Inox India IPO: Issue subscribed 7 times, HNI portion booked 13 times on Day 2

The Vadodara-based cryogenic tanks manufacturing company is planning to raise Rs 1,459.32 crore via IPO

Inox India's Rs 1,459.32 crore IPO was subscribed 7.07 times by December 15, the second day of bidding. The offer had received bids for 10.94 crore shares against the issue size of 1.55 crore.

High net-worth individuals (HNIs) took the lead, picking 13.73 times their allotted quota of shares. The portion set aside for retail investors was bought 8.17 times and that of qualified institutional buyers (QIBs) was booked 17 percent.

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Half of the offer size has been reserved for QIBs, 15 percent for HNIs and the remaining 35 percent for retail investors.

The Vadodara-based cryogenic tanks manufacturing company is looking to raise Rs 1,459.32 crore through the IPO, which is purely an offer for sale.

Also read: India Shelter Finance IPO: 10 things to know before subscribing to Rs 1,200 crore issue

Promoters Siddharth Jain, Pavan Kumar Jain, Nayantara Jain, and Ishita Jain are the selling shareholders. Apart from them, Manju Jain, Lata Rungta, Bharti Shah, Kumud Gangwal, Suman Ajmera, and Rajni Mohatta will also offload their shares.

The price band for the offer, which closes December 18, has been fixed at Rs 627-660 a share.

The cryogenic equipment and solutions company that caters to several industries such as industrial gases, liquified natural gas, green hydrogen, energy, chemicals, aviation and aerospace mopped up Rs 437.8 crore via anchor book at the upper price band on December 13.

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Investors such as 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.