Inox Green Energy Services IPO – Review, Bid, Size, Allotment, Subscription, GMP & RHP
Last Updated Date: Nov 17, 2022Inox Green Energy Services Limited, a subsidiary of Inox Wind Limited, has filed the Draft Red Herring Prospectus with SEBI to seek its approval and launch the IPO in the market.
The company is one of India’s leading wind power operation and maintenance providers. It will be raising funds aggregating up to Rs. 900 crore from the public through the Inox Green Energy Services IPO.
In the Inox Green Energy Services IPO Review, we will take you through the company’s operations, its offerings, promoters and management, and its financial standings from the past financial years.
We will also study the entire IPO and its aspects.
| Face Value | Rs 10 |
| Price Band | Rs. 61 to Rs. 65 per share |
| Listing At | BSE, NSE |
| Min. Order Quantity | 230 shares |
| Listing Date | Nov 23, 2022 |
| Offer for Sale | Rs.370 Crore |
| Fresh Issue | Rs.370 Crore |
| IPO Size | Rs.740 Crore |
| Tick Size | 1 |
Inox Green Energy Services IPO Overview
Inox Green Energy Services IPO is the first public offering of the company, and hence it does not have any formal market for the equity shares of the entity.
The company will be raising funds of up to Rs. 370 crore through Fresh Issue and up to Rs. 370 crore via offer for sale.
The board of Inox Green Energy Services has approved the IPO to raise Rs. 740 crore. Post the IPO, the company will join its holding company, Inox Wind Limited, on the stock exchange.
Inox Green Energy Services IPO Important Dates
| Events | Date |
| IPO Opening Date | Nov 11, 2022 |
| IPO Closing Date | Nov 15, 2022 |
| Basis of Allotment Finalization | Nov 18, 2022 |
| Refunds Initiation | Nov 21, 2022 |
| Credit of Shares to Demat Account | Nov 22, 2022 |
| Share Listing Date | Nov 23, 2022 |
The Inox Green Energy Services IPO Dates have been determined now. The company filed the DRHP in February 2022 to raise Rs. 740 crore, which has now been approved.
The company will now go further with the IPO and raise up to Rs. 740 crores through the IPO. The equity shares of the company are proposed to be listed on the stock exchanges on November 23, 2022.
IPO opening and IPO closing dates are available in the Red Herring Prospectus, as well you can the dates from the above table.
Inox Green Energy IPO Price, Size, Share Offerings
| Face Value | Rs.10 |
| Price Band | Rs. 61 to Rs. 65 per share |
| Offer for Sale | Rs.370 Crore |
| Fresh Issue | Rs.370 Crore |
| IPO Size | Rs.740 Crore |
Inox Green Energy Services IPO Size will be a mix of a Fresh Issue and an Offer for Sale. The issue will be entirely a Book Built Issue.
The company and the selling shareholders will determine the Inox Green Energy Services IPO Price in consultation with the BRLMs through the Book Building Process.
The face value of the offered shares is Rs. 10 each. The shares of the company will be listed on NSE and BSE.
Inox Green Energy Services IPO Grey Market Premium
| Date | GMP (Rs.) | Kostak Rate (Rs.) | Subject to Sauda (Rs.) |
| 15 Nov 2022 | Rs. 5 | NA | NA |
| 14 Nov 2022 | Rs. 5 | NA | NA |
| 12 Nov 2022 | Rs. 10 | NA | NA |
| 11 Nov 2022 | Rs. 10 | NA | NA |
| 10 Nov 2022 | Rs. 10 | NA | NA |
| 09 Nov 2022 | Rs. 10 | NA | NA |
| 08 Nov 2022 | Rs. 6 | NA | NA |
| 07 Nov 2022 | Rs. 6 | NA | NA |
| 06 Nov 2022 | NA | NA | NA |
| 05 Nov 2022 | NA | NA | NA |
Grey Market is an unofficial market for trading in the equity shares of the issuer company before its listing on the stock exchanges.
