Inox Wind, the wind energy service provider, informed on Tuesday that the material subsidiary IGESL or Inox Green Energy has filed DRHP or Draft Red Herring Prospectus with SEBI or Securities and Exchange Board of India, the market regulator on February 7th, 2022 for an IPO or Initial Public Offering.
What’s the matter?
The proposed offer comprises the issue of fresh equity shares to an aggregate of up to $370 crore and an OFS or offers for sale of equity shares that aggregate of up to $370 crore by the company.
In December 2021, the Green energy stocks India company informed that the material subsidiary company had approved of fundraising using an IPO, initial public offering of the company’s equity shares that includes equity shares freshly issued and/or an offer for the sale of equity shares by eligible and existing shareholders of the IGESL.
Exploring more about it
On January 18th, 2022, qualifying as an existing and eligible shareholder of IGESL, the Inox wind energy company accorded its participation in the proposed offer through an offer for sale of equity shares, as stated by Inox Wind while filing at the exchange.
Shares of Inox Wind have offered a multi-bagger return of more than 107% in one year, in comparison to the scrip that has increased by 19% in 2022 (year-to-date or YTD) till date.
Regarded as a fully integrated player in the wind energy market, equipped with state-of-art technology, Inox Wind and has manufacturing units in Ahmedabad, Gujarat for manufacturing the blades and the tubular towers and at Una in Himachal Pradesh for the nacelles and hubs.
As of February, 15th, 2022 at 3:31 PM IST, the Green energy share price of Inox Wind Energy Ltd was down by 0.21% basis and the earlier closing price was at INR 723.05. The share price of Inox Wind Energy was INR 721.50.