INOX Green Energy IPO

Inox Green Energy IPO | Review

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Inox Green Energy Services Limited has come up with an initial public offer (IPO). It will open on November 11-15, 2022 at Rs.61-65 a share. The IPO issue size is around Rs.730.00 crores. The minimum bid will be for 230 shares and in its multiples thereafter.


Inox Green Energy Services Limited was incorporated in the year 2012. It is one of the major wind power operation and maintenance (“O&M”) service providers within India. The company is engaged in the business of providing long-term O&M services for wind farm projects, specifically the provision of O&M services for wind turbine generators (“WTGs”) and the common infrastructure facilities on the wind farm which support the evacuation of power from such WTGs. It has a stable annual income owing to the long-term O&M contracts that enter into with its customers. It is a subsidiary of Inox Wind Limited (“IWL”), a company which is listed on the NSE Limited and BSE Limited, and part of the Inox GFL group of companies.

Inox Green Energy Ltd enjoys synergistic benefits as a subsidiary of IWL, which is principally engaged in the business of manufacturing WTGs. It also provides turnkey solutions by supplying WTGs and offering a variety of services including wind resource assessment, site acquisition, infrastructure development, EPC of WTGs. It provides exclusive O&M services for all WTGs sold by IWL through the entry of long-term O&M contracts between the WTG purchaser and ourselves for terms which typically range between five to 20 years. IWL’s order book is an important indicator of future revenue and growth for the company.

As of June 30, 2022, the company has a presence in Gujarat, Maharashtra, Karnataka, Kerala, Rajasthan, Madhya Pradesh, Andhra Pradesh & Tamil Nadu.



Inox Wind Limited – 93.84%

Promoter Holding

Pre-Issue Shareholding – 93.84%Post-Issue Shareholding – 56.04%

Strength & Weakness

Strong and diverse existing portfolio baseEntirely dependent on promoter
Established track recordSale of services may decrease in future
Favorable national policy supportOutstanding legal proceedings
Established supply chain in placeHave certain contingent liabilities
Strong and experienced management teamAvailed an unsecured inter-corporate loan
Supported and promoted by parent companyEntered into related party transactions
Visibility for future growthDependent on external suppliers


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Company Financials

YearRevenue (in Crore)Profit (in Crore)

Object of Issue

1) The Selling Shareholder will be entitled to the proceeds of the Offer for Sale.

2) Repayment and/ or pre-payment, in full or part, of certain borrowings availed by Company including redemption of Secured NCDs in full.

3) General corporate purposes.

Inox Green Energy IPO Lot Size

Retail (Min)1230Rs.14,950
Retail (Max)132990Rs.1,94,350
S-HNI (Min)143,220Rs.2,09,300
B-HNI (Max)6715,410Rs.10,01,650

Inox Green Energy IPO Details

IPO Opening Date November 11, 2022
IPO Closing Date November 15, 2022
Face Value Rs.10 per Equity Share
IPO Price Rs.61-65 per share
Market Lot 230 shares
Minimum Order Quantity 230 shares
Listing At NSE, BSE
No. of shares offered (Fresh Issue)5,69,23,077 shares
No. of shares offered (OFS)5,69,23,077 shares
Issue Size Up to Rs.740.00 Crore
QIB Shares Offered 75% of the offer
Retail Shares Offered 10% of the offer 
NII/HNI Shares Offered 15% of the offer

Inox Green Energy IPO Timetable

IPO DateNovember 11-15, 2022
Allotment DateNovember 18, 2022
Initiation of RefundsNovember 21, 2022
Credit of share to Demat a/cNovember 22, 2022
IPO Listing DateNovember 23, 2022

Allotment Status

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About the author

Shankar Awale

Hey! I am Shankar Awale an aspiring blogger with an obsession for all things of Finance. This blog is dedicated to help people to learn about Financial Knowledge in easy language.

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