Shares of Inox India Ltd. listed on the National Stock Exchange at Rs 949.65 apiece, a premium of 43.88% over its IPO price of Rs 660 apiece.
On the BSE, the stock debuted at Rs 933.15, a 41.39% premium.
The shares ended at a premium of 42.41% over the IPO price, and advanced 0.72% from its listing price to end at Rs 939.90 apiece on the BSE.
The Rs 1,459-crore initial public offering was subscribed 61.28 times on its third and final day. Bids were led by institutional investors (147.80 times), followed by non-institutional investors (53.20 times) and retail investors (15.30 times).
"Inox India is well-positioned to capture this global market growth with in-house technology as well as LNG product range that includes the entire value chain," Anand Rathi Share and Stock Brokers Ltd. said in a note. The company was the largest exporter of cryogenic tanks from India in terms of revenue in the financial year.
Business
The company is the largest supplier of cryogenic equipment in India. The business comprises of three divisions:
Industrial gas: This division manufactures, supplies and installs cryogenic tanks and systems for storage, transportation and distribution of industrial gases like green hydrogen, oxygen, nitrogen, argon, carbon dioxide, hydrogen and provides after-sales services.
Liquefied natural gas: This division manufactures, supplies and installs standard and engineered equipment for LNG storage, distribution and transportation as well as small-scale LNG infrastructure solutions suitable for industrial, marine and automotive applications.
Cryo scientific: This division provides equipment for technology intensive applications and turnkey solutions for scientific and industrial research involving cryogenic distribution.
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