March 25, 2023


Inox Green’s IPO was subscribed 85 percent till the second day.
Retail investors have placed bids for 2.93 times of their allotted quota.
Its shares are trading at GMP (Grey Market Premium) of Rs 5 in the gray market.

New Delhi. The public issue of Inox Green Energy Services has received bids for 5.7 crore shares against the total of 6.67 crore shares till the second day today. That means by the second day it has been subscribed 85 percent.

Even today, the number of investors who bid in retail remained the highest. Retail investors have placed bids for 2.93 times of their allotted quota. The portion set aside for non-institutional investors and qualified institutional buyers has received 23 per cent and 47 per cent subscription.

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What is gray market premium
According to a Moneycontrol report, its shares are trading at a GMP (grey market premium) of Rs 5 in the gray market. This means that it can open Rs 5 above its issue price. Remember that today’s grey-market premium may be lower or higher tomorrow. Hence, experts always recommend avoiding relying on grey-market premium.

What do experts say
According to the same report, according to Abhishek Jain, an analyst at Arinhat Capital, Inox Green has a 7 per cent stake in wind power operation and maintenance (O&M) and has better opportunities for inorganic growth through acquisition of inactive players. O&M contracts are for a longer period, which indicates that it will prove to be good in the long term. In such a situation, Abhishek Jain has given subscribe rating to this issue.

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According to Reliance Securities analyst Arafat Syed, the company has incurred losses in the last two financial years, but the government is emphasizing on green energy. This can improve the growth of the company. According to Syed, the portfolio base of the company is strong and diversified. Track record is also good. Apart from this, the national policy is also in favor of the company. Despite all this, Syed finds this IPO expensive according to the current financial condition of the company.

Tags: business news, Business news in hindi, IPO, share market, stock market

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