Tuesday’s gains came after reports said that Inox Clean Energy may file a draft red herring prospectus (DRHP) with capital markets regulator SEBI in the coming weeks for its ₹5,000-crore initial public offering (IPO) via the confidential route.
According to an Economic Times report, the company has appointed five investment banks — JM Financial, Motilal Oswal, Nuvama, IIFL Securities, and ICICI Securities — to manage the IPO.
INOX Clean Energy will be the fifth entity of the $12 billion group to be listed on the bourses.
Once completed, the IPO will be among one of the largest fundraising initiatives in the country’s private renewable energy sector.
INOX Clean Energy is an integrated renewable platform spanning solar manufacturing, including cells and modules, and an Independent Power Producer (IPP) platform.
The group aims to boost its position in India’s renewable energy market with the IPO.
As of now, a total of four companies of INOXGFL Group are listed on the exchanges namely — Gujarat Fluorochemicals Ltd, the flagship chemical company developing products for battery materials, Inox Wind Ltd, a leading manufacturer of wind turbines in India; Inox Wind Energy Ltd, the holding company currently undergoing a merger with Inox Wind Ltd; and Inox Green, the listed O&M company of the renewable arm.
Inox Green Energy shares made their trading debut on November 2022 at a discount of 7.69% to its IPO price of ₹65. The stock has corrected nearly 40% from its post-listing high of ₹224.65, which it had hit on September last year.
Shares of Inox Green Energy are currently trading with gains of 17.27% at ₹139.77.
