Inox India sets IPO price band at Rs 627-660, aims to raise Rs 1,459 crore from OFS

Inox India IPO opens on December 14

Inox India (INOXCVA), a manufacturer of cryogenic storage tanks, has fixed the price band for its upcoming IPO at at Rs 627-660 per share. The company plans to raise Rs 1,459.32 crore through the public issue at the upper price band.

The initial public offering, which comprises only an offer-for-sale of 2.21 crore equity shares, will open for subscription on December 14, a day after launch of the public issues of Doms Industries and India Shelter Finance Corporation .

The anchor book of the offer will open for a day on December 13, while the last day for subscription to the IPO will be December 18.

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

As a result, the entire IPO proceeds will go to above selling shareholders, while the company is not getting any money through the public issue.

Inox India, which manufactures cryogenic equipment and offers solutions across design, engineering, manufacturing, and installation of equipment and systems for cryogenic solutions has reserved half of the issue size for qualified institutional buyers, and 15 percent for high net-worth individuals. And the remaining 35 percent offer is set aside for retail investors.

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Investors can bid for a minimum of 22 equity shares and in multiples of 22 shares thereafter. Retail investors can make a minimum investment of Rs 14,520 for 22 shares (1 lot), and their maximum investment will be Rs 1,88,760 for 286 shares (13 lots), as they can not exceed Rs 2 lakh investment limit.

On the financial front, the company has registered a 17 percent on-year growth in net profit at Rs 152.7 crore for the year ended March FY23, and revenue during the same period increased by 23.4 percent to Rs 966 crore.

Net profit in the six-month period ended September FY24 surged 23.9 percent to Rs 103.3 crore and revenue jumped 16 percent over the last year to Rs 564.6 crore.

ICICI Securities, and Axis Capital are the book running lead managers to the issue.