Inox Green Energy
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 11 Nov 2022 – 15 Nov 2022
- Listing date
- 23 Nov 2022
- Face value
- ₹10 per share
- Issue price
- ₹65 per share
- Lot size
- 230 shares
- Total issue size
- ₹740 Cr
- Market cap at offer price
- ₹1,898 Cr
- Promoter holding
- 93.84% → 56.04% pre-issue → post-issue
- ISIN
- INE510W01014
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Edelweiss Financial Services Ltd.
- Registered office
- Survey No.1837 & 1834, At Moje Jetalpur ABS Towers, Second Floor, Old Padra Road, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 5,12,30,769 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 230 shares per lot, in multiples, at ₹65
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 230 | ₹14,950 |
| Retail (max) | 13 | 2,990 | ₹1,94,350 |
| S-HNI (min) | 14 | 3,220 | ₹2,09,300 |
| S-HNI (max) | 66 | 15,180 | ₹9,86,700 |
| B-HNI (min) | 67 | 15,410 | ₹10,01,650 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | −0.25 | — |
| Market cap | — | ₹1,898 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
- Return on net worth
- −0.61%
- Debt / equity
- 0.99
- NAV per share
- ₹34.32
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Inox Green Energy
Inox Green Energy Services Limited (formerly Inox Wind Infrastructure Services Limited) was incorporated in 2012 in Gujarat, India. The company operates as a subsidiary of Inox Wind Limited and is engaged in providing long-term operation and maintenance services for wind turbine generators (WTGs) and common infrastructure facilities such as pooling stations and transmission lines that support power evacuation from WTGs. It derives revenue from O&M services pursuant to an exclusivity agreement with its promoter Inox Wind Limited. The company has stable annual income from long-term O&M contracts ranging between five to 20 years in term, with certain contracts stipulating options to renew for a further 25 years. As of June 30, 2022, the company had an O&M services portfolio of 2,792 MW of wind farm capacity comprising 1,396 WTGs, with 1,964 MW from comprehensive O&M services and 828 MW from common infrastructure O&M contracts. The company is part of the Inox GFL group of companies.
Company Analysis
from RHPInox Green Energy Services Limited is a major wind power operation and maintenance (O&M) service provider in India offering long-term O&M services for wind turbine generators and common infrastructure facilities.
Inox Green Energy Services Limited (formerly Inox Wind Infrastructure Services Limited) was incorporated in 2012 in Gujarat, India. The company operates as a subsidiary of Inox Wind Limited and is engaged in providing long-term operation and maintenance services for wind turbine generators (WTGs) and common infrastructure facilities such as pooling stations and transmission lines that support power evacuation from WTGs. It derives revenue from O&M services pursuant to an exclusivity agreement with its promoter Inox Wind Limited. The company has stable annual income from long-term O&M contracts ranging between five to 20 years in term, with certain contracts stipulating options to renew for a further 25 years. As of June 30, 2022, the company had an O&M services portfolio of 2,792 MW of wind farm capacity comprising 1,396 WTGs, with 1,964 MW from comprehensive O&M services and 828 MW from common infrastructure O&M contracts. The company is part of the Inox GFL group of companies.
Objects of the Issue
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company including redemption of Secured NCDs in full ₹2,600 million p.24
- General corporate purposes p.24
- Repayment and/or pre-payment of borrowings and redemption of Secured NCDs ₹3,700 million from Fresh Issue p.54
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company including redemption of Secured NCDs in full ₹2,600 million p.107
- General corporate purposes [●] p.107
- Fresh issue of equity shares Up to ₹3,700.00 Millions p.328
- Offer for sale of equity shares by Inox Wind Limited Up to ₹3,700.00 Millions p.328
Issue Structure
- Total Issue
- Up to ₹7,400 million
- Fresh Issue
- Up to ₹3,700 million
- Offer for Sale
- Up to ₹3,700 million by Inox Wind Limited
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue from providing long-term operation and maintenance services for wind turbine generators and common infrastructure facilities. These services are offered pursuant to an exclusivity agreement with Inox Wind Limited, whereby the company provides exclusive O&M services for all WTGs sold by Inox Wind Limited through long-term O&M contracts with customers ranging between five to 20 years in term. Revenue derives from both comprehensive O&M services covering WTGs and common infrastructure facilities, and from common infrastructure O&M contracts relating only to common infrastructure facilities.
