Inox India IPO Witnesses Strong Response, 91% Subscribed within 2 Hours

14 Dec 2023 , 12:46 PM

The highly anticipated Inox India IPO, valued at Rs 1,459 crore, opened for subscription on December 14 and has already garnered significant investor interest, achieving a subscription rate of 91% by 12:30 PM. The IPO has set a price band of Rs 627-660 per share and is scheduled to close on December 18. Notably, the public issue comprises a complete Offer for Sale (OFS) of 2.21 crore shares by existing shareholders, with the company not receiving any proceeds from the IPO. Click here to subscribe the IPO.

Subscription Highlights:

• The IPO has seen strong overall subscription, reaching 91% within the initial half of the subscription period.
• Retail investors have shown substantial interest, subscribing 1.30 times their allocated quota.
• Non-institutional investors (NII) have subscribed 1.26 times.
• As of the latest update, the portion reserved for qualified institutional investors is yet to witness any subscription.

IPO Details:

• Inox India holds the distinction of being India’s first company to manufacture a trailer-mounted hydrogen transport tank, developed in collaboration with the Indian Space Research Organisation.
• The financial performance of the company in FY23 showcased a robust 17% year-on-year growth in net profit, totaling Rs 152.7 crore. Revenue during the same period witnessed a significant uptick, surging by 23.4% to reach Rs 966 crore.
• In the first six months of the fiscal year ending September FY24, Inox India recorded an impressive 24% YoY increase in net profit, amounting to Rs 103.3 crore. Revenue for the period surged by 16% to reach Rs 564.6 crore.

ICICI Securities Limited and Axis Capital Limited are serving as the book-running managers for the Inox India IPO. Kfin Technologies Limited has been appointed as the registrar for the IPO.