Inox Green Energy Shares Make a Weak Debut, List at 7% Discount; Buy, Sell or Hold

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Last Updated: November 23, 2022, 10:14 IST

Inox Green Energy Share Price: Shares of Inox Green Energy Services made a weak market debut on Wednesday. The scrip got listed at Rs 60 apiece on the NSE, a discount of more than 7 per cent as compared to its IPO issue price of  Rs 65 per share. On the BSE, Inox Green Energy shares started trading at Rs 60.5 apiece.

The Inox Green Energy initial public offering (IPO), too, saw a muted response from investors, with the overall offer being subscribed 1.55 times. Qualified institutional buyers bought shares 1.05 times of the allotted quota, retail investors bought 4.7 times, while high net-worth individuals subscribed to only about 50 percent (0.5 times) of the portion reserved for them.

The subsidiary of wind turbine generator manufacturer Inox Wind raised Rs 740 crore through the IPO. It plans to use Rs 370 crore out of the fresh issue proceeds for repaying debt. As of the end of June quarter, its net debt stood above Rs 860 crore.

With a presence in Gujarat, Rajasthan, Maharashtra, Madhya Pradesh, Karnataka, Andhra Pradesh, Kerala and Tamil Nadu, the company provides exclusive operation and maintenance services for all wind turbine generators (WTG) sold by Inox Wind through long-term operation and maintenance (O&M) contracts between the WTG purchaser and Inox Wind.

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