The Grey Market Premium or GMP is the amount at which the shares are traded in the Grey market. Inox Green Energy Services IPO GMP will be available after the company’s public announcement of IPO dates.
Inox Green Energy IPO Subscription Status
| Day / Date | QIB | NII | RII | Total Subscription |
| 1st Day – 11th Nov | 0.47x | 0.05x | 1.03x | 0.46x |
| 2nd Day – 14th Nov | 0.47x | 0.23x | 2.93x | 0.85x |
| 3rd Day – 15th Nov | 1.05x | 0.47x | 4.70x | 1.55x |
| Shares Offered or Net Issue | 36,393,442 | 18,196,721 | 12,131,147 | 66,721,310 |
Subscription is the step at which the company invites bids from the investors. The investors bid online through the ASBA process to subscribe to the IPO.
Inox Green Energy Services IPO Subscription will be reserved for different investors in the following manner, for QIBs – 50% of the offer will be reserved, 15% of the issue will be reserved for the Non-Institutional Investors, and 35% will be reserved for allocation to the Retail individuals.
Inox Green Energy Services IPO Allotment Status
The Inox Green Energy Services IPO Allotment will commence after the company finalizes the allotment basis. Inox Green Energy Services IPO Allotment will be executed as per the investors’ demand.
The equity shares will be credited to the Demat accounts of the bidders. The allotment will be online.
Inox Green Energy IPO Live Performance
Check Inox Green Energy Services IPO Performance here. You can stay updated with the Inox Green Energy Services IPO Price easily.
Subscribe to Inox Green Energy Services IPO – Open Free Demat Account Now!
Latest Inox Green Energy Services IPO News
The wind power operation and maintenance (“O&M”) service providers Inox Green Energy Services has received all the requisite approvals from the authorities and is now good to move ahead with the IPO. The company’s IPO will open between 11th November to 15th November. The retail portion of the IPO is 10% and for the Qualified Institutional Buyers, it is 75%.
Inox Green Energy Services – Company Review
Inox was first incorporated as Inox Wind Infrastructure Services Limited in 2012. Later, in October 2021, the company changed its name to Inox Green Energy Services Limited.
It is a substantial subsidiary of Inox Wind Limited, a fully integrated player in the wind energy market, having state-of-the-art manufacturing plants near Ahmedabad. It is an Indian company headquartered in Noida.
Inox Green Energy Services Limited offers services for wind power operation and maintenance (“O&M”). It specializes in long-term O&M services for wind farm projects, specifically wind turbine generators (“WTGs”).
Also, it offers common infrastructure facilities on the wind farm for supporting the evacuation of power.
Products or Services
Inox Green Energy Services Limited ensures the efficient functioning of wind farms and the associated power evacuation infrastructure.
The company’s services include WTG Operation Services, Co-ordination with DISCOMs, Management Systems, Predictive Maintenance, and Reactive Maintenance.
It is important as a country to adapt to systems that sync with the environment functions and does not harm the surroundings.
Along with inhibiting innovations, their time-to-time maintenance and management also play a crucial role. Inox Green Energy Services aims to create value and deliver strong results for all.
Promoters and Holding
The Promoter of Inox Green Energy Services Limited is Inox Wind Limited.
The management of the company includes:
- Manoj Shambhu Dixit, in the position of Whole-time Director
- Mukesh Manglik, in the position of Whole-time Director
- Vineet Valentine Davis, in the position of Non-Executive Director
- Venkatanarayanan Sankaranarayanan, in the position of Independent Director
- Shanti Prashad Jain, in the position of Independent Director
- Bindu Saxena, in the position of Independent Director
- Devansh Jain, in the position of Consultant
- Kailash Lal Tarachandani, in the position of Consultant
- Jitendra Mohananey, in the position of Consultant
- Govind Prakash Rathor, in the position of Chief Financial Officer
- Pooja Paul, in the position of Company Secretary
Is Inox Green Energy good for Investment?
