Indian turbine maker Inox Wind is planning an initial public offering of its shares to raise a minimum of Rupees 700 crores (US$113 million).
“Tthe total issue size will be decided only after the valuation,” Devansh Jain, director of Inox Wind was quoted as saying to the Times of India. Gujarat Fluorochemicals has a 75% stake in Inox Wind, with the rest held by the Jain family. Inox Group, the parent of Inox Wind, has appointed Bank of America Merrill Lynch, YES Bank, Axis Bank and Edelweiss and has started road shows for the IPO.