Inox Wind marks splendid debut; shares soar 35.5%

Mumbai: Integrated wind energy firm Inox Wind made a splendid debut on the bourses Thursday, surging by 35.5 percent over the issue price of Rs 325 a share.

The stock listed at Rs 400, against the issue price, reflecting a gain of 23 percent on the BSE.

On the NSE, Inox Wind ended with a sharp gain of 35.55 percent at Rs 440.55 apiece.

On the BSE, it touched a high of Rs 447.80 and a low of Rs 399.15 during the trade. At close, it settled at Rs 438, up 34.76 percent.

Inox Wind commands a market valuation of Rs 9,720 crore.

On the volume front, 113 lakh shares of the company changed hands at the BSE and over 3 crore shares were traded at the NSE during the day.

"The company had received a good subscription to its IPO. Also, pricing of the issue was done correctly. All this led to strong buying in the stock," said Paras Bothra, VP, Equity Research, Ashika Stock Broking Ltd.

The company's Rs 700-crore initial public offer, which ended on March 20, was over-subscribed 18 times. The company fixed the issue price for the IPO at the upper end of the price band at Rs 325 a share.

Inox Wind's public issue is the biggest IPO since June 2013, when Just Dial had launched its public offer to raise Rs 916 crore.

The price band for the integrated wind energy firm's initial share sale was Rs 315-325 apiece.

The company had allocated shares worth Rs 306 crore to anchor investors, taking the total issue size to over Rs 1,000 crore.

Inox has a strong order book worth 1,258 MW as of December 31, 2014, as per the company's website.

A strong broader market also supported the rally in the stock. The benchmark Sensex ended the day with a gain of 177.46 points at 28,885.21.