Inox Wind Subsidiary is Planning a USD-116 Million IPO

Inox Green Energy Services Ltd (IGESL), formerly Inox Wind Infrastructure Services Ltd, intends to offer fresh equity shares worth up to INR 5 billion. At the same time, current stockholders are scheduled to sell up to INR 4 billion worth of shares in the offering.

May 10, 2022. By News Bureau

Inox Wind Ltd, an Indian wind turbine maker, has got board clearance to proceed with an initial public offering (IPO) that could raise up to INR 9 billion (USD 116.2 million/EUR 110.2 million).

Inox Green Energy Services Ltd (IGESL), formerly Inox Wind Infrastructure Services Ltd, intends to offer fresh equity shares worth up to INR 5 billion. At the same time, current stockholders are scheduled to sell up to INR 4 billion worth of shares in the offering.

The deal requires shareholder approval and is contingent on market circumstances. IGESL withdrew a Draft Red Herring Prospectus (DRHP) for an IPO of INR 7.4 billion in late April.

On February 7, 2022, the Securities and Exchange Board of India (SEBI) received the draught papers. The company gave no reason for the cancellation.

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