Incorporated in 2012, Inox Green Energy Services Limited is one of the major wind power operation and maintenance (“O&M”) service providers within India. The company is a subsidiary of Inox Wind Limited (“IWL”), a company which is listed on the National Stock Exchange of India Limited and BSE Limited, and part of the Inox GFL group of companies.
Inox Green Energy services Limited 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.
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”).
As of March 31, 2022, the company has a team of 393 employees including managers with extensive experience in the O&M of WTGs and the wind industry generally.
The company has a presence in Gujarat, Rajasthan, Maharashtra, Madhya Pradesh, Karnataka, Andhra Pradesh, Kerela and Tamil Nadu.
The company’s total revenue (from the continuing operations i.e. the O&M business) was Rs 1,721.66 million, Rs 1,722.48 million and Rs 1,653.15 million for Fiscals 2022, 2021 and 2020, respectively.
Strengths:
- Strong and diverse existing portfolio base.
- Established track record, favourable national policy support and visibility for future growth.
- Reliable cash flow supported by long-term O&M contracts with high credit quality counterparties.
- Supported and promoted by our parent company, IWL.
- Established supply chain in place.
- Strong and experienced management team.
Company Financials
| Period Ended | Total Assets | Total Revenue | Profit After Tax | Net Worth | Total Borrowing |
|---|---|---|---|---|---|
| 31-Mar-20 | 2339.86 | 172.16 | 1.68 | 96.54 | 1084.92 |
| 31-Mar-21 | 2692.8 | 186.29 | -27.73 | 42.96 | 1411.02 |
| 31-Mar-22 | 2120.65 | 190.23 | -4.95 | 806.63 | 904.17 |
| 30-Jun-22 | 2127.74 | 63.16 | -11.58 | 795 | 909.92 |
| Amount in ₹ Crore |
Objects of the Issue
The net proceeds of the Fresh Issue, i.e., gross proceeds of the Fresh Issue:
I. Repayment and/ or pre-payment, in full or part, of certain borrowings availed by the Company including redemption of Non- Convertible Debentures in full.
II. General corporate purposes.
Inox Green Energy IPO Details
| IPO Date | Nov 11, 2022 to Nov 15, 2022 |
| Listing Date | [21.11.2022.] |
| Face Value | ₹10 per share |
| Price | ₹61 to ₹65 per share |
| Lot Size | 230 Shares |
| Issue Size | 113,846,154 shares of ₹10 (aggregating up to ₹740.00 Cr) |
| Fresh Issue | 56,923,077 shares of ₹10 (aggregating up to ₹370.00 Cr) |
| Offer for Sale | 56,923,077 shares of ₹10 (aggregating up to ₹370.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| QIB Shares Offered | Not less than 75% of the Offer |
| NII (HNI) Shares Offered | Not more than 15% of the Offer |
| Retail Shares Offered | Not more than 10% of the Offer |
| Company Promoters | Inox Wind Limited is the company promoter. |
Inox Green Energy IPO Tentative Timetable
Inox Green Energy IPO opens on Nov 11, 2022, and closes on Nov 15, 2022. The Inox Green Energy IPO bid date is from Nov 11, 2022 10.00 A.M. to Nov 15, 2022 5.00 P.M. The Cut-off time for UPI Mandate confirmation is 5 PM on the issue closing day.
| Event | Tentative Date |
|---|---|
| Opening Date | Nov 11, 2022 |
| Closing Date | Nov 15, 2022 |
| Basis of Allotment | Nov 18, 2022 |
| Initiation of Refunds | Nov 21, 2022 |
| Credit of Shares to Demat | Nov 22, 2022 |
| Listing Date | Nov 23, 2022 |
Inox Green Energy IPO Lot Size
The Inox Green Energy IPO lot size is 230 shares. A retail-individual investor can apply for up to 13 lots (2990 shares or ₹194,350).
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 230 | ₹14,950 |
| Retail (Max) | 13 | 2990 | ₹194,350 |
| S-HNI (Min) | 14 | 3,220 | ₹209,300 |
| B-HNI (Min) | 67 | 15,410 | ₹1,001,650 |
Inox Green Energy IPO Promoter Holding
| Pre Issue Share Holding | 93.84% |
| Post Issue Share Holding | 56.04% |
Inox Green Energy IPO Review
IGESL enjoys good parentage. It is poised for bright prospects ahead with major spending on renewable energies under “Atmanirbhar Bharat” initiatives. Well, based on its current financials, the issue is priced at a negative P/E. But keeping in mind the future prospects and rising demand for wind energy, well-informed investors may consider parking funds for medium to long-term rewards. Read detail review…
Inox Green Energy IPO Prospectus
Company Contact Information
Inox Green Energy Services Limited
Survey No. 1837 & 1834
At Moje Jetalpur ABS Towers, Second Floor
Old Padra Road, Vadodara- 390 007
Phone: +91 120 6149 600
Email: investor@inoxgreen.com
Website: http://www.inoxgreen.com/
Inox Green Energy IPO Registrar
Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: igesl.ipo@linkintime.co.in
Website: https://linkintime.co.in/