March 13 (SeeNews) - Indian wind turbine maker Inox Wind Ltd plans to launch its initial public offering (IPO) on March 18 with the goal of raising up to INR 7 billion (USD 111.7m/EUR 105.4m) for capacity expansion.
The offering, with a price band set at INR 315-325 per share, will run through March 20. Inox Wind’s promoter Gujarat Fluorochemicals Ltd (BOM:500173) will seek to raise an additional INR 3 billion by selling Inox shares held by it. Inox is to list on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
The company intends to use the fresh funds to upgrade existing factories, to meet long-term working capital requirements and to invest in its unit Inox Wind Infrastructure Services, Gujarat Fluorochemicals’ director Deepak Asher told reporters on Wednesday, as quoted by the Press Trust of India (PTI).
Inox is constructing a wind turbine production complex in Madhya Pradesh to manufacture 800 MW of nacelles, 800 MW of hubs and blades and just as much towers per year. The firm currently operates a factory for blades and tubular towers in Gujarat and a production facility for hubs and nacelles in Himachal Pradesh.
In December 2014, Inox Wind’s order book reached 1,258 MW. This includes contracts with Green Infra, Tata Power's renewables arm, Welspun Energy and other sector players.
(INR 10 = USD 0.160/EUR 0.151)