IPO Details

Issue Date

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Investment/lot

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Price Range

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Lot Size

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IPO Size

₹ 740.00 Cr

IPO Listing Details

Listing On

23 Nov'22

Issue Price

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Listed Price

₹ 60

Retail Gain/Listing Gain

-7.69%

Start date

End date

Allotment of bids

Refund Initiation

Listing on exchange

Inox Green Energy Services Limited is one of the major wind power operation and maintenance (O&M) service providers in India. The company is engaged in the business of providing long-term O&M services for wind farm projects, specifically the provision of O&M services for wind turbine generators (WTGs) and the common infrastructure facilities on the wind farm which support the evacuation of power from such WTGs. The company has a stable annual income owing to the long-term O&M contracts that it enters into with its customers. The company is a subsidiary of Inox Wind Limited (IWL)which is listed on the National Stock Exchange of India Limited and BSE Limited, and is part of the Inox GFL group of companies (Inox GFL Group). The company's subsidiaries are engaged in the business of power generation through renewable sources of energy.

The company enjoys synergistic benefits as a subsidiary of IWL, which is principally engaged in the business of manufacturing WTGs and providing turnkey solutions by supplying WTGs and offering a variety of services including wind resource assessment, site acquisition, infrastructure development, EPC of WTGs, and, through the company, providing long-term O&M services for wind power projects. Pursuant to an exclusivity agreement with IWL, the company provides exclusive O&M services for all WTGs sold by IWL through the entry of long-term O&M contracts between the WTG purchaser and the company for terms that typically range between 5 to 20 years.

As of June 30, 2022, the company's O&M services portfolio consisted of an aggregate of 2,792 MW of wind farm capacity and 1,396 WTGs. Effective December 31, 2021, the company's EPC business was transferred to a different subsidiary of IWL.

As set out in the company's Restated Consolidated Financial Information, its total revenue (from the continuing operations i.e. O&M business) was Rs. 617.88 million, Rs. 1,721.66 million, Rs. 1,722.48 million and Rs. 1,653.15 million for the three months ended June 30, 2022, Fiscals 2022, 2021 and 2020, respectively. The company's profit/(loss) after tax from its continuing operations for each period was Rs. (115.84) million, Rs. (49.52) million, Rs. (277.29) million, and Rs. 16.76 million, respectively.

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Strong and diverse existing portfolio base:
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Established track record, favourable national policy support and visibility for future growth:
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Reliable cash flow supported by long-term O&M contracts with high credit quality counterparties:
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Established supply chain in place:
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Here are a few strategies Inox Green Energy Services Limited has for its business:

  • Exploring opportunities to expand its portfolio and scale its operations

  • Transitioning to an asset-light model with minimal capital expenditure which could result in higher EBITDA and profit margins

  • Continuing and enhancing the company’s focus on predictive maintenance over reactive maintenance

  • Provide analytics and asset performance forecast services

And finally here’s a look at key financials of Inox Green Energy Services Limited.

Particulars (in Rs. million)

Particulars (in Rs. million)

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Inox Green Energy Services Ltd IPO FAQs

Inox Green Energy Services Ltd will list on 2022-11-23.

740.00 is the issue size of Inox Green Energy Services Ltd IPO.

The Inox Green Energy Services Limited IPO has an issue size of Rs. 740 crore. The IPO opens for subscription on 11th November and ends on 15th November.

The allotment dates will be announced soon.

Link Intime India Private Limited is the registrar for this IPO.

You can read more about Inox Green Energy Services Limited and its IPO from the company’s red herring prospectus (RHP) here: Inox Green Energy Services Limited RHP.

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