Wind energy service firm Inox Wind on Tuesday announced that the company’s material subsidiary Inox Green Energy (IGESL) has filed a draft red herring prospectus (DRHP) with the market controller Securities and Exchange Board of India (SEBI) on 7th February 2022 for an initial public offering (IPO).
The submitted offer comprises a fresh case of equity shares aggregating up to ₹370 crore and a proposal for sale (OFS) of equity stakes aggregating up to ₹370 crore by the firm.
However, reports claim, Inox Green will use the initial share sale to pay back debt and the balance for acquisitions. The firm will be debt-free after this. Presently, Inox Wind has an external debt of about ₹700 crore.
In December, the firm had told that the board of the Company’s material subsidiary, had accepted fundraising by way of an early public offer of its Equity Shares comprising of the fresh topic of equity shares and/or an offer for sale of Equity Shares by particular existing and eligible shareholders of IGESL.
On January 18, 2022, as an existing and qualified shareholder of IGESL, the firm had accorded its acceptance to participate in the proposed Offer through an invitation for the sale of equity shares, Inox Wind announced in an exchange filing today.
Inox Wind stakes have given a multibagger return of more than 107% in a year, whereas, the scrip has climbed 19% in 2022 (year-to-date or YTD) so far. Inox Wind is a fully incorporated player in the wind energy market with state-of-the-art producing plants near Ahmedabad (Gujarat) for blades & tubular towers and at Una (Himachal Pradesh) for hubs & nacelles.
