Gray market indicates muted quote

Even though Inox Green’s IPO was oversubscribed, dealers say the company has failed to attract gray market interest. Here’s why the company can do a muted list

Inox Green Energy Services’ initial public offering (IPO) was oversubscribed and as investors await the share allocation on Friday, gray market trends suggest a lackluster secondary market listing for the company’s shares.

The initial sale of shares in subsidiary Inox Wind garnered 1.55 times subscription on the last day of the offering on Tuesday. Investors bid for 10.37 crores of shares against 6.67 crores of shares on offer, according to NSE data.

While the Retail Individual Investors (RII) portion of the Inox Green IPO was subscribed 4.70 times, the Qualified Institutional Buyers (QIB) quota received 1.05 times the subscription and non-institutional investors 47%. The company raised Rs 333 crore from anchor investors.

However, dealers say the company has failed to tap into the gray market.

Dinesh Gupta, co-founder of UnlistedZone, a company that trades in unlisted securities, told, “We don’t think there would be any point in going public because the company is in losses and the wind industry as a whole is not the favor of the market.


He also pointed out that the parent company Inox Wind, from which Inox Green takes 100% of its projects, is also struggling on the stock markets. So the listing will likely be a discount listing, he said.

Inox Green IPO, whose price range was set at Rs 61-65 per share, was a new issue of up to Rs 370 crore and a sell offer of up to Rs 370 crore. Proceeds from the new issue will be used for debt payment and general corporate purposes.

The stock is expected to be listed on the stock exchanges – BSE and NSE – on November 23. This is the second time that Inox Green Energy Services has attempted to go public.

How to check the allocation status of Inox Green IPO shares

Investors can check the status online using their PAN details. Follow these steps:

–Connection to the BSE website (

–Select Five Star Business Finance IPO and enter your application number

–Enter PAN details and click submit button

–You can see the Inox Green IPO award status on the screen

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