Inox Green Energy Services Ltd IPO

Upcoming DRHP

IPO Synopsis

Inox Green Energy Services, an arm of Inox Wind has filed draft IPO papers with the Securities Exchange Board of India (SEBI) to raise Rs.740 crore through the market
The proposed offer consists of a fresh issue of equity shares worth up to Rs.370 crore and an offer for sale of up to Rs.370 crore by Inox Green, Inox Wind said in an exchange filing. Inox Wind owns more than 22 crore shares of Inox Green Energy Services, translating to 93.84% of the entire equity share capital. 
Inox Wind owns more than 22 crore shares of Inox Green Energy Services, translating to 93.84% of the entire equity share capital. 
Edelweiss Financial Service, DAM Capital Advisors, Equirus Capital Private, IDBI Capital Markets & Securities, and Systematix Corporate Services are the book running lead managers to the IPO of Inox Green Energy Services.

Objective of the Issue 
The proceeds from the issue will be used for the following:
1. to repay or prepay certain borrowings of the company and 
2. for general corporate purposes
 

About Inox Green Energy Services Ltd

Inox Green Energy is a major wind power operation and maintenance (“O&M”) service provider within India. Our Company is engaged in the business of providing long-term O&M services for wind farm projects, specifically the provision of O&M services for wind turbine generators (“WTGs”) and the common infrastructure facilities on the wind farm which support the evacuation of power from such WTGs
It also enjoys synergistic benefits as a subsidiary of Inox Wind Limited (IWL), which is principally engaged in the business of manufacturing WTGs and providing turnkey solutions by supplying WTGs and offering a variety of services including wind resource assessment, site acquisition, infrastructure development, EPC of WTGs, and, through the company, providing long-term O&M services for wind power projects.
The company’s presence is spread across Gujarat, Rajasthan, Maharashtra, Madhya Pradesh, Karnataka, Andhra Pradesh, Kerala and Tamil Nadu.
The below flow chart summarises the general process from the manufacturing of a WTG by, for example, IWL, to the point where the provision of Inox Green Energy’s O&M services commences.

Profit and Loss

Balance Sheet

Particulars (in Rs. Crores) FY21 FY20 FY19
Revenue 172.2 165.3 164.4
EBITDA 77.3 95.4 84.2
PAT -153.5 -52.3 -52.8
Particulars (in Rs. Crores) FY21 FY20 FY19
Total Assets 2692.8 2339.9 1901.6
Share Capital 128.6 116.2 57.4
Total Borrowings 1411.0 1084.9 1154.0
Particulars (in Rs. Crores) FY21 FY20 FY19
Net cash generated from / (used in) operating activities 48.73 361.60 -41.25
Net cash from / (used in) investing activities -105.24 -306.45 -170.41
Net cash flow from / (used in) financing activities 173.50 -52.47 195.07
Net increase (decrease) in cash and cash equivalents 116.99 2.68 -16.59


Peer Comparison

There are no listed companies in India that are comparable in all aspects of business and services that Inox Green Energy provides.
 


The key points are-

Key Points

  • Strengths

    1. Strong and diverse existing portfolio base.
    2. Reliable cash flow supported by long-term O&M contracts with high credit quality counterparties
    3. Established supply chain in place
    4. Supported and promoted by our parent company, IWL

  • Risks

    1. Entirely dependent on Inox Wind Limited, the promoter for its business and if they were to choose another service provider for O&M services of their WTGs, business, financial condition and prospects may be adversely affected.
    2. Technology failures or advancements could disrupt the operations
    3. The demand for the services is primarily dependent on the demand for electricity.
    4. Dependent on external suppliers for spares and components.
    5. It may be liable for penalties and other liabilities under the O&M contracts in case of any deficiencies in the services provided by it.

How to apply for an IPO?

  • Login to your 5paisa account and select the issue in the current IPO section

  • Enter the number of lots and price at which you wish to apply for

  • Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange

  • You will receive a mandate notification to block funds in your UPI app

  • Approve the mandate request on your UPI and funds will be blocked

FAQs

What is the price band of the IPO?

Inox Green Energy IPO details are yet to be announced.

When does the Inox Green Energy issue open and close?

Inox Green Energy IPO details are yet to be announced.

What is the size of Inox Green Energy IPO issue?

The IPO issue consists of a fresh issue of equity shares worth up to Rs.370 crore and an offer for sale of up to Rs.370 crore.

Who are the promoters/key personnels of Inox Green Energy?

Inox Green Energy is promoted by Inox Wind Limited.

What is the allotment date of Inox Green Energy IPO?

Inox Green Energy IPO details are yet to be announced.

What is the Inox Green Energy IPO listing date?

Inox Green Energy IPO details are yet to be announced.

Who are the book runners for Inox Green Energy IPO?

Edelweiss Financial Service, DAM Capital Advisors, Equirus Capital Private, IDBI Capital Markets & Securities, and Systematix Corporate Services are the book running lead managers to the issue.

What is the objective of the issue?

The proceeds from the issue will be used in the following manner:

1. to repay or prepay certain borrowings of the company and 
2. for general corporate purposes
 

How to apply for the Inox Green Energy IPO?

To apply for the IPO, follow the steps given below

1. Login to your 5paisa account and select the issue in the current IPO section
2. Enter the number of lots and price at which you wish to apply for
3. Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange
4. You will receive a mandate notification to block funds in your UPI app

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