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All that you should know about the Company before applying for the IPO

November 09, 2022     

The public issue of equity shares of INOX GREEN ENERGY SERVICES LIMITED will open for subscription on November 11, 2022 and closes on November 15, 2022. It is expected to list on the stock exchanges on November 23, 2022. What does the company do? Why is the company going public? Who are its key competitors? Its key strengths, and lot more. Here’s everything that you want to know about the company to analyse the IPO.

Company Profile

Incorporated in 2012, Inox Green Limited (IGL) is a subsidiary of Inox Wind Limited (IWL), a part of the Inox GFL group of companies, and is one of the major wind power operation and maintenance (“O&M”) service providers in India. The Company 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 (“WTGs”) and the common infrastructure facilities on the wind farm which support the evacuation of power from such WTGs. They have a stable annual income owing to the long-term O&M contracts that they enter into with customers.

The company enjoys synergistic benefits as a subsidiary of IWL, which is principally engaged in the business of manufacturing WTGs and offering turnkey solutions by supplying WTGs and offering a variety of services including wind resource assessment, site acquisition, infrastructure development, EPC of WTGs, and, through IGL, providing long-term O&M services for wind. Pursuant to an exclusivity agreement between IWL and IGL, they provide exclusive O&M services for all WTGs sold by IWL through the entry of long-term O&M contracts between the WTG purchaser and themselves for terms that typically range between 5 and 20 years.

Their presence is spread across Gujarat, Rajasthan, Maharashtra, Madhya Pradesh, Karnataka, Andhra Pradesh, Kerala and Tamil Nadu.

Who are the Promoters of the Company?


Positives about the Company

  • Strong and diverse existing portfolio base
  • Established track record, favourable national policy support and visibility for future growth
  • Reliable cash flow supported by long-term O&M contracts with high credit quality counterparties
  • Supported and promoted by parent company, IWL
  • Established supply chain in place
  • Strong and experienced management team

Who are its listed peers?

There are no listed peers in India

Why is the Company going public?

Given below are the objectives of the Company –

The Offer comprises a Fresh Issue by the company and an Offer for Sale by the selling shareholders. The company will not receive any proceeds from the Offer for Sale.

The Company proposes to utilise the Net Proceeds from the Fresh Issue towards funding of the following objects:

  • Repayment and/ or pre-payment, in full or part, of certain borrowings availed by the Company including redemption of Secured NCDs in full
  • General corporate purposes

IPO Details

IPO Size ₹740 Crore
Offer Mix Freash Issue ₹370 Crore + Offer For Sell ₹370 Crore
Price Band ₹ 61 - ₹ 65
Lot Size 230 Shares (& in multiples thereof)
Face Value ₹ 10
Application Amount Min. ₹ 14,950 (1 lot) | Max. ₹ 1,94,350 (13 lots) [at upper price band]
Listing on NSE & BSE
Registrar Link Intime India Private Limited
Cut-off time for UPI Mandate Confirmation 15-November-2022 (up to 05:00 PM)

Category Wise Availability

QIB ₹ 555 Crore
(75% of the Issue Size)
NIB ₹ 111 Crore
(15% of the Issue Size)
Retail ₹ 74 Crore
(10% of the Issue Size)

Indicative Issue Timeline

Activity Date
IPO Opens November 11, 2022
IPO Closes November 15, 2022
Finalization of the basis of allotment November 18, 2022
Unblocking of funds / Initiation of refunds November 21, 2022
Credit of equity shares to Demat accounts November 22, 2022
Listing of equity shares November 23, 2022
Source: Company RHP  Alternate Text


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