SEBI gives nod to Inox Green Energy IPO worth Rs 740 crore; details inside
Inox Green Energy Services has reportedly gotten the nod to launch its Initial Public Offering. According to a report in CNBC TV-18, the Securities and Exchange Board of India’s (SEBI) has given its approval to the company’s Rs 740 crore public issue. As per sources, the Inox Green Energy Services IPO may be tweaked as per the prevailing market conditions. The public issue of the Inox Wind subsidiary is expected to consist of an offer for sale (OFS) of Rs 370 crore by promoter Inox Wind and a fresh issue of the same amount.
During a visit to the company’s Gujarat plant, Inox Wind CEO Kailash Lal Tarachandani told PTI that the company is planning to launch its public issue “in the next 30 to 45 days”.
The company is also planning to tap into the overseas market soon. “”I am not ruling out the overseas market. There are new markets being developed whether it’s South East Asia, some part in Gulf and African countries. I would say those are (will be focus areas) a couple of years down the line, after we have established and reached a certain level within this country,” Tarachandani told reporters.
This is the second time that Inox Green Energy Services is attempting to launch its public issue. The company had earlier filed its draft red herring prospectus in February this year but withdrew it for unknown reasons in April. The second draft red herring prospectus was filed by Inox Green Energy in June.
Inox Green Energy Services is involved in providing long-term operation and maintenance (O&M) services for wind farm projects and the common infrastructure facilities on them such as Wind Turbine Generators (WTGs) and other machines involved on the farms.
As per Tarachandani, the company is witnessing 30-40 percent growth each year and its value will reach Rs 400-500 crore in the next three-four years.