One of the leading providers of operation and maintenance (O&M) services for wind power in India is Inox Green Energy Services (IGES).
The company intends to raise Rs 740 crore through an initial public offering (IPO), with the majority of the funds going toward debt repayment and other corporate needs. This is consistent with the management's aim to run a low-asset, high-cash-flow company.
The promoter stake will decrease from 94% to 56% following the IPO. Since operations began in 2012, the current O&M business has expanded at a compounded annual growth rate of 40%. It has been posting net losses as a result of hefty interest expenses, but this can improve after debt repayment. The IPO may be more suitable for investors with a higher risk tolerance and with a long term perspective.
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