Last updated: Nov 23, 2022, 10:14 AM IST
Inox Green Energy share price: Shares of Inox Green Energy Services made a weak market debut on Wednesday. The scrip was quoted at Rs 60 per share on the NSE, a discount of more than 7 per cent compared to the IPO issue price of Rs 65 per share. On the BSE, Inox Green Energy shares started trading at Rs 60.5 each.
The stock market introduction (IPO) of Inox Green Energy also received a moderate response from investors, with the total offer being subscribed 1.55 times. Qualified institutional buyers bought shares 1.05 times of the allotted quota, private investors bought 4.7 times, while high net worth individuals subscribed only about 50 percent (0.5 times) of the portion reserved for them.
The subsidiary of wind turbine generator manufacturer Inox Wind raised Rs 740 crore through the IPO. It plans to use Rs 370 crore from the proceeds of the new issue for debt repayment. As of the end of the June quarter, net debt was over Rs 860 crore.
With branches in Gujarat, Rajasthan, Maharashtra, Madhya Pradesh, Karnataka, Andhra Pradesh, Kerala and Tamil Nadu, the company provides exclusive operation and maintenance services for all Wind Turbine Generators (WTG) sold by Inox Wind by long-term operation and maintenance (O&M) contracts between the WTG buyer and Inox Wind.
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