Inox Green Energy Services Ltd., an arm of the Inox GFL Group, involved in the operations and maintenance of wind turbine generators, launched its maiden issue on Nov. 11.
The IPO was subscribed 0.85 times or 85% on day 2. The bidding was led by retail investors.
The O&M provider is raising Rs 370 crore via fresh issue, and Rs 370 crore through offer for sale. It is offering around 5.69 crore equity shares at Rs 61-65 apiece in the IPO.
The company is valued at close to Rs 1,900 crore at the upper end of the price band.
Promoters and promoter group will hold 56% of the post-offer issued, and paid-up equity share capital. The company is offering 39% of the post-offer equity capital in IPO.
The company concluded preferential allotment of equity shares worth Rs 58 crore at Rs 80.64 apiece in November-December 2021, in lieu of repayment of debt owed to the promoters on account of receipt of materials/services, etc.