Inox Green Energy Services Limited which is backed by Inox Wind is a prominent provider of wind power operation and maintenance services in India. Inox Green Energy Services IPO will hit the stock market in 11 November 2022.
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About Inox Green Energy
Their company is in the business of providing long-term operations and maintenance services for wind farm projects, particularly for wind turbine generators and the common infrastructure facilities on the wind farm that allow the power evacuation from certain WTGs.
Due to the sheer long-term O&M contracts they have with their customers, they enjoy a consistent annual income. They are a subsidiary of Inox Wind Limited, a corporation that is a member of the Inox GFL group of companies and is listed on the National Stock Exchange of India Limited and the BSE Limited.
As a subsidiary of IWL, which is primarily in the business of producing WTGs and offering turnkey solutions by supplying WTGs, they benefit from synergistic benefits.
Business Model
They offer exclusive O&M services for all WTGs supplied by IWL via the channel, thanks to an exclusivity agreement between IWL and their Company.
Long-term O&M contracts are entered into between the WTG purchaser and ourselves, with durations ranging from five to twenty years. IWL’s order book is a significant indicator of future revenue and growth for the firm because of this exclusive arrangement.
IWL’s consolidated order book had an aggregate capacity of 1,298.7 MW, with contractual agreements for the supply of 2 MW capacity WTGs with an aggregate capacity of 774 MW and letters of intent for its new 3.3 MW capacity WTGs with an aggregate capacity of 524.7 MW, which are subject to the action of legal contracts.
Capacity
Their offering of O&M services included 2,706 MW of wind farm capacity and 1,353 WTGs. This includes 1,138 MW of capacity for several clients in Gujarat’s Mahidad, Rojmal, Sadla, Savarkundla, and Dayapar.
A total output of 632 MW for clients in Madhya Pradesh’s Kukru, Nipaniya, Jaora, and Lahori; a total capacity of 556 MW for clients in Rajasthan’s Dangri; and a total output of 196 MW for clients in Maharashtra’s Vaspet, Bhendewade, and South Budh.
![Inox Green Energy Footprints](https://i.imgur.com/H772iKo.jpg)
Their contracts for complete O&M services accounted for 2,034 MW of the 2,706 MW capacity, while their common infrastructure O&M contracts accounted for 672 MW. They can be found in almost all of India’s wind-rich states.
Inox Green Energy Services IPO
Inox Green Energy Services Limited, headquartered in Vadodara has submitted Draft Red Herring Prospectus(DRHP) to Securities and Exchange Board of India(SEBI) for initial public offering (IPO) of 370 Crore & 370 crore value equity shares on 04 February 2022.
The offer includes a fresh issue of INR 370 crore and there is offer for sale (OFS) of 370 crore value equity shares by the promoters mentioned in the DRHP. They are looking for a Pre-IPO placement of 70 crore in this issue.
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IPO
They are now waiting for approval from Securities and Exchange Board of India(SEBI) to float the initial public offering (IPO) in the market.
Financials Trends
Particulars | For the year/period ended ( in Cr.) | ||||
---|---|---|---|---|---|
31-Dec-21 | 31-Mar-21 | 31-Mar-20 | 31-Mar-19 | ||
Total Assets | 2,016.68 | 2,692.80 | 2,339.86 | 1,901.57 | |
Total Revenue | 129.73 | 186.29 | 172.16 | 166.40 | |
Loss After Tax | ( 91.24) | (153.52) | ( 52.26) | (52.81) |
Basic and Diluted Earnings Per Share
Financial Period | Basic EPS (in INR) | Diluted EPS (in INR) | Weight |
Financial Year 2021 | (2.29) | (2.29) | 3 |
Financial Year 2020 | 0.20 | 0.20 | 2 |
Financial Year 2019 | 6.98 | 6.98 | 1 |
Weighted Average | 0.09 | 0.09 | |
30 Dec. 2021 | (0.15) | (0.15) |
Objects of the Issue
- Prepayment / repayment of all or a portion of the outstanding borrowings of the company to be availed on consolidated basis.
