INOX India IPO ends with robust subscription

Published on Dec 19, 2023 14:27

The initial public offer (IPO) of INOX India received bids for 94,84,35,312 shares as against 1,54,77,670 shares on offer. The issue was subscribed 61.28 times.

The Qualified Institutional Buyers (QIBs) category was subscribed 147.80 times. The Non Institutional Investors (NIIs) category was subscribed 53.20 times. The Retail Individual Investors (RIIs) category was subscribed 15.30 times.

The issue opened for bidding on Thursday (14 December 2023) and it closed on Monday (18 December 2023). The price band of the IPO was fixed at Rs 627-660 per share.

The offer comprised only offer for sale of up to 2,21,10,955 equity shares. The object of the issue is to achieve the benefits of listing the equity shares on the stock exchanges.

Ahead of the IPO, INOX India on Wednesday, 13 December 2023, raised Rs 437.79 crore from anchor investors. The board allotted 66.33 lakh shares at Rs 660 each to 41 anchor investors.

Inox India (InoxCVA), an Inox Group company, offers solutions across design, engineering, manufacturing and installation of equipment and systems for cryogenic conditions with over 30 years of experience.

The firm�s offering includes standard cryogenic tanks and equipment, beverage kegs, bespoke technology, equipment, and solutions as well as large turnkey projects which are used in diverse industries such as industrial gases, liquified natural gas (LNG), green hydrogen, energy, steel, medical and healthcare, chemicals and fertilizers, aviation and aerospace, pharmaceuticals, and construction.

The firm reported a net profit of Rs 103.34 crore and total income of Rs 564.61 crore for the six months ended on 30 September 2023.