INOX India Sets IPO Price Range at Rs 627-660 per Share, Aims to Raise Rs 1,459.32 Crore

11 Dec 2023 , 10:04 AM

INOX India (INOXCVA), a producer of cryogenic storage tanks, has established the price range for its forthcoming IPO at Rs 627-660 per share. The company aims to generate Rs 1,459.32 crore through the public offering at the upper end of the price range.

The IPO, consisting solely of an offer-for-sale of 2.21 crore equity shares, is scheduled to open for subscription on December 14, following the launch of public issues by Doms Industries and India Shelter Finance Corporation a day earlier.

The anchor book for the offering will be accessible on December 13 for a single day, with the IPO subscription period concluding on December 18. The basis of allotment for IPO shares is anticipated to be finalized by December 19, and the equity shares will be credited to successful investors’ demat accounts by December 20.

Trading in equity shares is set to commence on the BSE and NSE from December 21. The selling shareholders in the Offer for Sale (OFS) include promoters Siddharth Jain, Pavan Kumar Jain, Nayantara Jain, and Ishita Jain, along with Manju Jain, Lata Rungta, Bharti Shah, Kumud Gangwal, Suman Ajmera, and Rajni Mohatta.

As a consequence, all proceeds from the IPO will go to the aforementioned selling shareholders, with the company not receiving any funds from the public issue. INOX India, operating in various sectors such as industrial gases, LNG, green hydrogen, energy, and steel, provides comprehensive cryogenic solutions, including design, engineering, manufacturing, and installation of equipment and systems.

The IPO has reserved 50% of the issue size for qualified institutional buyers, 15% for high net-worth individuals, and the remaining 35% for retail investors. Investors have the option to bid for a minimum of 22 equity shares and in multiples of 22 shares thereafter. Retail investors can make a minimum investment of Rs 14,520 for 22 shares (1 lot), with a maximum investment capped at Rs 1,88,760 for 286 shares (13 lots), adhering to the Rs 2 lakh investment limit.

On the financial front, the company reported a 17% year-on-year growth in net profit at Rs 152.7 crore for the fiscal year ended March FY23, with revenue during the same period rising by 23.4% to Rs 966 crore.

For the six-month period ending September FY24, net profit surged 23.9% to Rs 103.3 crore, and revenue experienced a 16% increase over the previous year, reaching Rs 564.6 crore.

ICICI Securities and Axis Capital are acting as the book running lead managers for the IPO.