- Shares of Inox Green Energy Services listed at ₹60.5 against the allotment price of ₹65 per share.
- The market capitalisation of the company stood at ₹1,766 crore.
- The IPO was subscribed 1.55 times on the last day of the bidding process.
The stock of wind power operation and maintenance service provider listed at a 6.9% discount to the IPO’s upper price band, dropping lower than grey market’s expectations.
The grey market had estimated a downside of ₹1 per share. GMP is the premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchanges.
The market capitalisation of the company stands at ₹1,766 crore, according to BSE data.
The benchmark indices have opened higher on Wednesday amid positive global cues, after snapping a three-day losing streak on Tuesday.
The IPO was subscribed 1.55 times, and received better response from retail investors than institutional buyers. Its qualified institutional investors portion was subscribed 1.05 times, and non-institutional investors portion was subscribed 0.47 times. The retail portion, however, was subscribed 4.7 times.
The price band of the IPO was at ₹61-65 a share.
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The company is in the business of providing long-term operation and maintenance (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.
Inox Green Energy Services is a subsidiary of Inox Wind, which is listed on exchanges.
Inox Green Energy Services registered a net loss of ₹4.9 crore on a revenue of ₹172 crore in FY22. A year earlier its net loss was ₹27.7 crore.
The company has a presence in Gujarat, Rajasthan, Maharashtra, Madhya Pradesh, Karnataka, Andhra Pradesh, Kerala and Tamil Nadu. Its customers comprise large independent power producers (IPPs), PSUs and retail customers, such as Gujarat Fluorochemicals, Continuum Power Trading (TN), Gujarat Industries Power Company, Torrent Power, Shree Cement and several others.
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