Inox India IPO Subscribed 2.79 Times On Day 1

Inox India Ltd. opened its Rs 1,459.3-crore initial public offering on Thursday.

The maiden public issue has set a price band of Rs 627–660 per share. The cryogenic tank maker collected Rs 438 crore from anchor investors a day before its IPO.

The IPO comprises an offer for sales of up to 2.21 crore shares worth Rs 1,459.3 crore by its existing shareholders and promoters. The company does not have any fresh issue. The IPO issue will close on Dec. 18.

• Issue Opens: Dec. 14

• Issue Closes: Dec. 18

• OFS Size: Rs 1,459.3 crore

• Total Issue Size: Rs 1,459.3 crore

• Price Band: Rs 627–660 apiece

• Lot Size: 22 shares

• Face Value: Rs 2 per share

• Listing: BSE, NSE

The IPO has been subscribed 2.79 times as of 5.00 p.m. on Thursday.

• Institutional investors: 0.04 times or 4%

• Non-institutional investors: 4.57 times

• Retail investors: 3.61 times

Inox India has over 30 years of experience in cryogenic tank manufacturing. The company offers solutions across the design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions.

It offers standard cryogenic tanks and equipment, beverage kegs, bespoke technology, equipment and solutions as well as large turnkey projects used in diverse industries, such as as industrial gases, liquified natural gas, green hydrogen, energy, steel, medical and healthcare, chemicals and fertilisers, aviation and aerospace, pharmaceuticals and construction.

The company manufactures a range of cryogenic equipment that is utilised in global scientific research projects. It was also the largest exporter of cryogenic tanks from India in terms of revenue in financial year 2022.