Inox Wind opened 4% higher today at Rs.150.75, rising further by 7.5% to an intraday high at Rs.156.20, which is not too far from its 52-week high of Rs.160.40.
The stock is up after the CEO told the Press that the company’s subsidiary, Inox Green Energy Services, in the next 30-45 days is planning to come out with its IPO.
The IPO plans to raise Rs.740 crore to fund its expansion plans.
The company has filed a DRHOP with SEBI in February but withdrew the documents in April, without stating any reason.
The company is engaged in the business of providing long-term operation and maintenance (O&M) services for wind farm projects, specifically for Wind Turbine Generators (WTGs) and the common infrastructure facilities on the wind farm.