Inox Wind might just have successfully turned the primary market around right before the financial year-end. Following a host of IPOs that received cold responses from investors, the wind-turbine maker’s public issue was subscribed by over 18 times.

At 7 pm, the stock exchanges had reported receiving bids 18.59 times its offer size. The issue of 2.32 crore shares in a price band of ₹315-325 consists of a fresh issue component amounting to ₹700 crore and an offer-for-sale of 1 crore shares by parent company Gujarat Fluorochemicals.

Qualified institutional buyers, particularly foreign investors, were the most interested in the issue, subscribing to over 35 times the portion reserved for them. Subscriptions by retail investors crossed 2.15 times their portion.

Bidding at upper end

Most of the bids came in at the upper end of the price band of ₹325, while 2.29 crore shares were bid in at the cut-off price.

The company will be using the proceeds of the issue (excluding the OFS portion) to fund expansion and upgradation of existing facilities, working capital needs and for investment in subsidiaries to develop power evacuation infrastructure in the project sites.

The book running lead managers to the issue are Axis Capital, BofA Merrill Lynch, Edelweiss Financial Services and YES Bank.

Besides, the company has allocated 94.25 lakh shares worth ₹306 crore to anchor investors, taking the total issue size to ₹1,000 crore. The anchor investors include Goldman Sachs India Fund, Swiss Finance Corp (Mauritius), Sundaram Mutual Fund and IDFC Infrastructure Fund.

Hit amid failures

Last week, the public issue of Adlabs Entertainment sailed through after it had extended the subscription window by three days and reduced the price band.

Similarly, the IPO of cable TV service provider Ortel Communications was forced to cut the size of the offer-for-sale on the last day of the issue to make the offer successful. The stock which got listed on Thursday at ₹160.05 against the issue price of ₹181, tumbled 5 per cent to ₹163.4 from ₹171.95 on the BSE.