Inox India Sets IPO Price Band at Rs 627-660, Aims to Raise Rs 1,459 Crore from OFS

Inox India (INOXCVA), a leading manufacturer of cryogenic storage tanks, has announced the price band for its highly anticipated Initial Public Offering (IPO). The company aims to raise a substantial Rs 1,459.32 crore through the IPO, with a price range set between Rs 627 to Rs 660 per share at the upper end.

Also Read: INOXCVA to Launch IPO in December After Regulatory Approval from SEBI

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This IPO consists solely of an Offer for Sale (OFS) of 2.21 crore equity shares. The subscription for this IPO is scheduled to open on December 14, following the launch of public issues by Doms Industries and India Shelter Finance Corporation. An anchor book for the offering will be open for a day on December 13, and the subscription period will conclude on December 18.

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The selling shareholders in the OFS include Promoters Siddharth Jain, Pavan Kumar Jain, Nayantara Jain, and Ishita Jain, alongside Manju Jain, Lata Rungta, Bharti Shah, Kumud Gangwal, Suman Ajmera, and Rajni Mohatta. Consequently, all IPO proceeds will be directed to these selling shareholders, with the company not receiving any funds from the public issue.

Inox India specializes in the manufacturing of cryogenic equipment and offers comprehensive solutions across the design, engineering, manufacturing, and installation of equipment and systems for cryogenic solutions. The IPO allocation has reserved 50 percent of the issue size for qualified institutional buyers, 15 percent for high net-worth individuals, and the remaining 35 percent for retail investors.

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Retail investors have the opportunity to invest a minimum of Rs 14,520 for 22 shares (1 lot) and can extend their investment up to Rs 1,88,760 for 286 shares (13 lots), as they are subject to a maximum investment limit of Rs 2 lakh.

On the financial front, Inox India has exhibited strong performance, with a 17 percent year-on-year growth in net profit, reaching Rs 152.7 crore for the fiscal year ending March 2023. During the same period, revenue increased by an impressive 23.4 percent to Rs 966 crore.

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For the six-month period ending in September 2023, net profit surged by 23.9 percent to Rs 103.3 crore, while revenue saw a robust 16 percent increase over the previous year, reaching Rs 564.6 crore.

ICICI Securities and Axis Capital have been appointed as the book running lead managers for the IPO, indicating strong backing for this much-anticipated offering in the Indian market.

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