Inox India Sets IPO Price Band At Rs 627–660 Apiece
The IPO is entirely an offer for sale of up to 2.21 crore shares by its existing shareholders and promoters.
Cryogenic tank maker Inox India Ltd. has set a price band of Rs 627–660 per share for its initial public offering that's scheduled to open on Dec. 14.
The initial public offering is entirely an offer for sale of up to 2.21 crore shares by its existing shareholders and promoters, according to the draft red herring prospectus approved by market regulator SEBI on Tuesday.
The company is looking to raise Rs 1,459.32 crore at the upper limit of the price band.
Those offering shares in the OFS are Siddharth Jain, Pavan Kumar Jain Nayantara Jain, Ishita Jain, and Manju Jain. As the maiden share sale is an entirely OFS issue, the company will not receive any funds from the offer and the proceeds will go to selling shareholders.
Shares of the company will be listed on the BSE and the National Stock Exchange.
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 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.
ICICI Securities and Axis Capital are the book running lead managers for the offer.
