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.
Overview
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.
Website – http://www.inoxgreen.com/
Promoters
| Inox Wind Limited – 93.84% |
Promoter Holding
| Pre-Issue Shareholding – 93.84% | Post-Issue Shareholding – 56.04% |
Strength & Weakness
| Strengths | Weaknesses |
| Strong and diverse existing portfolio base | Entirely dependent on promoter |
| Established track record | Sale of services may decrease in future |
| Favorable national policy support | Outstanding legal proceedings |
| Established supply chain in place | Have certain contingent liabilities |
| Strong and experienced management team | Availed an unsecured inter-corporate loan |
| Supported and promoted by parent company | Entered into related party transactions |
| Visibility for future growth | Dependent on external suppliers |
Customers
| Gujarat Fluorochemicals Limited | Torrent Power Limited |
| Shree Cement Ltd. | Integrum Energy |
| Markdata Green Energy Pvt Ltd | Roha Dyechem Pvt. Ltd |
| Amrit Bottlers Pvt Ltd | Gujarat Industries Power Ltd |
Competitors
| Renom Energy Services LLP | SKF Limited |
| Windcare India Pvt. Ltd | Kintech Engineering |
Company Financials
| Year | Revenue (in Crore) | Profit (in Crore) |
| 31-Mar-2020 | 172.16 | 1.68 |
| 31-Mar-2021 | 186.29 | -27.33 |
| 31-Mar-2022 | 190.23 | -4.95 |
| 30-Jun-2022 | 63.16 | -11.58 |
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
| Application | Lot | Shares | Amount |
| Retail (Min) | 1 | 230 | Rs.14,950 |
| Retail (Max) | 13 | 2990 | Rs.1,94,350 |
| S-HNI (Min) | 14 | 3,220 | Rs.2,09,300 |
| B-HNI (Max) | 67 | 15,410 | Rs.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 Date | November 11-15, 2022 |
| Allotment Date | November 18, 2022 |
| Initiation of Refunds | November 21, 2022 |
| Credit of share to Demat a/c | November 22, 2022 |
| IPO Listing Date | November 23, 2022 |
Allotment Status
Link Intime – https://linkintime.co.in/
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