The initial public offering (IPO) of Inox Green Energy Services (IGESL) will open for subscription on Friday, November 11. The company will sell its shares at Rs 61-65 per share.

Founded in 2012, Inox Green Energy Services is one of India’s leading wind power operation and maintenance (O&M) service providers.

The company aims to raise Rs 740 crore through an initial offering, which includes the issuance of new shares worth Rs 370 crore at a par value of Rs 10 each. Its parent company Inox Wind will sell shares worth Rs 370 crore through a sale offer.

The Anchor Book will open on Thursday, November 10. Investors can bid as low as 230 shares and multiples. This issue will be closed for subscription on Tuesday, November 15.

Net proceeds from this offering will be used to repay and/or prepay certain borrowings for corporate use, including redemption of non-convertible bonds and general corporate purposes.

The company has been engaged in wind farm projects for a long time, especially wind turbine operation and maintenance services.

The company is a subsidiary of Inox Wind with operations in Gujarat, Rajasthan, Maharashtra, Madhya Pradesh, Karnataka, Andhra Pradesh, Kerala and Tamil Nadu.

For the year ended March 31, 2022, the company reported a net loss of Rs 4.95 crore on total revenue of Rs 190.23 crore. The company reported a loss of Rs 11.58 crore on revenue of Rs 63.13 crore for the period that ended June 30.

The company offers qualified institutional buyers a fixed 75% share, while non-institutional buyers receive a 15% share. The remaining 10% will be allocated to retail bidders.

Edelweiss Financial Services, DAM Capital Advisors, Equirus Capital, IDBI Capital Market Services and Systematix Corporate Services are the administrators of the offering, while Link Intime India has been appointed as the registrar for the offering.