Inox India, one of the largest manufacturers of cryogenic equipment, will be commencing its initial public offering (IPO) subscription on December 14 (Thursday), with a closing date on December 18 (Monday). The company is planning to raise Rs 1,459 crore solely through an offer-for-sale, without any fresh issue.
The Gujarat-based company has cultivated a robust global presence, emerging as a preeminent leader in the domain of vacuum-insulated cryogenic equipment.
The allotment process for anchor investors in the INOX IPO is slated to occur on Wednesday, December 13.
The price band for Inox India's IPO has been set at Rs 627 to Rs 660 per share.
Investors are required to bid for at least 22 equity shares and can increase their bid in multiples of 22. Retail investors will need to invest a minimum of Rs 14,520, and at the higher end, the bidding amount will be Rs 1,88,760.
Inox India's Issue Size
Inox India's IPO is aimed at raising a total of Rs 1,459 crore, and this capital will be exclusively sourced through an offer-for-sale by promoters and existing shareholders, without any fresh issue.
In the Offer for Sale (OFS), the company's promoters Siddharth Jain, Pavan Kumar Jain, Nayantara Jain, and Ishita Jain will divest a portion of their shares in the firm.
Around 50 per cent of the allocation will be for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors, and 35 per cent for retail investors.
ICICI Securities Limited and Axis Capital Limited serve as the book-running lead managers (BRLM) for the INOX IPO.
In FY23 the company witnessed a 17 per cent increase in its net profit, totaling Rs 152.71 crore, as opposed to Rs 130.5 crore recorded in FY22.
Revenues demonstrated a growth of 23.4 per cent, reaching Rs 965.9 crore in FY23, compared to the Rs 782.71 crore reported in FY22.