Inox Green Energy’s share sale via initial public offering (IPO) ended on November 15 and witnessed a lukewarm response from investor community as the issue was subscribed 1.55 times
Inox Green Energy shares made a weak stock market debut on Wednesday. The stock opened for trading at Rs 60 on the BSE and the National Stock Exchange, against issue price of Rs 65. The stock fell as much as 10.23 per cent from the issue price.
Inox Green Energy’s share sale via initial public offering (IPO) ended on November 15 and witnessed a lukewarm response from investor community as the issue was subscribed 1.55 times. Portion set aside for Qualified Institutional Buyers (QIBs) 1.05 times, shares set aside for Non-Institutional Investors (NIIs) was subscribed 0.47 times while portion for retail investors was booked 4.7 times.
Inox Green had reserved 75 per cent of the issue for QIBs, 15 per cent for NIIs and 10 per cent for retail investors. The company raised Rs 740 crore from the IPO which was mix of fresh issue and offer for sale by its promoters. Retail investors were allowed to bid for minimum one lot of 230 shares up to maximum of 13 lots. One lot of Inox Green shares in the IPO was priced at Rs 14,950.
Inox Green is engaged in the business of providing long-term Operation and Maintenance (O&M) services for wind farm projects, specifically for wind turbine generators and common infrastructure facilities on wind farms.
In February also, the company had filed the DRHP with Sebi for its IPO. However, the draft offer documents were withdrawn in April without disclosing any reason.
Inox Green Energy shares ended 9 per cent lower at Rs 59.10.