Inox Green Energy Services, a subsidiary of Inox Wind, plans to introduce its Initial Public Offering (IPO) by October 2022, raising Rs 740 crore to fund its expansion plans. Initially, the company will aim at the Indian market, then in the overseas market after establishing itself in this country, CEO of Inox Wind, Kailash Lal Tarachandani, told PTI.

Speaking to reporters in Rajmol, Gujarat, Tarachandani said that the company plans to launch its IPO “in the next 30 to 45 days”. In February 2022, the company filed the Draft Red Herring Prospectus (DRHP) for its proposed IPO with the regulator SEBI. However, the draft offer documents for the IPO were withdrawn in late April without disclosing any reason.

As per the latest DRHP filed on June 17, the Rs 740-crore IPO will comprise equity shares fresh issuance worth Rs 370 crore and an offer-for-sale of equity stocks combined to Rs 370 crore by promoter Inox Wind. Elaborating on the company’s business plans, Tarachandani said: “There already seems enough opportunity. India has remained reliable in the last few years, having a positive growth story. Looking from that perspective, we have been quite busy. I see there itself is a huge potential.”

At present, Inox Green Energy Services is witnessing a 30-40% growth yearly. “Today, for Inox Green Services, the volume is close to Rs 160 crore, will be touching Rs 400-500 crore in the next 3-4 years,” the CEO said. Inox Green Energy Services is betrothed in the business of providing long-term Operation and Maintenance (O&M) services for wind farm projects, specifically focusing on Wind Turbine Generators (WTGs) and the common infrastructure facilities on the wind farm, supporting the emigration of power from such WTGs.