Inox Green Energy Services Limited is a subsidiary of Inox Wind Limited. The company is engaged in offering major wind power operation and maintenance (“O&M”) services.
It also provides common infrastructure facilities on the wind farm. The company has a presence in over eight states. It is strengthening its capacity every year with innovations and continuous hard work.
In today’s times, it has become critical to analyze and realize the strength of natural resources and use them to benefit all. It not only creates alternative resources but also connects us with nature and helps in harming it less.
Inox Green Energy Services Financial Statements
| Amount (in INR & Million) | ||||
| 31-Dec-21 | 31-Mar-21 | Mar-20 | 31-Mar-19 | |
| Assets | 20,166.80 | 26,927.96 | 23,398.60 | 19,015.67 |
| Revenue | 1,297.29 | 1,862.87 | 1,721.64 | 1,663.99 |
| Expense | 1,334.47 | 1,996.38 | 1,696.38 | 1,392.06 |
| Profit After Tax | (912.43) | (1,535.22) | (522.64) | (528.12) |
Inox Green Energy Services Limited is a service provider and offers OEM services to wind farms.
The company’s total income for the years 2019, 2020, and 2021 were – 1,663.99 million, 1,721.64 million, and 1,862.87 million.
Over the years, the company’s profits over the years have sunk down and are currently negative. For the years 2019, 2020, and 2021, the company’s profit /loss were – 269.54 million, 27.65 million, and (323.42) million.
In the nine months of 2021, ending 31st December 2021, the company’s total income was 1,297.29 million, and it had a loss of (37.18) million.
The EPS of Inox Green Energy Services tells the same tale as profits. It has dived in the last two years. As of 31st December 2021, the EPS was Rs. (0.15).
| Earnings per Equity Share (in Million) | ||||
| 31-Dec-21 | 31-Mar-21 | Mar-20 | 31-Mar-19 | |
| Basic & Diluted | (0.15) | (2.29) | 0.20 | 6.98 |
Inox Green Energy Services IPO Review
Inox Green Energy Services Limited is a prominent entity with competitive strength. The Inox Wind Limited backs the company.
The Inox Green Energy Services IPO will consist of a Fresh Issue and an Offer for Sale by the company’s promoter.
The IPO is primarily being adopted to pay the company’s outstanding borrowings. The selling shareholders will receive the proceeds from the Offer for Sale, and the company will receive the proceeds of the fresh issue.
The company will utilize the funds towards debt payments and other general corporate purposes. Inox Wind Limited (holding company of Inox Green Energy Services Limited) is already listed on BSE and NSE.
Inox Green Energy Services IPO Details
Here are few more details you need to know before investing in Inox Green Energy Services IPO –
Inox Green Energy IPO Issue Object
The Inox Green Energy Services has proposed diverse objectives for making the IPO offer and some of the objectives are:
- Repayment and/ or pre-payment, in full or part, of certain borrowings availed by our Company including redemption of Non- Convertible Debentures in full; and
- General corporate purposes.
Inox Green Energy IPO – Basis of Offer Price
The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.
Qualitative factors are:
- 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 our parent company, IWL;
- Established supply chain in place; and
- Strong and experienced management team.