Business Segments
SWOT Analysis
- • Exclusive O&M service provider for Inox Wind Limited's WTGs(p.35)
- • One of major wind power O&M providers in India with stable long-term contracts(p.23)
- • Large O&M services portfolio with significant installed capacity(p.35)
- • Benefit from Inox GFL brand association and reputation(p.44)
- • Synergistic relationship with Promoter(p.23)
- • Experienced management team with deep industry relationships(p.49)
- • Established presence in wind O&M services with multiple customer relationships(p.48)
- • Ability to expand service portfolio and capture market share(p.48)
- • Dominant promoter ownership with long-term O&M contracts(p.100)
- • High-quality, long-term contractual cash flows from O&M services(p.115)
- • Established supply chain and operational infrastructure(p.115)
- • Large operational portfolio across multiple states(p.170)
- • Strong and established brand backed by parent company legacy(p.174)
- • Exclusive long-term O&M contracts with IWL manufactured turbines(p.169)
- • Experienced management team with deep industry expertise(p.174)
- • Advanced technology implementation via wtSCADA system(p.176)
- • Diverse customer base including IPPs, PSUs and corporates(p.177)
- • Diversified service portfolio in renewable energy sector(p.243)
- • Significant property, plant and equipment base supporting operations(p.236)
- • Established long-term contracts providing revenue visibility(p.266)
- • Established O&M service provider with long-term customer contracts(p.288)
- • Diversified customer base with major customers being reputed parties(p.288)
- • Entire revenue dependent on single promoter company(p.35)
- • Significant outstanding litigation and contingent liabilities(p.39)
- • Contingent liabilities represent 29.79% of net worth(p.40)
- • History of restated losses in recent fiscals(p.43)
- • High debt obligations and financial covenants(p.44)
- • Liability for EPC business obligations post-divestment(p.36)
- • Heavy dependence on related party suppliers and customers(p.35)
- • Dependence on Promoter-provided corporate guarantees for debt facilities(p.49)
- • Multiple subsidiary losses indicating profitability challenges(p.52)
- • Inadequate insurance coverage as percentage of total assets declining(p.50)
- • High reliance on third-party logistics for spare parts and components(p.51)
- • Dependence on Promoter and related party interests creating conflicts(p.49)
- • Significant debt burden and high leverage(p.107)
- • Recent losses and negative profitability(p.115)
- • Negative return on net worth(p.116)
- • High concentration of shareholding with limited public float(p.99)
- • Dependence on parent company for turbine supply and synergies(p.169)
- • Historical losses and operational profitability challenges(p.171)
- • Capital intensive asset base with ongoing expenditure requirements(p.175)
- • Reliance on Inox GFL brand with licensing agreement obligations(p.178)
- • Significant accumulated losses and negative retained earnings(p.269)
- • High debt levels relative to equity(p.236)
- • Dependence on parent company financing(p.276)
- • Concentrated revenue dependency on related parties(p.225)
- • Project execution delays and extended timelines(p.263)
- • High leverage with significant debt obligations relative to equity(p.286)
- • Sustained operating losses from continuing operations(p.285)
- • Significant contingent liabilities from pending legal proceedings(p.284)
- • Substantial outstanding trade payables aged beyond normal terms(p.316)
- • Entire dependence on IWL (promoter) for business(p.382)
- • High financial indebtedness with substantial borrowing obligations(p.384)
- • Multiple pending litigations involving company with material financial exposure(p.389)
- • Significant pending arbitrations with major customers involving substantial claims(p.389)
- • NCLT insolvency petitions filed against company by operational creditors(p.390)
- • Multiple labour compliance issues and pending disputes(p.394)
- • Promoter involved in multiple significant litigations(p.396)
- • Directors face multiple criminal proceedings and cheque dishonour cases(p.395)
- • Growing demand for O&M services due to wind capacity expansion(p.23)
- • India as fast-growing economy with increasing renewable energy focus(p.23)
- • Potential to expand customer base beyond Promoter(p.44)
- • Expansion into new markets and territories(p.48)
- • Securing third-party O&M contracts as developers shift post-warranty(p.48)
- • Expansion of sales network and market presence(p.48)
- • Strong government support for renewable energy capacity expansion(p.137)