- To meet common corporate objectives.
Basis of the offer
The following are among the qualitative elements that go into determining the Offer Price:
- Current portfolio is solid and broad.
- A proven track record, positive national policy support, and the potential for future expansion are all advantages.
- Long-term O&M contracts with good credit quality counterparties provide consistent cash flow.
- IWL, our parent firm, has backed and promoted them.
- There is a well-established supply network in place.
- Management staff with a wealth of experience.
Inox Green Energy Services Comparison
There are no publicly traded organizations in India that operate in a similar industry to theirs. As a result, providing an industry analysis in relation to their company is impossible.
Inox Green Energy Services IPO Details
IPO Opening Date | 11 November 2022 |
IPO Closing Date | 15 November 2022 |
Issue Type | Book Building |
Face Value | 10 per share |
IPO Price | 0 to 0 per equity share |
Market Lot | – |
Min Amount | – |
Listing At | BSE, NSE |
Issue Size | 740 Crore |
Fresh Issue | 370 Crore |
Offer for Sale | 370 Crore value Equity Shares |
Inox Green Energy Services IPO Date
Inox Green Energy IPO opening date is 11 November 2022, and the closing date is 15 November 2022. The inox green energy ipo issue may list on 23 November 2022.
IPO Opening Date | 11 November 2022 |
IPO Closing Date | 15 November 2022 |
Basis of Allotment Date | 18 November 2022 |
Initiation of Refunds | 21 November 2022 |
Credit of Shares to Demat Account | 22 November 2022 |
IPO Listing Date | 23 November 2022 |
Basis of Allotment
Type | % of Offer | Basis of Allotment |
---|---|---|
Qualified Institutional Buyer | 50 |
Roughly equivalent
|
Non Institutional Investor | 15 |
Roughly equivalent
|
Retail | 35 | Minimum 1 lot based on availability |
Inox Green IPO Status
Allotment of equity stocks subject to the Fresh Issue and transfer of the Promoter Selling Shareholders’ OFS Stocks to the winning Bidders subject to the Offer for Sale. Nevertheless, the status of the allotment has yet to be revealed.
Here, you can find the Allotment Status of Inox Green Energy IPO.
Inox Green Energy Services IPO GMP
Inox Green IPO Grey Market Premium is 0. You can check out GMP of Other IPOs on below Links:
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Check Out the GMP of all Other IPOs
Inox Green Energy IPO Review
Inox Green Energy IPO review will depend on the price band which will be announced after SEBI approval. Whenever it will be announced we will update you regarding review of Inox Green Energy Services IPO is good or bad.
Inox Green Energy IPO Risk
- They are currently completely reliant on Inox Wind; however, if Inox Wind chooses a different service provider to supply O&M services for their WTGs, their business may suffer.
- The sale of services and the rate at which service contracts are renewed may decline in the future.
- The coronavirus pandemic could have a substantial negative impact on company operations and business.
- Failures or breakthroughs in technology could affect their operations.
- They have engaged into a business transfer agreement, under which they have transferred their EPC company to one of their Promoter’s subsidiaries, Resco Global Wind Services Private.
- In the event of any inadequacies in the services they provide, they may be liable for penalties and other responsibilities under their O&M contracts.
Other Threats
- They had previously reported a restated loss and may face additional losses in the future.
- They have amassed enormous debt and may be unable to meet their debt service commitments on schedule or adhere to various financial and other covenants and other terms and conditions of their financing contracts.
- They rely heavily on the ‘Inox GFL’ brand name for their company, and its dilution could have a negative impact.
- Their Company, Directors, and Promoter are all involved in ongoing legal proceedings.
- The cost of wind-produced electricity relative to electricity generated from other sources determines the demand for wind power plants and, as a result, their services.
- They might not be able to adequately control their future expansion and growth.
Track Record
They have a more than nine-year track record in the wind energy O&M market, thanks in part to the synergistic relationship they have with their parent company, IWL, which began operations in the wind energy space in the fiscal year ended March 31, 2010.
