Shares in Inox Wind – which has raised 7bn rupees ($112m) through its IPO to fund its ambitions in India’s wind market – ended their first day at 438 rupees in Mumbai.
The shares began trading at 400 rupees against an issue price of 325 rupees, and hit a day-high of 447 rupees.
Inox Wind's IPO was 18 times oversubscribed, with analysts pointing to the momentum behind India’s renewable energy sector under Prime Minister Narendra Modi.
Anchor investors in the IPO included a fund controlled by Goldman Sachs.
Inox Wind will use the funds raised in the IPO to help pay for a doubling of production capacity to 1.6GW, director Devansh Jain told Recharge before the listing.
The company is building what Jain says is one of Asia’s largest integrated wind turbine production plants in the state of Madhya Pradesh.
Construction of the plant – which includes capacity for nacelle assembly, blades and towers – is already “in full swing”, with commissioning due in phases until the end of this year.
That capacity will support a planned-for increase in sales to about 1GW over the next 12 months, up from the 600MW Inox expects to have booked when figures are released for the year ending March 2015.
Inox Wind is a subsidiary of the chemicals-to-multiplex cinemas conglomerate Inox Group.
Note: Updates earlier story with closing price
