Inox Green Energy Services IPO
Inox Green Energy Services Limited (INOXGREEN) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 23 November 2022.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain -1.2% (likely range -13% to +1%), day's high +7.0%, chance of a gain 3%. Actual: -7.7% at the open, -1.5% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 3,63,93,442 | 3,81,13,530 | 1.05x | |
| NII (HNI) total | 1,81,96,721 | 86,20,400 | 0.47x | |
| Big NII (above ₹10 lakh) | 1,21,31,147 | 47,40,990 | 0.39x | |
| Small NII (₹2-10 lakh) | 60,65,574 | 38,79,410 | 0.64x | |
| Retail | 1,21,31,147 | 5,70,05,960 | 4.70x | |
| Total | 6,67,21,310 | 10,37,39,890 | 1.55x |
Bids on NSE and BSE together, as published by NSE, as of 15 Nov 2022, 07:00 PM. Shares offered exclude the anchor portion. 48% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Inox Green Energy Services's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Rail Vikas NigamApr 2019 | 1.36x | 0.80x | 2.93x | 1.83x | ₹842 Cr | 0.0% | +4.2% |
| Tejas NetworksJun 2017 | 2.16x | 0.48x | 3.10x | 1.88x | ₹803 Cr | 0.0% | +5.6% |
| Tracxn TechnologiesOct 2022 | 1.66x | 0.80x | 4.87x | 2.01x | ₹309 Cr | +5.6% | +25.0% |
| Bharat Road NetworkSep 2017 | 1.33x | 1.63x | 5.69x | 1.81x | ₹1,276 Cr | 0.0% | +6.8% |
| Suryoday Small Finance BankMar 2021 | 2.18x | 1.31x | 3.09x | 2.37x | ₹582 Cr | -4.3% | -2.8% |
| Khadim IndiaNov 2017 | 2.44x | 0.18x | 2.33x | 1.90x | ₹544 Cr | -2.7% | -1.4% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| DAM Capital Advisors | 37 | +13.6% | 59% |
| Equirus Capital | 34 | +21.3% | 74% |
| IDBI Capital Markets & Securities | 7 | +19.1% | 43% |
| Systematix Corporate Services | 11 | +11.4% | 45% |
Offer documents (NSE)
Frequently asked
What is the Inox Green Energy Services IPO price band and lot size? ₹61.0–65.0 per share, with a lot of 230 shares, so the smallest retail bid is ₹14,950.
How many times has it been subscribed? 1.55x overall: QIB 1.05x, NII 0.47x, retail 4.70x.
How did it list? It opened at ₹60.0, -7.7% against the issue price of ₹65.0, and closed its first day -9.1%.