Their operating portfolio of O&M contracts (both comprehensive and common infrastructure O&M contracts) has expanded at a compound annual growth rate of about 45.26 percent in the nine years since they began operations.
According to the International Energy Agency, India is the world’s third-largest energy consumer and also the world’s fastest-growing sources of energy consumption.
According to the IEA’s recent Energy Outlook 2021 study, India could add 900 GW of wind and solar power by 2040.
Inox Green Energy IPO Brokerage views
Here is the views of different stock brokers regarding this IPO:
- Yes Securities : Not Updated
- Choice Brokering: Not Updated
- Axis Securities: Not Updated
- IIFL Securities: Not Updated
- Trade swift: Not Updated
- Anand Rathi : Not Updated
- ICICI Securities: Not Updated
Inox Green Energy IPO Subscription Status
Date | Day | QIB | NII | Retail | Employees | Total Subscription |
11 November 2022 | 1 | |||||
14 November 2022 | 2 | |||||
15 November 2022 | 3 |
Management
They have a strong team of 389 people, including supervisors with vast experience in the operation and maintenance of wind turbine generators and the wind sector in general.
Their senior managers, who are in charge of project management, business development, customer relationship management, project coordination, wind farm governance, turbine testing, and workflow enhancement, are well-educated in engineering, design, and business administration, with an average of more than 10 years of experience in their fields and significant experience in the wind energy industry.
![Inox Green Energy workflow](https://i.imgur.com/fp6sQsR.jpg)
Their O&M team attends monthly trainings to keep up with industry best practises and to improve their technical, safety, and behavioural abilities. They host workshops that cover a variety of technical topics.
Promoters
- Inox Wind Limited
Promoter’s Holding
Pre Issue Share Holding | 93.84% |
Post Issue Share Holding |
Inox Green Energy Services Prospectus
Contact Details
Inox Green Energy Services Limited
Survey No. 1837 & 1834 At Moje Jetalpur
ABS Towers, Second Floor
Old Padra Road, Vadodara-390 007
Gujarat, India
Tel: +91 265 6198 111
E-mail: [email protected]
Website: www.inoxgreen.com
Registrar
Link Intime India Private Limited
C-101, 1st Floor, 247 Park
L.B.S. Marg, Vikhroli (West)
Mumbai 400 083, Maharashtra
Telephone: +91 22 4918 6200
Email: [email protected]
Website: www.linkintime.co.in
Lead Manager(s)
- DAM Capital Advisors Limited
- Equirus Capital Private Limited
- Edelweiss Financial Services Limited
- IDBI Capital Markets & Securities Limited
- IDBI Capital Markets & Securities Limited
We hope we are able to answer all your questions about Inox Green Energy Services IPO. If you don’t have a Demat account, open it now with Zerodha best trading app of India.
Disclaimer
The reference of IPO Grey Market Premium (IPO GMP) is only valid for the date specified in the header.
On the IPO Grey Market, we do not purchase or sell IPO forms.
The Kostak Rate is the profit earned by selling an IPO application (in an off-market transaction) to somebody else before the issue is allotted or listed.
Do not subscribe to an IPO based solely on the premium price, as it may alter at any time before to the listing. Only consider the fundamentals of the companies when subscribing.
The GMP rates for IPOs are based on market intelligence. Please keep in mind that these IPO GMP rates may vary by geography and market.
Note:
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FAQ
Inox Green Energy IPO Opening Date?
Inox Green Energy IPO will open is 11 November 2022.
Inox Green Energy IPO Listing Date?
Inox Green Energy IPO will list is 23 November 2022.
Inox Green Energy IPO GMP Today?
Inox Green Energy Services IPO Grey Market Premium is INR 0 .
Inox Green Energy IPO Allotment Date?
Inox Green Energy IPO basis of allotment will be on 18 November 2022.
Lot size for Inox Green Energy IPO?
Lot size for Inox Green Energy IPO is 0.