Shares of Inox Wind zoomed on September 19 amid buzz over the initial public offer (IPO) of subsidiary Inox Green Energy Services. The company plans to float the issue by October to raise Rs 740 crore to fund expansion.
Inox Wind traded up 3 percent at Rs 149.75 on the BSE around mid-day on September 19.
Inox Green Energy Services is a major wind power operation and maintenance (O&M) service provider within India. It is engaged 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 and the common infrastructure facilities on the wind farm.
Its current portfolio capacity is 2,706 megawatts.
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".
"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," Tarachandani said.
Inox Wind is a fully integrated player in the wind energy market with manufacturing plants at Una (Himachal Pradesh) for hubs and nacelles, near Ahmedabad (Gujarat) for blades and tubular towers and an integrated manufacturing unit at Barwani district in Madhya Pradesh. The company claims to have one of the largest order books in the industry with multiple repeat orders.
Inox Wind posted a Rs 10 crore loss during the June quarter against a revenue of Rs 17.27 crore.
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