Shares of Inox Green Energy Services, a subsidiary of Inox Wind, made a tepid market debut on Wednesday and ended with a discount of 9 per cent against the issue price of Rs 65.
The stock listed at Rs 60.50, a fall of 6.92 per cent from the issue price on the BSE. During the day, it tumbled 10 per cent to Rs 58.50. Shares of the firm ended at Rs 59.10, a decline of 9 per cent.
On the NSE, the stock of the firm made its debut at Rs 60, a discount of 7.69 per cent. It closed at Rs 59.25, lower by 8.84 per cent.
The company commanded a market valuation of Rs 1,725.36 crore on the BSE.
In traded volume terms, 34 lakh shares of the company were traded at the BSE and 4 crore shares at the NSE during the day.
The initial share sale of Inox Green Energy Services received 1.55 times the subscription.
The IPO had a fresh issue of up to Rs 370 crore and an offer-for-sale of up to Rs 370 crore.
The price range for the IPO was Rs 61-65 a share.
Inox Green is engaged in the business of providing long-term operation and maintenance (O&M) services for wind farm projects, specifically for wind turbine generators and common infrastructure facilities on wind farms.