INOX India IPO subscribed 61.11 times on final day

18 Dec 2023 , 05:27 PM

On December 18, the final day of bidding, the initial public offering (IPO) of Inox India Limited, valued at Rs 1,459.32 crore, has been oversubscribed by an impressive 61.11 times. The IPO received bids for 94.59 crore shares against the total issue size of 1.55 crore shares. 

High net-worth individuals (HNIs) played a significant role in the oversubscription, subscribing to 53.07 times their allotted shares. Retail investors also demonstrated strong interest, subscribing 15.04 times, while qualified institutional buyers (QIBs) oversubscribed by a remarkable 147.8 times.

Inox India, a Vadodara-based company specializing in the manufacturing of cryogenic tanks, is pursuing the IPO to raise Rs 1,459.32 crore through an offer for sale. The price band for the IPO is set at Rs 627-660 per share. The offering is structured with half the size reserved for QIBs, 15% for HNIs, and the remaining 35% for retail investors.

The IPO comprises shares offered by selling shareholders, including promoters Siddharth Jain, Pavan Kumar Jain, Nayantara Jain, and Ishita Jain. Additionally, other selling shareholders include Manju Jain, Lata Rungta, Bharti Shah, Kumud Gangwal, Suman Ajmera, and Rajni Mohatta.