IPO: Inox Wind

Face Value: Rs. 10 Per Equity Share
Issue Price: Rs. 315 - Rs. 325 Per Equity Share
Market Lot: 45 Shares
Issue Open: Mar 18, 2015 - Mar 20, 2015
Issue Type: 100% Book Built Issue IPO
Issue Size: Equity Shares of Rs. 10
Issue Size: Rs. 700.00 Crore

Minimum Order Quantity: 45 Shares
Retail investors will get shares at a discount of 5 percent (Rs 15 per share) to the final issue price.

The Inox Group is a $2 billion, professionally managed business group with diverse business interests including industrial gases, refrigerants, chemicals, engineering plastics, cryogenic engineering, renewable energy and entertainment. The Inox Group includes two listed companies (Gujarat Fluorochemicals Limited and Inox Leisure Limited) and a joint venture (Inox Air Products Limited) with a global giant, a Fortune 500 company Air Products & Chemicals Inc. The Inox group employs more than 8000 people at more than 100 business units across India, with the distribution network spread across more than 50 countries around the world.
Inoxs WTGs are based on AMSC technology, which has an aggregate capacity of more than 15,000 MW operating successfully. Inoxs WTG are equipped with DFIG technology which is one of the most advanced technologies being used globally. The swept area per MW is also one of the highest which we believe makes the WTG suitable for low windy sites and climatic conditions such as those prevalent in India.
With the renewable energy boom in the making the company is well placed with a sturdy order book and robust balance sheet. The company has maintained EBIDTA of in the range of 12 to 18% and consolidated revenue grew at 58% from FY 12 to FY14 period. Earning grew at 15% CAGR for the same period.
Company has plans to expand its capacity from current 800 MW to 1600 MW in a year.
The revenue is expected to double in FY16E. We expect PAT to grow at 20% YoY.
Hence we give a buy on this IPO eying to future .