Inox Wind plans Rs 1,000 crore initial public offering
The initial public offering (IPO) of wind power solutions provider Inox Wind is set to hit the market soon, according to sources in the investment banking industry. “The company’s pre-IPO preparations are done and a number of institutional investors have showed readiness to come in as anchor investors,” said a person with direct knowledge of the developments, on condition of anonymity.
“The company will be valued around Rs 7,500 crore at the time of IPO” The company’s IPO will be around Rs 1,000 crore consisting of approximately Rs 700 crore by way of fresh issue of equity shares, and its promoter Gujarat Fluorochemicals selling Rs 300 crore worth of shares.
The company is 75% owned by Gujarat Flourochemicals while the remaining 25% is with the Jain family, promoters of the Inox Group. Inox Wind posted revenues of Rs 1,780 crore and a net profit of Rs 179 crore for the 9-month period ended December 2014. The company sold 380 MW of Wind Turbine Generators (WTGs) in the 9-month period ended December 2014, while it carries,1258 MW of order-book. Inox Wind also has “access to windsites —including project sites and wind sites under acquisition — for installing atleast 4,052MW of capacity as of December 31, 2014,” mentioned GFL’s presentation for the Dec ’14 quarterly results.
Axis Capital, DSP Merrill Lynch, Edelweiss and Yes Bank are working as merchant bankers for the IPO. E-mailed queries to them went unanswered. Company officials too refused to comment on the issue.