Inox Wind's IPO lures USD 2.25bn in bids

Wind farm in India. Author: Yahoo. License: Creative Commons, Attribution 2.0 Generic

March 23 (SeeNews) - The initial public offering (IPO) of Indian wind turbine manufacturer Inox Wind Ltd, closed on Friday, was subscribed about 18.6 times, receiving bids for almost INR 140 billion (USD 2.25bn/EUR 2.08bn).

The company initially offered 23.2 million shares worth a total of INR 7.37 billion, but received bids for some 431 million shares.

The wind turbine maker launched its IPO on March 18 with a price band set at INR 315-325 per share. The firm’s promoter Gujarat Fluorochemicals Ltd (BOM:500173) hoped to raise an additional INR 3 billion by selling Inox shares held by it.

Inox Wind 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, meet long-term working capital requirements and 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).

(INR 10 = USD 0.160/EUR 0.149)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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