Inox Wind IPO subscribed 18 times

The Rs 1,000-crore public issue of Inox Wind saw 18 times more demand than the shares on offer. The Gujarat Fluorochemicals-promoted wind energy solutions company's offering of 23.2 million shares got bids worth nearly Rs 14,000 crore.

This is the biggest IPO in India since June 2013, when Just Dial had launched its public offer to raise Rs 916 crore.

According to market analysts, the company's IPO saw huge demand from investors as Prime Minister Narendra Modi-led government is keen on tapping renewable sources to bridge energy deficit in the country. The price band for the integrated wind energy firm's initial share sale has been fixed at Rs 315-325 apiece.

Inox Wind had earlier announced that it would allocate a little over 94.25 lakh shares for Rs 306 crore [out of Rs.1000 crores to be raised] to anchor investors including Goldman Sachs India Fund, Swiss Finance Corp (Mauritius) and IDFC Infrastructure Fund.

Axis Capital, DSP Merrill Lynch Limited & Edelweiss Financial Services and YES Bank were the advisors of the IPO of Inox Wind.