 2022, Inox Wind had entered into binding contracts for the supply of two megawatt (MW) capacity WTGs with an aggregate capacity of 964 MW.

Inox Green Energy Services' operation and maintenance services as of June 2022 consisted of 2,792 MW wind farm capacity and 1,396 WTGs. Of the 2,792 MW capacity, 1,964 MW was attributable to its contracts for comprehensive operation and maintenance services and 828 MW was attributable to its common infrastructure operation and maintenance contracts.

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Edelweiss Financial Services, DAM Capital Advisors, Equirus Capital, IDBI Capital Markets & Securities, and Systematix Corporate Services are the merchant bankers for the offer. The registrar to the offer is Link Intime India.

This would be the 30th public issue getting launched in the year 2022. So far, we have seen seven public issues opening in November itself including Fusion Micro Finance, Global Health, Bikaji Foods International, Five Star Business Finance, and Archean Chemical Industries.