Inox Green IPO subscription status: Issue booked 1.55 times on last day of offer

The initial share-sale of Inox Green Energy Services, a subsidiary of Inox Wind, received 1.55 times subscription on the last day of offer on Tuesday.

The Initial Public Offering (IPO) received bids for 10.37 crore shares against 6.67 crore shares on offer, according to an update available with the NSE.

Retail Individual Investors (RIIs) portion was subscribed 4.70 times, Qualified Institutional Buyers (QIBs) quota received 1.05 times subscription and non-institutional investors 47 per cent.

The IPO had a fresh issue of up to Rs 370 crore and an offer for sale of up to Rs 370 crore.

Price range for the IPO was at Rs 61-65 a share.

Inox Green Energy Services collected Rs 333 crore from anchor investors.

Proceeds from the fresh issue will be used for payment of debt and general corporate purposes.

Inox Green is engaged in the business of providing long-term Operation and Maintenance (O&M) services for wind farm projects, specifically for wind turbine generators and common infrastructure facilities on wind farms.

Shares of the company will be listed on the BSE and NSE.

Edelweiss Financial Services, DAM Capital Advisors, Equirus Capital, IDBI Capital Markets and Systematix Corporate Services were the managers to the offer.