Quantitative factors are:
| Basic & Diluted EPS | RONW (%) | NAV (Rs.) | |
| 31-Mar-21 | (2.29) | (64.54) | 3.34 |
| 31-Mar-20 | 0.20 | 1.74 | 8.31 |
| Mar-19 | 6.98 | 35.04 | 8.53 |
Inox Green Energy IPO Lead Managers
Here are the list of Lead managers –
- Edelweiss Financial Services Limited
- DAM Capital Advisors Limited
- Equirus Capital Private Limited
- IDBI Capital Markets & Securities Limited
- Systematix Corporate Services Limited
Inox Green Energy Services IPO Registrar to offer
Check out the details of the registrar here –
Link Intime India Private Limited
C 101, 247 Park, L.B.S. Marg
Vikhroli (West) Mumbai 400 083
Maharashtra, India
Tel: +91 22 4918 6200
E-mail: cogent.ipo@linkintime.co.in
Website: www.linkintime.co.in
Investor grievance E-mail:
inoxgreen.ipo@linkintime.co.in
Contact Person: Shanti Gopalkrishnan
SEBI Registration No.: INR000004058
Inox Green Energy Services IPO – Other Details
- Statutory Auditor – Dewan P.N. Chopra & Co., Chartered Accountants
- Legal Counsel to the Company – Khaitan & Co
- Bankers to the Company – YES Bank Limited, ICICI Bank Limited and IndusInd Bank Limited
Inox Green Energy Services IPO Verdict by Stock Brokers
There are not any ratings on this IPO currently. Inox Green Energy Services IPO will be opening on 11th November. The IPO will be open for three days and the issuer company will receive the bidding from the investors.
The Inox is engaged in the sustainable energy segment and is operating very well presented.
Inox Green Energy Services IPO – Conclusion
Inox Green Energy Services Limited operates in the sustainable energy segments and has developed a strong place for itself.
It has nearly completed a decade of serving its customers and has captured over eight states in India. The company is emerging as a known entity in various parts as well.
Currently, the financial statements of the company are not very ideal. The IPO is also a way to make the company debt-free.
Investment in the IPO might be fruitful in the long run for the investors as the businesses divert more and more towards green energy.
To Subscribe to Inox Green Energy Services IPO – Open Demat Account Now!
Inox Green Energy Services IPO Review FAQs
Check out the FAQs on Inox Green Energy Services IPO –
What is the Issue Size of Inox Green Energy IPO?
The Company is making an initial public offer of 113,846,154 equity shares. They vividly portray the aspects of the issue in this article.
You can check the stats on the fresh issue, Offer for sale, and net issue.
What is the Price band of Inox Green Energy IPO?
The price band for this particular IPO ranges between Rs.61 to Rs.65 per share. As far as the face value of the share is of concern, it is Rs.10 per share.
What is the Inox Green Energy Services IPO Open Date?
The opening and closing dates for this IPO have been updated. The IPO is set to open on Nov 11, 2022, while the closing date is set at Nov 15, 2022.
What is the Inox Green Energy IPO Allotment Date?
They also have the news regarding the respective allotment dates of this IPO.
Basis of Allotment finalization is on Nov 18, 2022, refund initiation is on Nov 21, 2022, credit of shares is on Nov 22, 2022, and share listing date is on Nov 23, 2022.
What is the Inox Green Energy Services IPO Listing Date?
Shares of this company shall be listed in the exchanges Nov 23, 2022. The date, when the listing would be done, is stagnant on Nov 23, 2022.
Who is the Registrar of Inox Green Energy IPO?
One of the reputed registrars is managing the issue of this IPO, i.e. Link Intime India Private Limited. Their website will help you regarding the further information you are on the lookout for.
Who is the Promoter of Inox Green Energy IPO?
Here are the promoters of this IPO – INOX WIND LIMITED. You can refer to the RHP for further information on the promoter. You will find the link to RHP in the article.
What is the GMP of Inox Green Energy Services IPO?
They have obtained the GMP of this IPO and it is Rs 5. Further insights of Kostak rate and subject to sauda or SS are as well included in this report.
Is Inox Green Energy IPO good for Investment?
They have further provided the financial status of the company in this article, from the past few years.
You can refer to the same, and also check the line of operations they are into and then decide to invest in the IPO.
What is the PAT of Inox Green Energy Services Company?
They have the information of company financials, and according to that, they have the figures from the last few years to provide.
PAT for the financial year 2021 in Million is (1,535.22), 2020 is (522.64), 2019 is (528.12). PAT from Dec 2021 is (912.43).
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