- • Large pipeline of wind O&M contracts as existing OEM support ends(p.148)
- • Projected capacity additions of 17-20 GW over next five years(p.157)
- • Power demand growth trajectory supporting renewable sector expansion(p.132)
- • Wind-solar hybrid projects presenting new capacity demand(p.159)
- • Government removal of tariff ceiling supporting project viability(p.159)
- • Expansion to non-IWL turbines and fleet-wide O&M services(p.174)
- • Repowering of aged turbines creating maintenance demand(p.166)
- • Large PSU allocation pipeline reducing counterparty risk(p.159)
- • Predictive maintenance technology creating O&M market growth(p.162)
- • Growing O&M services market with strong CAGR(p.164)
- • Expansion through SECI-awarded wind farm projects (600 MW capacity)(p.263)
- • Growth in renewable energy generation and sale business post-BTA(p.243)
- • Unbilled revenue and forward revenue recognition from long-term contracts(p.267)
- • Capital commitments for SECI wind farm project awards(p.295)
- • Renewable energy sector growth through O&M service expansion(p.288)
- • Decreasing service renewal rates and customer shift to internalization(p.36)
- • Delays, modifications or cancellations in Promoter's order book(p.36)
- • Competition from turbine manufacturers expanding service capabilities(p.36)
- • Demand for wind power dependent on cost compared to other sources(p.40)
- • General demand for electricity dependent on economic growth(p.41)
- • Supply chain disruptions and component price volatility(p.42)
- • COVID-19 pandemic disruption risks ongoing(p.40)
- • Regulatory actions against Promoter/Group Companies affecting O&M services(p.41)
- • Intense competition from existing and new O&M service providers(p.48)
- • Risk of losing customers to competitors offering lower prices or faster service(p.48)
- • Customer risk of internalizing O&M services to reduce dependency(p.49)
- • Opposition to wind energy projects from local communities(p.48)
- • Vulnerability to wind pattern variability and climate change impacts(p.52)
- • Risk of government policy changes reducing wind energy support(p.57)
- • Disruptions from strikes, work stoppages or labor disputes(p.53)
- • Transportation and logistics disruptions affecting operations(p.51)
- • Project execution delays and bottlenecks in wind sector pipeline(p.157)
- • Weak financial health of distribution utilities affecting power offtake(p.144)
- • Low tariff realizations under competitive bidding impacting sector viability(p.148)
- • Rising commodity costs and supply chain disruptions(p.148)
- • Dependence on parent company for capital and strategic direction(p.115)
- • Poor bid response and slow tendering in wind sector(p.158)
- • Geographic concentration limiting site availability and raising costs(p.158)
- • Grid infrastructure constraints delaying project commissioning(p.158)
- • Delayed grid transmission execution extending project timelines(p.159)
- • Payment defaults from state-owned Discoms creating cash flow risk(p.159)
- • High concentration of OEM-linked service providers creating competition(p.178)
- • IPPs internalizing O&M services reducing market demand(p.178)
- • Regulatory and project delays impacting scheduled commissioning(p.263)
- • COVID-19 pandemic impact on operations and asset realizability(p.231)
- • Restrictive covenants limiting dividend and financing flexibility(p.227)
- • Interest rate risk on variable-rate borrowings(p.274)
- • Regulatory and tax disputes in multiple jurisdictions(p.294)
- • High interest rate exposure on significant floating rate debt(p.287)
- • Pending litigation and contractual disputes requiring resolution(p.294)
- • Dependence on renewable energy policy and government regulations(p.382)
- • Potential impact of COVID-19 pandemic on business operations(p.382)
- • Risk of regulatory non-compliance and permit renewal challenges(p.401)
- • Uncertainty regarding power evacuation and transmission connectivity(p.399)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Inox Wind Limited | Promoter/Promoter Group | 93.84% | — |
| Inox Wind Limited | Promoter | [●]% | [●]% |
| Inox Wind Limited | Promoter | 93.84% | [●] |
| Progressive Star Finance Private Limited | Public shareholder (1% or more) | 1.57% | — |
| Inox Wind Limited | Promoter | 93.84% | — |
| Inox Wind Limited | Promoter | 100.00% as at 31 March 2020 | 93.84% as at 30 June 2022 |
| Inox Wind Limited | Holding Company | — | — |
| Inox Wind Limited | Holding Company/Parent | — | — |
| Inox Wind Limited | Promoter/Selling Shareholder | — | — |
| Inox Wind Limited | Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.