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Inox Green Energy Services plans to raise Rs 740 crore through an initial public offering. The subscription of the IPO will be open from November 11 to November 15, 2022. The price band is fixed at Rs 61-65 per equity share.
The IPO comprises of fresh issue of shares and offer for sale of shares worth Rs 370 crore each. The face value of each equity share is set at Rs 10 apiece.
Company Summary
Inox Green Energy Services Limited is one of the major wind power operation and maintenance (“O&M”) service providers in India. The company is engaged in providing long-term O&M services for wind farm projects, specifically the provision of O&M services for wind turbine generators (“WTGs”).
As of June 30, 2022, the company’s O&M services portfolio consisted of an aggregate 2,792 MW of wind farm capacity and 1,396 WTGs. The company has a presence in Gujarat, Rajasthan, Maharashtra, Madhya Pradesh, Karnataka, Andhra Pradesh, Kerala and Tamil Nadu.
According to its red herring prospectus, the company’s operating portfolio of O&M contracts (both comprehensive O&M contracts and common infrastructure O&M contracts) has grown at a compound annual growth rate of approximately 40.16% in the past nine years since their commencement of operations.
Inox Green Energy has a stable annual income owing to its long-term O&M contracts that they enter into with their customers. Inox Green is a subsidiary of Inox Wind Limited (“IWL”), a company that is listed on the NSE and BSE, and part of the Inox GFL group of companies.
As of June 30, 2022, Inox Green had a workforce of 401 full-time employees and also employ contract employees from time to time based on the company’s requirements.
Company Strengths
- Diverse portfolio base which covers an aggregate of 2,792 MW of wind projects spread across eight wind-resource rich states in India.
- Established track record, favourable national policy support and robust growth outlook in the foreseeable future.
- Reliable cash flow supported by long-term Operation & Maintenance (O&M) contracts with high credit quality counterparties.
- Supported and promoted by its parent company, Inox Winds.
- Strong supply chain and well-established relationship with their suppliers.
- Experienced management team.
Company Financials
Period | 3MFY23 | FY22 | FY21 | FY20 |
Total Assets | 2,127.74 | 2,120.65 | 2,692.8 | 2,339.86 |
Total Revenue | 63.16 | 190.23 | 186.29 | 172.16 |
Profit After Tax | -11.58 | -4.95 | -27.73 | 1.68 |
EBITDA | 18.93 | 100.26 | 77.26 | 95.35 |
EBITDA Margin | 29.97% | 52.70% | 41.48% | 55.39% |
*All numbers are in Rs crore except percentages
Purpose of the IPO
- The company proposes to utilise the net proceeds towards repayment and/or pre-payment, in full or part, of certain borrowings availed by the company including redemption of secured NCDs in full, aggregating up to Rs 260 crore.
- General corporate purposes.
- Inox Green will not receive any proceeds from the Offer for Sale. The selling shareholder will be entitled to the proceeds of the Offer for Sale, after deducting its portion of the Offer related expenses and relevant taxes.
Company Promoters
Inox Wind Limited is the promoter of the company.
IPO Details
IPO Subscription Opening Date | November 11, 2022 |
IPO Subscription Closing Date | November 15, 2022 |
Face Value | Rs 10 per share |
Price Band | Rs 61 to Rs 65 per share |
Lot Size | 230 shares |
Issue Size | 11,38,46,154 shares aggregating up to Rs 740 crore |
Fresh Issue | 5,69,23,077 shares totalling up to Rs 370 crore |
Offer for Sale | 5,69,23,077 shares aggregating up to Rs 370 crore |
Issue Type | Book Built Issue IPO |
Listing At | BSE, NSE |
IPO Lot Size
Application | Lots | Shares | Amount |
Retail (Minimum) | 1 | 230 | Rs 14,950 |
Retail (Maximum) | 13 | 2990 | Rs 1,94,350 |
Small HNI (Minimum) | 14 | 3,220 | Rs 2,09,300 |
Large HNI (Minimum) | 67 | 15,410 | Rs 10,01,650 |
Allotment Details
Timeline | Date |
Allotment of shares | November 18, 2022 |
Initiation of refunds | November 21, 2022 |
Credit of shares to demat account | November 22, 2022 |
Listing date | November 23, 2022 |
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