Inox Green Energy May Launch IPO Soon, CEO Announced
Many companies in the country are preparing to bring their IPO. In this episode, Inox Green Energy Services can bring its Initial Public Offering (IPO) in the next 30-45 days. The company is a subsidiary of Inox Wind. Announcing this, the company's CEO Kailash Tarachandani said that INOX Green Energy is in the process of launching an IPO of Rs 740 crore. Inox Wind CEO Kailash Lal Tarachandani said that the company will initially focus on the Indian market and plans to move to an overseas market after establishing itself in this country.
This is Inox Green Energy Services' second attempt to IPO. Earlier in February, the company had filed a draft red herring prospectus for its proposed IPO with markets regulator Securities and Exchange Board of India (SEBI). However, the draft offer documents for the IPO were withdrawn at the end of April without assigning any reason. According to the latest Draft Red Herring Prospectus DRHP filed on June 17, the Rs 740 crore IPO will also include the sale of equity shares of Rs 370 crore and total equity shares of Rs 370 crore by promoter Inox Wind. Elaborating on the company's business plans, Tarachandani said that there is already ample opportunity for us. India has been making steady progress in the last few years.
Inox Green Energy Services provides long-term Operation And Maintenance (O&M) services for wind farm projects, specifically for Wind Turbine Generators (WTGs) and the common infrastructure facilities on the wind farm that support power evacuation from such WTGs.