The public issue of Inox Green Energy Services Ltd opens for subscription today. The company has fixed the price band for its ₹740-crore initial public offering (IPO) at ₹61-65 a share. The minimum lot size for bidding will be 230 equity shares and in multiples thereof.

The company has reserved 75 per cent of the offer for qualified institutional buyers, 15 per cent for high net worth individuals, and the rest 10 per cent for retail investors..

The offer will close on November 15, a regulatory filing by Inox Wind said.

The issue comprises fresh issuance of equity shares worth ₹370 crore and an offer-for-sale (OFS) of equity stocks aggregating to ₹370 crore by the promoter Inox Wind.

Marqee investors

On Thursday, the company raised ₹333 crore from 27 anchor investors by deciding to allot 5.12 crore equity shares at ₹65 per share. Marquee investors participated in the anchor book indcluded Volrado Ventures, Morgan Stanley, Nomura, Authum Investment, Saint Capital Fund, Eriska Investment Fund, Cohesion MK Best Ideas, Coeus Global Opportunities Fund, Citigroup, Dovetail India Fund, AG Dynamic, ICICI Prudential, HDFC Trustee, Aditya Birla Sun Life, Edelweiss, and JM Financial.

Utility of funds

Inox Green is engaged in Operation and Maintenance (O&M) services for wind farm projects, specifically for wind turbine generators and common infrastructure facilities on wind farms.

The company will use the proceeds for repayment and/or pre-payment of borrowings, including redemption of non-convertible debentures in full and general corporate purposes.