Inox Green Energy IPO: Key Dates, Price Band 2022
Inox Green Energy Services Ltd
INOXGREEN
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What the issue was and why investors tracked it
Inox Green Energy Services Limited (INOXGREEN) came to the market with a 100% book-built IPO and a price band of ₹61 to ₹65 per share. The offer opened on 11 November 2022 and closed on 15 November 2022, with bidding available from 10:00 a.m. to 5:00 p.m. on market days. The issue drew attention because it combined a primary fundraise with an offer for sale, while also being a renewable-energy services play. By the close of bidding, the IPO was subscribed 1.55 times, with retail interest standing out versus other categories.
IPO structure: fresh issue and offer for sale
The IPO size was reported as ₹740.00 crore, which equals INR 7,400 million in total issue size. The structure included a fresh issue of up to INR 3,700 million and an offer for sale of up to INR 3,700 million, with a reference to anchor allocation of 5,12,30,769 equity shares. The face value was ₹10 per share and the tick size was Re 1. Since the issue was book-built, investors placed bids within the stated band, and the cut-off option was available for retail bidders.
Key terms for retail and other categories
The market lot was 230 equity shares, and bids had to be in multiples of 230 shares. For retail investors, the maximum subscription amount mentioned was ₹2,00,000 (INR 0.20 million). At cut-off levels, the application amount for one lot was stated as ₹14,950 (INR 0.01495 million). The data also noted that retail investors could apply up to 13 lots, or 2,990 shares, translating to ₹194,350 (INR 0.19435 million).
UPI mandate cut-off: what changed and what to remember
The cut-off time for UPI mandate confirmation was highlighted as 15 November 2022 up to 5:00 PM. The text explicitly notes that the new cut-off time for UPI mandate acceptance is 05:00 PM on the last day of IPO bidding. It also states that bids with confirmed status of mandate amount blocked (RC100) would be treated as valid applications, and investors were advised to submit UPI applications well in advance to avoid last-minute technical constraints.
Subscription data: overall 1.55x, retail led
By 15 November 2022 (as on 07:00:00 PM), the IPO was subscribed 1.55 times overall. Category-wise subscription figures were:
- QIB (Qualified Institutional Buyers): 1.05x
- NII (Non-Institutional Investors): 0.47x
- RII (Retail Individual Investors): 4.70x
This split matters because it shows the book was supported more strongly by retail demand than by the NII segment, while QIB subscription was just over fully covered.
Allotment, refunds, and listing schedule
The important dates shared across the provided material consistently point to:
- IPO open date: 11 November 2022
- IPO close date: 15 November 2022
- Allotment date: 18 November 2022
- Initiation of refunds: 21 November 2022
- Credit of shares to demat account: 22 November 2022
- IPO listing date: 23 November 2022
The listing venue was stated as BSE and NSE. The UPI mandate expiry date was marked “to be announced” in the dates table.
Where to check allotment status: BSE and Link Intime
Investors were pointed to two primary routes to check allotment status once the registrar publishes the data.
- BSE website
- Visit: https://www.bseindia.com/investors/appli_check.aspx
- Select Issue Type as Equity
- Choose Inox Green Energy Services Limited under Issue Name
- Enter application number and/or PAN (the material notes BSE modified requirements and one parameter may be sufficient)
- Registrar website (Link Intime India Private Limited)
- Visit: https://linkintime.co.in/MIPO/ipoallotment.html
- Select the company from the dropdown after the allotment status is activated
- Search using PAN, application number, or DPID-Client ID
How to apply: ASBA and UPI routes
The material describes two standard application paths. First is ASBA via bank net-banking, where the application amount remains blocked until the basis of allotment is finalised. Second is UPI-based bidding via a broker or trading app, where the investor must accept the UPI mandate for the block to be confirmed. The note on the 5:00 PM cut-off reinforces that mandate acceptance timing can affect application validity on the final day.
Listing outcome and later market reference
The IPO listed at ₹59.10 against the offer price of ₹65.00, as per the text provided. Separately, a “current market price” was stated as ₹146.79 for Inox Green Energy Services.
2026 capital structure update: warrant conversion allotment
A later corporate update in the material states that on 28 January 2026, the company allotted 1,98,90,000 equity shares (19.89 million shares) at ₹145 per share, upon conversion of convertible warrants. The issue price included a premium of ₹135 per share, with a face value of ₹10 per share. The update also states that this increased paid-up capital from ₹381,60,20,450 (INR 3,816.02045 million) to ₹401,49,20,450 (INR 4,014.92045 million). It further notes that the remaining 76,96,206 warrants were cancelled with forfeiture of upfront payments, leaving no outstanding warrants.
Key facts table
Registrar contact details shared in the material
The registrar was listed as Link Intime India Private Limited with the address: C 101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai 400 083, Maharashtra, India. The contact details provided included: Shanti Gopalkrishnan, +91 22 4918 6200, +91-8108114949; igesl.ipo@linkintime.co.in.
Conclusion
Inox Green Energy Services’ IPO combined a ₹61-65 price band with a 230-share lot size, closing with 1.55x overall subscription led by retail participation. Investors were directed to BSE and Link Intime for allotment status around 18 November 2022, with listing expected on 23 November 2022. Separately, the January 2026 warrant conversion and equity allotment at ₹145 per share marked a significant post-IPO capital structure change, as recorded in the company’s update.
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