Inox Green Energy Services files Rs 740-cr IPO papers with Sebi

Inox Wind on Tuesday said its arm Inox Green Energy Services Ltd (IGESL) has filed the draft papers with market regulator Sebi to raise up to Rs 740 crore through an initial public offer (IPO).

The proposed offer consists of a fresh issue of equity shares aggregating up to Rs 370 crore and an offer for the sale of equity shares totalling up to Rs 370 crore by Inox Wind, according to a BSE filing. IGESL filed its draft red herring prospectus with the markets regulator Sebi on Monday. Of the total proceeds, Rs 140 crore will be utilised towards payment of debt and Rs 120 crore for the redemption of non-convertible debentures and balance amount towards general corporate purpose, as per the draft papers.

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IGESL is engaged in the business of providing long-term operation and maintenance (O&M) services for wind farm projects, specifically the provision of O&M (operations and maintenance) services for wind turbine generators (WTGs) and the common infrastructure facilities on the wind farm, which support the evacuation of power from such WTGs. For the nine months ended December 31, 2021, and FY2021, the company’s revenue from operations was Rs 1,270.99 million and Rs 1,722.48 million, respectively.

Edelweiss Financial Services, DAM Capital Advisors, Equirus Capital, IDBI Capital Markets & Securities and Systematix Corporate Services are the book running lead managers to the issue.

Earlier in December 2021, the board of IGESL (Earlier known as Inox Wind Infrastructure Services Ltd) had approved fundraising, subject to receipt of requisite approvals, including clearance of the shareholders, market conditions and other considerations, by way of an IPO. In January this year, as an existing and eligible shareholder of IGESL, Inox Wind had accorded its approval to participate in the proposed offer through an offer for the sale of equity shares.