Inox Green Energy Services Ltd. has opened a qualified institutional placement (QIP) to raise ₹300 crore, with an option to upsize the issue to ₹400 crore, according to sources. The indicative issue price has been set at ₹165.65 per share, representing a 5.15% discount to the current market price. The Securities and Exchange Board of India floor price is set at ₹174.36 per share, as reported by sources. The QIP opened on Thursday, September 24, after the company's board of directors approved the issue opening, with the floor price formula derived based on the pricing formula prescribed under SEBI ICDR Regulations.
The QIP comes with a 60-day lock-in period for the company and its promoter, according to the sources. Emkay Global Financial Services is acting as the banker to the deal. The structure allows for flexibility in fundraising, with the company having the option to increase the issue size by ₹100 crore if market conditions permit. The company may offer a discount of not more than 5% on the floor price calculated for the issue, as stated in the firm's BSE filing.
Inox Green Energy shares surged during Friday's trading session, rising 0.86% to ₹175.75 per share on BSE with a market capitalisation of ₹7,056.22 crore. The stock dipped to an intraday low of ₹172 per share but demonstrated strong long-term performance with a 25.65% surge in six months and 183.33% growth in three years. The qualified institutional placement represents a strategic fundraising initiative for Inox Green Energy Services, positioning the company to access institutional investor capital at a discounted rate while maintaining attractive terms for institutional participants.
The Inox Green Energy QIP announcement coincided with Wheels India's ₹250 crore fundraise through QIP, which opened with a floor price of ₹2,197.10 per share and also offers a 5% discount option. Both companies are offering similar discount structures and have seen positive market reactions, with Wheels India shares rising 2.44% to ₹2,238.60 per share during Friday's trading session. The dual QIP announcements highlight the active fundraising environment in the current market, with both companies successfully attracting institutional investor interest.
