Indowind Energy settled at Rs 114.05 on the BSE, a premium of 75.46% over the IPO price of Rs 65.

On BSE, 4.03 crore shares of the scrip were traded. It has been admitted to trading in the B1 group of securities on BSE.

The scrip debuted at Rs 80.25, a premium 23.46% over the IPO price of Rs 65. The stock had hit a high of Rs 124.50 and a low of Rs 55.10

The company had fixed the IPO price at the top end of the Rs 55-65 per share price band.

At the current price of Rs 114.05, the PE works out to 83.24 based on the year ended March 2007 EPS of 1.37.

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 non-institutional investor category was subscribed 0.85 times; retail investor category 1.12 times, and employees' category 1.04 times.

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

Indowind Energy generates wind power, undertakes turnkey operations for windmill projects and operates and maintains wind electric generators. Its operations are restricted to only Tamil Nadu and Karnataka because of limited funds. But, with time, it aims to move to other states as well.

The company reported a net profit of Rs 6.58 crore on sales of Rs 24.12 crore in the year ended June 2007.