Inox Wind subsidiary Inox Green Energy Services (IGESL) made its bourse debut on Wednesday with its shares listed at Rs 60 per share, 8% below its issue price of Rs 65 per share on the National Stock Exchange. Shares of Inox GFL Group opened at Rs 60.50 on the BSE.

After listing, the stock touched a low of Rs 59.55 on the NSE and BSE. At 10:02 am, it was trading at Rs 61.60, down 5% from its issue price. As of the time of writing, a total of 11.2 million shares changed hands over the counters of the NSE and BSE.

IGESL is one of the major wind power operation and maintenance (O&M) service providers in India. The company is engaged in providing long-term operation and maintenance services for wind farm projects, specifically providing operation and maintenance services for wind turbines (WTGs) and wind farm public infrastructure and supporting power evacuation of wind farm projects.

The company’s Rs 740 crore initial public offering (IPO) was 1.55 times subscribed on the back of good demand from retail investors. The individual retail investor (RII) category subscribed 4.7 times, the qualified institutional buyer (QIB) segment subscribed 1.05 times, and the non-institutional investor category subscribed 47%.

Debut parent company Inox Wind has entered into binding contracts to supply wind turbines with a capacity of 2 MW, for a total capacity of 964 MW by June 30, 2022. Additionally, it has received non-binding letters of intent. It thus may not result in any form of a binding contract for its new 3.3 MW capacity wind turbine fleet totalling 524.7 MW.

In addition, its O&M services portfolio includes 2,792 MW of wind farm capacity and 1,396 wind turbines. During the FY20-22 period, IGESL’s revenue CAGR, EBITDA and PAT grew by 2.1%, 8.8% and 246.4%, respectively.