To generate Rs 740 crore to support its expansion goals, Inox Green Energy Services, a division of Inox Wind, intends to launch its initial public offering (IPO) by October of this year.
Inox Wind Chief Executive Officer (CEO) Kailash Lal Tarachandani told PTI that the company will initially concentrate on the Indian market before looking to expand abroad.
During a visit to the company's plant in Rajmol, Gujarat, Tarachandani told reporters that the company intends to start its initial public offering "in the next 30 to 45 days." The second time Inox Green Energy Services has tried going public. The business submitted the Draft Red Herring Prospectus (DRHP) to market regulator Sebi in February in preparation for its planned IPO. But in late April, the proposed IPO offer materials were withdrawn without providing an explanation.
The Rs 740 crore IPO will consist of fresh issuance of equity shares worth Rs 370 crore and an offer-for-sale of equity stocks by promoter Inox Wind totalling Rs 370 crore, according to the most recent DRHP filed on June 17. Tarachandani provided more details on the company's business plans "There is already plenty of chance. India has demonstrated consistency in recent years and has a promising economic trajectory. That being said, we have been pretty active. I can tell that the potential is enormous."
Tarachandani said when asked about the company's expansion plans: "I'm not discounting the international market. New markets are being created in South East Asia, the Gulf, and several African nations. After we have established and attained a certain level within this country, I would say that are (would be focus areas) a few years from now."
Inox Green Energy Services currently has an annual growth of 30% to 40%. The CEO stated that the volume for Inox Green Services is currently close to Rs 160 crore and would reach Rs 400–500 crore in the following three to four years.
Inox Green Energy Services is engaged in the business of providing long-term operation and maintenance (O&M) services for wind farm projects, specifically for Wind Turbine Generators (WTGs) and the common infrastructure facilities on the wind farm, which support the evacuation of power from such WTGs.