Inox Wind debuts at Rs 400, a premium of 23% on NSE
Shares of integrated wind energy company Inox Wind (IWL) surged over 30 per cent in intraday trade after getting listed at Rs 400.
By ET Online |
MUMBAI: Shares of integrated wind energy company Inox Wind (IWL) surged over 30 per cent in intraday trade after getting listed at Rs 400, a premium of Rs 75 or 23 per cent, against issue price of Rs 325 per share.
The stock ended up 10.14 per cent at Rs 438.4 on the NSE on its debut day.
"With an established in-house manufacturing capacity and robust growth outlook, we believe IWL is on a strong growth footing. Though optically the stock is trading at 54x on FY14 PAT, we believe the underlying earnings growth (indicated by 1258 MW of backlog) in FY15E-17E and thrust of the government on renewables will make valuations look attractive," ICICI Direct had said in its IPO report.
The company's Rs 700-crore initial public offer was subscribed over 18 times.
IWL plans to use IPO proceeds for expansion and upgradation of the existing manufacturing facilities.
The stock ended up 10.14 per cent at Rs 438.4 on the NSE on its debut day.
"With an established in-house manufacturing capacity and robust growth outlook, we believe IWL is on a strong growth footing. Though optically the stock is trading at 54x on FY14 PAT, we believe the underlying earnings growth (indicated by 1258 MW of backlog) in FY15E-17E and thrust of the government on renewables will make valuations look attractive," ICICI Direct had said in its IPO report.
The company's Rs 700-crore initial public offer was subscribed over 18 times.
IWL plans to use IPO proceeds for expansion and upgradation of the existing manufacturing facilities.
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