Inox Green Energy files draft with SEBI for an IPO of Rs740 crore

21 Jun 2022 , 10:59 AM

Inox Green Energy Services, a subsidiary of Inox Wind, has filed new preliminary documents with the capital markets regulator SEBI in order to raise Rs740 crore through an IPO (IPO).

According to the Draft Red Herring Prospectus (DRHP) submitted on Friday, the IPO would include a fresh issue of equity shares worth Rs370 crore and an offer-for-sale of equity stocks worth Rs370 crore by promoter Inox Wind.

Furthermore, the firm may contemplate a pre-IPO placement. The size of the new issue will be lowered if this placement is accomplished. The proceeds of the new offering will be used to pay down debt and for other corporate purposes.

Inox Green Energy Services specializes in long-term operation and maintenance (O&M) services for wind farm projects, especially for Wind Turbine Generators (WTGs) and the common infrastructure facilities on the wind farm that enable the power evacuation from such WTGs.

The business had previously filed the DRHP for its proposed IPO with the SEBI in February. However, in late April, the draft offer documents for the IPO were removed without explanation.