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Inox Wind makes stock market debut in India

Published 10 April 2015

India-based wind turbine manufacturer Inox Wind has made a strong debut on the Bombay Stock Exchange on 9 April.

The company closed nearly 35% above issue price on its first day, after opening at INR400 ($6) against the issue price of INR325 ($5), which is around 35% higher than the initial public offer (IPO) price.

Inox Group raised INR7bn ($112m) in the recent IPO, besides an offer for sale worth INR3.2bn ($51m) from the promoter.

The company allotted more than 9.42 million shares for INR3bn ($48m) to anchor investors including Goldman Sachs India Fund, Swiss Finance Indus India Fund, IDFC Infrastructure Fund and Sundaram Mutual Fund A/C Sundaram Equity Multiplier, Livemint.com reported.

The share sale was advised by Bank of America Merrill Lynch, Yes Bank, Axis Capital Holdings and Edelweiss Financial Services.

The Gujarat Fluorochemicals subsidiary manufactures wind turbine generators (WTG) and supplies turnkey solutions to wind power generator.

Around 190 WTGs were sold by the company in the nine months ended December 2014, compared with 60 in the year ended March 2012.

With focus on renewable energy, the Indian Government has released a budget that doubled the coal cess for a clean energy fund, emphasising on achieving the 175,000MW target for clean energy installations by 2022.