Inox Green Energy IPO Opens Today; Price, GMP, Quota; Should You Subscribe?

Inox Green Energy IPO: Inox Green Energy Services on Friday opened its initial public offering (IPO) for public subscription and will close on November 15. The Rs 740-crore IPO comprises a fresh issue of 56,923,077 shares and an offer for sale of 56,923,077 shares, both aggregating up to Rs 370 crore each.

Till 10:57 am on Friday, the Inox Green Energy IPO was subscribed 0.04 times. The public issue was subscribed 0.20 times in the retail category, 0.00 times in the QIB category, and 0.00 times in the NII category.

Inox Green Energy IPO: Price Band

The price band for Inox Green Energy IPO has been fixed at Rs 60-65 per share. At the upper limit of this band, the IPO is asking for a valuation of 32.7 times EV/Ebitda and 15.6 times EV/sales on FY22 basis.

Inox Green Energy IPO: Issue Size and Quota

The Inox Green Energy IPO has an issue size of Rs 740 crore comprising 113,846,154 shares of Rs 10 each. The issue consists of a fresh issue of 56,923,077 shares of Rs 10 each (aggregating up to Rs 370 crore) and an offer for sale of 56,923,077 shares of Rs 10 (aggregating up to Rs 370 crore).

At least 75 per cent of the IPO is reserved for qualified institutional investors, up to 15 per cent for high-net-worth individuals, and 10 per cent for retail investors.

Inox Green Energy IPO: Lot Size

Investors can subscribe to the Inox Energy IPO by betting for a lot of 230 shares or in multiples thereof. At the upper range of the price band, one lot of the IPO is worth Rs 14,950. A retail bidder can bid for 13 lots or 2,990 shares at maximum.

Inox Green Energy IPO: GMP Today

Inox Energy’s unlisted shares are available at a price of Rs 75 apiece in the grey market on Friday, which is Rs 10 higher (premium) over the upper price band limit of Rs 65. The shares of the company are expected to list on stock exchanges BSE and NSE on Thursday, November 23, 2022.

Inox Green Energy IPO: Should Investors Subscribe?

Choice Broking assigned a ‘Subscribe with Caution’ rating on the issue and said there are no comparable peers for Inox Green. It added that the EV/sales multiple seems to be on the higher side, given the company’s return ratios.

It added, “On the basis of FY24E topline, demanded EV/sales comes out to be 8.9 times. The macros of the wind energy segment are improving after the regime change and pandemic-led restrictions. With massive capacity addition target over the next five years, target market for the O&M services would expand, thereby benefiting players like Inox Green. Thus, we assign a ‘Subscribe with Caution’ rating on the issue.”

Arihant Capital said a synergistic relationship with Inox Wind, long-term O&M contracts, established supply chain and industry growth are expected to drive the business going forward. “Post IPO, Inox Green is expected to clear the debt that will reduce the interest cost substantially and improve the bottom line. We are recommending ‘Subscribe for Long Term’ on this issue.”

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