Inox Green Energy Services IPO
Inox Green Energy Services IPO — date, price band, lot size & details 2022
Inox Green Energy Services listed on 23 Nov 2022 at ₹60, 7.7% below the ₹65 issue price.
Inox Green Energy Services is a wind power operation and maintenance (O&M) service provider and a subsidiary of Inox Wind. Its O&M portfolio was 2,792 MW of wind farm capacity on 30 June 2022.
Stock price
Inox Green Energy Services is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 11 Nov 2022
- Close 15 Nov 2022
- Allotment 18 Nov 2022
- Refund/credit 21 Nov 2022
- Listing 23 Nov 2022
Issue summary
The terms of the offer, as filed.
| IPO Dates | 11 to 15 Nov, 2022 |
|---|---|
| Price Band | ₹61 – ₹65 |
| Face Value | ₹10 |
| Lot Size | 230 Shares |
| Issue Size | ₹740 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,950 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 230 shares at the ₹65 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 230 | ₹14,950 |
| Retail (max) | 13 | 2,990 | ₹1,94,350 |
| S-HNI (min) | 14 | 3,220 | ₹2,09,300 |
| S-HNI (max) | 66 | 15,180 | ₹9,86,700 |
| B-HNI (min) | 67 | 15,410 | ₹10,01,650 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Its O&M portfolio covered 2,792 MW and 1,396 WTGs on 30 June 2022.
- 02Long-term contracts of five to 20 years give visibility on future income.
- 03Rs 260.00 crore of the fresh issue was planned for repaying debt.
- 04Net worth rose from Rs 42.96 crore on 31 March 2021 to Rs 806.63 crore on 31 March 2022.
- 05As the exclusive O&M provider for WTGs sold by Inox Wind, it gets a steady flow of new contracts. Total income was Rs 190.23 crore in FY2022.
Risks · 6
- 01The company made losses of Rs 27.73 crore in FY2021, Rs 4.95 crore in FY2022 and Rs 11.58 crore in the three months to 30 June 2022.
- 02With losses, the P/E was negative, and the market value at Rs 65 was Rs 1,897.61 crore.
- 03Total borrowing was Rs 909.92 crore on 30 June 2022, more than net worth of Rs 795.00 crore.
- 04Some large customers ended comprehensive contracts and moved to common infrastructure contracts, which covered 828 MW on 30 June 2022.
- 05It depends heavily on its parent Inox Wind for new business, and half of the Rs 740 crore issue was offer for sale by the parent.
- 06Promoter holding fell from 93.84% before the issue to 56.04% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Inox Green Energy Services offer document.
| Metric | 30 Jun 2022 | 31 Mar 2022 | 31 Mar 2021 | 31 Mar 2020 |
|---|---|---|---|---|
| Assets | 2,127.74 | 2,120.65 | 2,692.80 | 2,339.86 |
| Total Income | 63.16 | 190.23 | 186.29 | 172.16 |
| Profit After Tax | -11.58 | -4.95 | -27.73 | 1.68 |
| NET Worth | 795.00 | 806.63 | 42.96 | 96.54 |
| Reserves and Surplus | 0.00 | 0.00 | 0.00 | |
| Total Borrowing | 909.92 | 904.17 | 1,411.02 | 1,084.92 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Inox Green Energy Services RHP.
Where the money goes
₹338.69 Cr of the issue is earmarked to named objects.
About the company
It provides long-term O&M services for wind turbine generators, and is the exclusive O&M provider for all WTGs sold by Inox Wind, under contracts that typically run for five to 20 years.
On 30 June 2022 its portfolio covered 2,792 MW of wind farm capacity and 1,396 WTGs. Of this, 1,964 MW was under comprehensive O&M contracts and 828 MW under common infrastructure O&M contracts. It works in Gujarat, Rajasthan, Maharashtra, Madhya Pradesh, Karnataka, Andhra Pradesh, Kerala and Tamil Nadu. Its earlier EPC business was carved out from 31 December 2021.
The IPO was Rs 740 crore, with Rs 370.00 crore of fresh issue and Rs 370.00 crore of offer for sale by Inox Wind. Rs 260.00 crore of the fresh money was planned for repaying borrowings, including redeeming secured NCDs in full.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Inox Green Energy Services IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
IDBI Capital Markets & Securities Ltd.
8 issues handledBest listing: Bharat Coking Coal (+95.7%). Weakest: Central Mine Planning & Design Institute (-7.0%).
Equirus Capital Pvt.Ltd.
17 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Metro Brands (-12.6%).
Systematix Corporate Services Limited
10 issues handledBest listing: ESDS Software Solution (+76.5%). Weakest: Acevector (-11.5%).
Dam Capital Advisors Ltd
29 issues handledBest listing: Go Colors (+89.9%). Weakest: Metro Brands (-12.6%).
Edelweiss Financial Services Ltd
12 issues handledBest listing: Indigo Paints (+75.0%). Weakest: Lodha Developers (-10.3%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Inox Green Energy Services?
The current Grey Market Premium is ₹5, or 8% over the issue price.
What is the Inox Green Energy Services IPO price band?
₹61 to ₹65, on a face value of ₹10.
When is the allotment?
The basis of allotment is 18 November 2022, with listing on 23 November 2022.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
