Inox Green Energy Services Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹65
Per ShareLot Size
230 Shares
Minimum Investment
₹14,950
Issue Size
₹740 Cr
Face Value
₹10
Per ShareIPO Type
Book Building
Retail Quota
10%
QIB Quota
75%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Inox Green Energy Services Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
93.84%
Issue Type
Book Building
ISIN
INE510W01014
About the Company
The Company is one of the major wind power operation and maintenance ("O&M") service providers within India which was incorporated in 2012. It is engaged in the business of providing long-term O&M services for wind projects, specifically the provision of O&M services for wind turbine generators ("WTGs") and the common infrastructure facilities such as pooling stations and transmission lines which support power evacuation from such WTGs. It has stable annual income owing to long-term O&M contracts. It is a subsidiary of Inox Wind Limited with whom it enjoys a synergistic relationship and a part of the Inox GFL group of companies.
Industry Overview
India is one of the fastest growing economies in the world with power demand expected to grow post a slump in fiscal 2021 owing to the COVID-19 pandemic. Demand is expected to be met with an increased focus on the renewable energy sector including wind power. The provision of O&M services for wind energy in India is dominated by original equipment manufacturers and with wind capacity addition forecasted to be in the range of 17-20 GW within fiscals 2023-2027, the demand for O&M services is expected to grow to Rs. 170-210 billion by fiscal 2026.
Company History
Inox Green Energy Services Limited was originally incorporated as nox Wind Infrastructure Services Limited' at Vadodara, Gujarat as a public company limited by shares under the Companies Act, 1956, pursuant to a certificate of incorporation dated May 11, 2012, issued by the Registrar of Companies, Gujarat at Dadra and Nagar Haveli. The Company commenced operations pursuant to a certificate for commencement of business dated June 14, 2012, issued by the Registrar of Companies, Gujarat at Dadra and Nagar Haveli. The name of the Company was changed to nox Green Energy Services Limited', pursuant to a resolution of board of directors of the Company dated October 6, 2021 and a special resolution passed in extra-ordinary general meeting held on October 21, 2021, pursuant to which a fresh certificate of incorporation was issued by the RoC on October 27, 2021.
Products & Services
- The Company is one of the major wind power operation and maintenance ("O&M") service providers within India.
Growth Strategy
- Exploring opportunities to expand its portfolio and scale its operations.
- Transitioning to an asset-light model with minimal capital expenditure which it believes will result in higher EBITDA and profit margins.
- Continuing and enhancing its focus on predictive maintenance over reactive maintenance.
- Provide analytics and asset performance forecast services.
Customer Base
Wholesalers and Retailers
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY23 to FY25.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of 113,846,152** equity shares of face value of Rs. 10 each ("Equity Shares") of the company for cash at a price of Rs. 65 per equity share (including a premium of Rs. 55 per equity share) ("Offer Price") aggregating to Rs. 740.00* crores ("Offer"). The offer comprises of a fresh issue of 56,923,076** equity shares aggregating to Rs. 370.00** crores ("Fresh Issue") and an offer for sale of 56,923,076** equity shares ("Offered Shares") aggregating to Rs. 370.00** crores by Inox Wind Limited ("Selling Shareholder") (the "Offer for Sale"). The face value of the equity share is Rs. 10 each and the offer price is 6.5 times the face value of the equity shares. **Subject to finalisation of basis of allotment Bids can be made for a minimum of 230 equity shares in multiples of 230 equity shares thereafter.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Strong and diverse existing portfolio base;
- Established track record, favourable national policy support and visibility for future growth;
- Reliable cash flow supported by long-term O&M contracts with high credit quality counterparties;
- Supported and promoted by our parent company, IWL;
- Established supply chain in place;
- The company is currently entirely dependent on Inox Wind Limited, its promoter for its business and if they were to choose another service provider for O&M services of their WTGs, its business, financial condition and prospects may be adversely affected.
- The sale of services and renewal rate of service contracts may decrease in the future.
- The coronavirus pandemic ("COVID-19") could have significant adverse effect on its business and operations.
- Technology failures or advancements could disrupt its operations.
- The company has entered into a business transfer agreement by which its divested its EPC business to one of the subsidiaries of its Promoter, Resco Global Wind Services Private Limited ("BTA"), which imposes certain contractual obligations on the Company.