Inox green energy IPO: Inox Green Energy gets Sebi approval to float Rs 740-crore IPO

Inox Green Energy Services, a subsidiary of , received market regulator Sebi’s approval to float its Rs 740 crore IPO. According to the draft red herring prospectus (DRHP), the public issue by the company comprises fresh issuance of shares worth Rs 370 crore together with an offer-for-sale of equity shares aggregating to Rs 370 crore by promoter Inox Wind.

The company filed draft IPO papers with the capital market watchdog on June 20 this year, after which its received the update an observation letter from the regulator on September 13. Sebi’s observation letter is suggestive of the regulator’s go ahead for the public issue.

The proceeds garnered from the issue shall be put towards debt payment and general corporate purposes, according to the draft papers.

Green Energy Services is engaged in the business of providing long-term Operation and Maintenance (O&M) services for wind farm projects, specifically for Wind Turbine Generators (WTGs) and common infrastructure facilities on wind farms, which support the evacuation of power from such WTGs.

Upon the IPO approval, Inox Green Energy’s parent company Inox Wind on Tuesday traded higher by 0.5 per cent at Rs 144 per share on the NSE.