1. Inox Wind soars 35% in spectacular debut

Inox Wind soars 35% in spectacular debut

Integrated wind energy company, Inox Wind's shares soared 35% on debut on Thursday.

By: | Mumbai | Updated: April 10, 2015 5:16 AM

Integrated wind energy company, Inox Wind’s shares soared 35% on debut on Thursday. The stock ended at R438 per share, up R113 from the issue price. The scrip touched an intraday high of R447.80 on the BSE.

Analysts cited pent-up demand for Inox’s shares as the key reason for the stellar debut. Investors who failed to get an allotment in the initial public offering (IPO), rushed to buy shares in the open market. More than 4.85 crore shares exchanged hands on the BSE and NSE, and the company’s market capitalisation stood at R9,720 crore.

Gautam Mehta, MD & CEO, Axis Capital said Inox has positive long-term prospects given the recent initiatives by the government. The stock has more upside despite the sharp run-up, Mehta said.

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“Whenever we do an initial public offering (IPO), we always keep 20-30% upside for investors, especially retail investors, which has been delivered in Inox Wind. The company is well positioned to take advantage of this kind of growth, which was expected especially with the push by the Indian government to the sector.” Mehta said.

Inox has a strong order book worth 1,258 MW as of December 31, 2014, as per the company’s website.

Inox Wind’s IPO was subscribed nearly 19 times on the final day of bidding, assuring the company of at least R1,000 crore, combining the fresh issue as well as offer for sale (OFS).

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Merchant bankers had said the issue received diverse and strong response from institutional investors, particularly at the time of downward trend in secondary markets and two public issues struggling to receive full subscription.

Bank of America Merrill Lynch, YES Bank, Axis Capital, and Edelweiss Financial Services were financial advisors for the Inox Wind share sale.

Tags: Inox Wind
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