Inox India IPO Fully Subscribed on Day 1, Led by Retail & HNIs

14 Dec 2023 , 07:31 PM

The Inox India (INOXICV) IPO witnessed full subscription on its first day of bidding on December 14. Investors showed strong interest, acquiring 4.32 crore equity shares, which is 2.79 times the issue size of 1.55 crore shares, as per available exchange data.

High net worth individuals (HNIs) and retail investors played a significant role, subscribing 4.57 times and 3.61 times their respective quotas. In contrast, qualified institutional buyers (QIBs) secured 4% of the shares allocated for them.

The IPO allocation is divided with half reserved for QIBs, 15% for HNIs, and the remaining 35% for retail investors.

Inox India, a Vadodara-based manufacturer of cryogenic tanks, aims to raise Rs 1,459.32 crore through the IPO, which consists solely of an offer-for-sale (OFS) by existing shareholders. The price band for the offering, set to close on December 18, is fixed at Rs 627-660 per share.

Promoters Siddharth Jain, Pavan Kumar Jain, Nayantara Jain, and Ishita Jain are among the selling shareholders in the OFS. Additionally, Manju Jain, Lata Rungta, Bharti Shah, Kumud Gangwal, Suman Ajmera, and Rajni Mohatta will offload their shares in the OFS.

In preparation for the IPO, the cryogenic equipment and solutions company raised Rs 437.8 crore via the anchor book at the upper price band on December 13, a day prior to the issue opening. Notable investors, including Abu Dhabi Investment Authority, Nomura Trust, Goldman Sachs, Carmignac Portfolio, HSBC Global, SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Fidelity Funds, Ashoka Whiteoak, Nippon Life India, Kotak Mahindra Trustee, and Axis Mutual Fund, participated in the anchor book.