Inox Green Energy gets SEBI approval for IPO

19 Sep 2022 , 08:58 AM

A subsidiary of Inox Wind, Inox Green Energy Services, intends to launch its initial public offering (IPO) by October of this year to collect Rs740 crore to support its development aspirations. Inox Wind Chief Executive Officer (CEO) Kailash Lal Tarachandani told PTI that the business will initially concentrate on the Indian market before looking to expand abroad.

During a visit to the business’s facility in Rajmol, Gujarat, Tarachandani told reporters that the company intends to make its initial public offering “in the next 30 to 45 days.” Inox Green Energy Services is making its second effort to go public. The business submitted the Draft Red Herring Prospectus (DRHP) for its intended initial public offering (IPO) to the markets regulator Sebi in February.

However, the draft IPO offer documents were withdrawn in late April without explanation. The most recent DRHP submitted on June 17 states that the Rs740 crore IPO would include a fresh issue of equity shares worth Rs370 crore and an offer-for-sale of equity stocks by promoter Inox Wind totaling Rs370 crore.

Tarachandani provided more details on the corporation’s business strategies “There is already sufficient chance. In recent years, India has maintained consistency and had excellent development. We have been quite active from that standpoint. There is a lot of promise there.”

When asked about the business’s ambitions for growth, Tarachandani responded, “The international market is not off limits to me. Whether it’s in South East Asia, the Gulf region, or African nations, new markets are being created. I would say that are (would be emphasis areas) a few years down the road, once we have established and attained a particular level inside this country.”

Inox Green Energy Services now has an annual growth of 30% to 40%. The CEO stated that the volume for Inox Green Services is now close to Rs160 crore and would reach Rs400—500 crore in the following three to four years.

Inox Green Energy Services is in the business of offering long-term operation and maintenance (O&M) services for wind farm projects, especially for Wind Turbine Generators (WTGs) and the shared facilities on the wind farm that facilitate the evacuation of electricity from such WTGs.

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