Indian stock wind energy company, Inox Wind, priced its initial public offering at the very top of its indicative range on Wednesday, raising Rs10.2 billion $163 million, becoming the latest company in India to tap equity capital markets.
The combination of a favoured government sector and the recent outperformance of India's stock markets enabled the company to attract strong demand particularly from international investors.
The company sold 22 million primary shares and 10 million secondary shares at Rs325 per share, the very top of its Rs315 to Rs325 indicative range. Retail investors and eligible employees received a discount of Rs15 per share.
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