Inox Green Energy Files Fresh Draft Papers for ₹7.4 Billion IPO

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Inox Green Energy Services, a subsidiary of Inox Wind, filed a fresh application to raise ₹7.4 billion (~$94.75 million) through an initial public offering (IPO). According to the Draft Red Herring Prospectus, the IPO comprises fresh issuance of equity shares worth ₹3.7 billion (~$47.37 million) and an offer-for-sale of equity stocks aggregating to ₹3.7 billion (~$47.37 million) by the promoter Inox Wind.

The face value of the equity shares is ₹10 each (~$0.13). The equity shares offered are proposed to be listed on Bombay and National Stock Exchange. The company may consider a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced.

Inox filed the Draft Red Herring Prospectus for the IPO on February 7, 2022, with the Securities and Exchange Board of India (SEBI). However, the draft IPO documents were withdrawn on April 28.

The book-running lead managers are Edelweiss Financial Services, DAM Capital Advisors, Equirus Capital, IDBI Capital Markets & Securities, and Systematix Corporate Services.


In May, Inox Wind announced that its board had approved the proposal of its subsidiary Inox Green Energy Services to raise funds through an IPO. The Board of Directors also approved participation in the proposed offer for the sale of equity shares aggregating up to ₹4 billion (~$51.85 million).

Inox Green Energy Services was initially incorporated as a public limited company in May 2012 as Inox Wind Infrastructure Services. The name was changed to Inox Green Energy Services from October 2021.

The company is a subsidiary of Inox Wind. It is a part of the Inox Group, which has stakes in various businesses, including industrial gases, engineering plastics, refrigerants, chemicals, carbon credits, cryogenic engineering, and renewable energy. The company is engaged in the operation and maintenance of wind turbine generators.

In November 2021, Inox Wind bagged a 150 MW order from NTPC Renewable Energy to supply wind turbine generators. Inox Wind was to supply and install DF 113/92 – 2.0 MW wind turbine generators with 113 meters rotor diameter and 92 meters hub height. The project is scheduled to be commissioned by April 2023.