Inox India Files Draft Papers for IPO

30 Aug 2023 , 01:50 PM

Inox India Ltd, a notable manufacturer of cryogenic tanks, has submitted draft documents to the Securities and Exchange Board of India (SEBI) to initiate a public offering, aiming to secure funds through an offer-for-sale (OFS).

The forthcoming IPO will exclusively entail an offer-for-sale, encompassing a total of up to 22.11 million shares. The shares will be divested by existing shareholders and promoters. The OFS structure includes up to 10.44 million shares from Siddharth Jain, up to 5 million shares each from Pavan Kumar Jain and Nayantara Jain, up to 1.2 million shares from Ishita Jain, and 2.3 lakh shares from Manju Jain.

Given that the IPO is solely an offer-for-sale, Inox India, based in Vadodara, will not directly receive any proceeds from the offering. Instead, all raised funds will be directed to the selling shareholders.

Inox India elucidated that its decision to go public is driven by the desire to capitalize on the advantages of listing equity shares on stock exchanges while facilitating the offer-for-sale for the involved selling shareholders.

The company’s comprehensive range of offerings encompasses standard cryogenic tanks and equipment, tailor-made technology, equipment, and solutions, as well as substantial turnkey projects. These products and services find application across diverse industries including industrial gases, liquefied natural gas (LNG), green hydrogen, energy, steel, medical and healthcare, chemicals and fertilizers, aviation and aerospace, and construction.