Inox Clean Energy confidentially pre-files for India IPO

Inox Clean Energy confidentially pre-files for India IPO

Inox Green Energy Services, a subsidiary of Inox Wind, has confidentially pre-filed for an initial public offering (IPO) in India. The company, which operates in the renewable energy sector, is seeking to raise ₹7.4 billion (~$94.75 million) through the IPO [1].

The IPO comprises a fresh issuance of equity shares worth ₹3.7 billion (~$47.37 million) and an offer-for-sale of equity stocks aggregating to ₹3.7 billion (~$47.37 million) by the promoter Inox Wind. The face value of the equity shares is ₹10 each (~$0.13), and the shares are proposed to be listed on both the Bombay and National Stock Exchanges. The company may consider a pre-IPO placement, which could potentially reduce the fresh issue size [1].

Inox Wind, the parent company of Inox Green Energy Services, has a strong order book and is well-positioned to benefit from India's growing wind energy market. The company has received a lot of attention from major investment firms due to its confirmed orders and supportive government policies. Motilal Oswal, an investment firm, has given Inox Wind a "Buy" rating with a target price of ₹210, suggesting a potential 21% gain from current levels [3].

ICICI Prudential Asset Management, another major player in the Indian asset management industry, has also filed a draft prospectus for an IPO. The IPO is a pure offer for sale (OFS) of 1.76 crore equity shares by Prudential Corporation Holdings, representing up to 10% of the equity share capital of the company. The IPO is expected to raise up to ₹10,000 crore (approximately $1.2 billion), valuing the asset manager at around $12 billion [4].

The IPO filings by both Inox Green Energy Services and ICICI Prudential Asset Management reflect the growing interest in the Indian capital markets and the potential for significant fundraising. These IPOs are expected to provide liquidity to the companies and their shareholders, as well as to attract new investors [1, 4].

References:
[1] https://mercomindia.com/inox-green-energy-files-fresh-draft-papers-for-74-billion-ipo
[2] https://insuranceasia.com/insurance/news/prudential-announces-icici-asset-manager-ipo-filing-in-india
[3] https://renewableaffairs.com/news/motilal-oswal-sees-21%25-upside-potential-in-inox-wind/
[4] https://www.fortuneindia.com/markets/ipo/icici-prudential-amc-files-for-10000-cr-ipo-prudential-to-sell-10-stake/124720