Indian wind energy solutions provider Inox Wind caught a positive trend in the Indian stock markets and had a bumper listing following what was seen by many as a highly optimistic Initial Public Offering (IPO).
Inox Wind had offered prospective investors 23.2 million shares to raise about $117 million. It received bids for 431 million shares worth $2.2 billion. The shares were priced at about $5.2 apiece. On 9 April, the shares started trading at the Indian bourses at around $6.45 a piece, touching an intraday high of $7.22 before settling at $7.06 apiece.
Some may not call the 35% jump over offer-price a bumper listing, but looking at its only peer listing at the market, the listing and the stock’s performance was quite remarkable. The only other listed wind energy company on Indian bourses is Suzlon Energy, India’s largest integrated wind energy solutions provider. Shares of Suzlon Energy ended at $0.47 apiece. The highest level the stock has seen in 5 years is around $1.2.
The renewable energy sector has never been high on the radar of domestic investors or large investment houses in India. The bullish trend in the Indian stock markets that has been on for more than a year now has benefitted the Inox Wind which incidentally timed its IPO as well as listing perfectly.
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