Wind power solution provider Inox Wind will hit capital market with an initial public offer (IPO) on March 18 to fetch around Rs 700 crore. "We will use the funds to primarily expand our existing capacities of which Rs 150 crore will be utilised for enhancing capacity in Madhya Pradesh," said Devansh Jain, Director Inox Wind.
Inox Wind offers a broad range of services to its customers servicing amongst others, large corporates, IPPs and PSUs including manufacturing wind turbine generators, or WTGs, and providing turnkey solutions by supplying WTGs. It has facilities dedicated to manufacturing nacelles, hubs, rotor blade sets and towers. It also offer services including wind resource assessment, site acquisition, infrastructure development, erection and commissioning, and also long term operations and maintenance of wind power projects.
The issue comprises a fresh offering of equity shares aggregating up to Rs 700 crore and an offer for sale of up to one crore equity shares, or 5% of stake held by Inox Wind promoter Gujarat Fluorochemicals to the extent of Rs 300 crore. The price band is fixed from Rs. 315 to Rs. 325 per equity share. The Issue closes on March 20. The minimum bid lot is 45 equity shares and in multiples of 45 equity shares thereafter. A discount of Rs. 15 per equity share is being offered to all retail investors and eligible employees. The issue will be listed on both exchanges, NSE and BSE.
The company will utilise the funds for expansion and upgradation of existing manufacturing facilities, long-term working capital requirements, investment in subsidiary Inox Wind Infrastructure Services and other infrastructure development. The company had an order book of 1,258 MW as of December 31, 2014. Its customers include Green Infra, Continuum Wind Energy, Tata Power Renewable Energy, Welspun Energy, Bhilwara Energy, ReNew Power Ventures and Hero Future Energies. The company had access to a large inventory of project sites (in excess of 4,000 MW) in states of Rajasthan, Gujarat, Andhra Pradesh and Madhya Pradesh.
The Global Co-ordinators and Book Running Lead Managers to the Issue are Axis Capital, DSP Merrill Lynch and Edelweiss Financial Services and the Book Running Lead Manager (BRLM) is YES Bank.
The issue comprises a fresh offering of equity shares aggregating up to Rs 700 crore and an offer for sale of up to one crore equity shares, or 5% of stake held by Inox Wind promoter Gujarat Fluorochemicals to the extent of Rs 300 crore. The price band is fixed from Rs. 315 to Rs. 325 per equity share.