Inox Green Energy Services, a subsidiary of Inox Wind, has fixed a price band of Rs 61-65 per share for its Rs 740-crore initial public offering (IPO). The initial share-sale will open for public subscription on November 11 and conclude on November 15, and the bidding for anchor investors will open on November 10, the company said in a BSE filing.
As per the draft papers, the IPO comprises fresh issuance of equity shares worth Rs 370 crore and an offer-for-sale of shares aggregating to Rs 370 crore by promoter Inox Wind.Besides, the company may consider a pre-IPO placement. If such a placement is completed, the fresh issue size will be reduced.
Inox Green Energy Services, which had filed draft IPO papers with Sebi on June 20, obtained the observation letter from the regulator on September 13.
The issuance of an observation letter by Sebi implies its go-ahead to float an IPO. Going by the draft papers, proceeds from the fresh issue will be used for payment of debt and general corporate purposes. Inox Green is engaged in the business of providing long-term Operation and Maintenance (O&M) services for wind farm projects, specifically for wind turbine generators and common infrastructure facilities on wind farms. In February also, the company had filed the DRHP with Sebi for its IPO. However, the draft offer documents were withdrawn in April without disclosing any reason.