Indowind Energy IPO ended with 0.97 times subscription. It received total bids for 1.21 crore shares compared with 1.25 crore shares on offer.

The qualified institutional buyers (QIBs) category was subscribed 0.89 times. The QIBs bid for 54.89 lakh shares as against 61.20 lakh shares allotted for this category.

The non institutional investors category, which is made up of corporates and high networth individuals, was subscribed 0.85 times. These investors put in bids for 15.61 lakh shares compared with 18.36 lakh shares assigned for this category.

The retail investors category was subscribed 1.12 times. These investors subscribed for 48.03 lakh shares as against 42.84 lakh shares allotted for this category. The employees category was subscribed 1.04 times.

At the offer price band of Rs 55-Rs 65, the PE works out to 42.30-50, based on the year ended March 2007 EPS of 1.3.

The money raised through this IPO will be invested in a plant at Chitradurga in Karnataka. The 9-mega watts (MW) wind farm plant will cost Rs 49.5 crore plant. The company has acquired 125.23 acres land for this purpose.

The company is restricted to only Tamil Nadu and Karnataka because of limited funds. But with time, it aims to move to other states as well.

Indowind Energy generates wind power, undertakes turnkey operations for windmill projects and operates and maintains (O&M) wind electric generators (WEGs).

Indowind Energy reported a net profit of Rs 0.09 crore on sales of Rs 24.12 crore in the year ended March 2007.