Inox Green Energy Services, an ancillary of Inox Wind has listed fresh preliminary papers with the Securities and Exchange Board of India, regulator for securities and commodity markets. The move targets to raise Rs 7.4 billion by issuing an Initial Public Offering (IPO). According to the Draft Red Herring Prospectus (DRHP) filed by the company, the IPO involves fresh issuance of equity shares worth Rs 3.70 billion and an offer-for-sale of equity stocks summing up to Rs 3.7 billion by promoter Inox Wind. The company can also consider a pre-IPO placement option. If the pre-IPO placement is completed, then the fresh issue size will be decreased. Proceeds from the fresh issue will be utilized for payment of debt and general corporate purposes.
Inox Green Energy Services works primarily in the business of facilitating long term Operation and Maintenance (O&M) services to be offered for wind farm projects, especially for Wind Turbine Generators (WTGs) and infrastructure facilities on the wind farm that help in evacuation of power from WTGs.
In March 2022, Vikram Solar Limited, one of India’s largest module manufacturers, in terms of operational capacity, filed its DRHP with SEBI. The Initial Public Offer (IPO) consisted Fresh Issue of up to Rs 15 billion and Offer for Sale (OFS) of up to 5,000,000 Equity Shares by the Selling Shareholders.