Inox Wind set for IPO; gets SEBI approval

INOX WIND

Inox Wind, the wind turbine manufacturers has got approval for floating its IPO from capital market regulator SEBI, reported VCCIRCLE.

Inox Wind had applied just over a year ago and is the first firm to get nod from new ministry for a public float. Inox Wind will raise around Rs 1,000 crore by this fiscal.

This is Inox Group’s third entity to get listed and will dilute only a minority stake in this public offer. Inox Wind are providers of wind power solutions since 2010. Inox Leisure, is other publicly held company under this Group.

Inox Wind will raise Rs 550 crore through fresh issue of shares besides offer for sale by promoters. Half of this was meant for securing capital requirement and the rest was to spruce up manufacturing capability and invest in subsidiary firm involved in turnkey solution provider.

Axis Capital, Bank of America Merrill Lynch, Edelweiss and Yes Bank are the managers to the public offer, reported the agency.

By March 31, 2013 it had revenues of Rs 1,064 crore with net profit of Rs 150 crore. The firm has a factory in Gujarat and Himachal Pradesh.

Inox has a capacity of 800 MW for hub and 600 MW for turbines. It bagged a Rs 900 crore order for 170 MW wind power project at Madhya Pradesh recently, taking the total order position to 700 MW.

It aims to execute projects worth 500 MW which will add up to Rs 3,000 crores revenue by FY15, added the report.

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