by Suman Gupta
MUMBAI, NOVEMBER, 2022 : Wind power operation and maintenance service provider Inox Green Energy Services is going to launch its initial public offering on November 11.
The offer will close on November 15 and the anchor book will open for a day on November 10.
The price band for the offer will be announced by the Company early tomorrow by Mr. Vivek Jain and Mr. Devansh Jain (Promoters) of Inox GFL Group.
The Rs 740 crore issue that comprises a fresh issue and an offer for sale of Rs 370 crore each.
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.
Objects of the Issue
The net proceeds of the Fresh Issue, i.e., gross proceeds of the Fresh Issue:
I. Repayment and/ or pre-payment, in full or part, of certain borrowings availed by the Company including redemption of Non- Convertible Debentures in full.
II. General corporate purposes.
Inox Green Energy IPO Details
| IPO Date | Nov 11, 2022 to Nov 15, 2022 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price | ₹61 to ₹65 per share |
| Lot Size | 230 Shares |
| Issue Size | 113,846,154 shares of ₹10
(aggregating up to ₹740.00 Cr) |
| Fresh Issue | 56,923,077 shares of ₹10
(aggregating up to ₹370.00 Cr) |
| Offer for Sale | 56,923,077 shares of ₹10
(aggregating up to ₹370.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| QIB Shares Offered | Not less than 75% of the Offer |
| NII (HNI) Shares Offered | Not more than 15% of the Offer |
| Retail Shares Offered | Not more than 10% of the Offer |
| Company Promoters | Inox Wind Limited is the company promoter. |
Company Financials
| Period Ended | Total Assets | Total Revenue | Profit After Tax | Net Worth | Total Borrowing |
|---|---|---|---|---|---|
| 31-Mar-20 | 2339.86 | 172.16 | 1.68 | 96.54 | 1084.92 |
| 31-Mar-21 | 2692.8 | 186.29 | -27.73 | 42.96 | 1411.02 |
| 31-Mar-22 | 2120.65 | 190.23 | -4.95 | 806.63 | 904.17 |
| 30-Jun-22 | 2127.74 | 63.16 | -11.58 | 795 | 909.92 |
| Amount in Crores. | |||||
Strengths:
- 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.
- Strong and experienced management team
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.
Incorporated in 2012, Inox Green Energy Services Limited is one of the major wind power operation and maintenance (“O&M”) service providers within India. The company is a subsidiary of Inox Wind Limited (“IWL”), a company which is listed on the National Stock Exchange of India Limited and BSE Limited, and part of the Inox GFL group of companies.
Inox Green Energy services Limited provides exclusive O&M services for all WTGs sold by IWL through the entry of long-term O&M contracts between the WTG purchaser and ourselves for terms which typically range between five to 20 years.
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”).
As of March 31, 2022, the company has a team of 393 employees including managers with extensive experience in the O&M of WTGs and the wind industry generally.
The company has a presence in Gujarat, Rajasthan, Maharashtra, Madhya Pradesh, Karnataka, Andhra Pradesh, Kerela and Tamil Nadu.
The company’s total revenue (from the continuing operations i.e. the O&M business) was Rs 1,721.66 million, Rs 1,722.48 million and Rs 1,653.15 million for Fiscals 2022, 2021 and 2020, respectively.
