Winds of change or mere passing clouds

Coming as it did after the lukewarm response to the issues of Adlabs Entertainment Ltd. and Ortel Communications, the initial public offering of Inox Wind Ltd. was supposed to be a test of the market’s appetite in general. It has passed the test with flying colours, what with a subscription of 18 times.

And in doing so, it has also given a hint about how investors may be viewing the renewable energy sector. Is this enough clue for others in a sector which seems to hold so much promise and needs so much resource to follow in Inox’s footsteps?

The lack of pure-play solar and wind companies trading on the stock market is evident looking at the Inox over-subscription,” says Raj Prabhu, CEO and Co-Founder of Mercom Capital Group, a global clean energy research and communications firm. “It also shows that there is a massive pent-up demand from investors looking for solar and wind companies to invest in.”

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