- Our strategy of going forward to being a publicly listed company certainly will help us as we try and gain market share in the global economy in cryogenics: Siddharth Jain, promoter and non-executive director
- Price Band fixed at ₹627 to ₹660 per equity share of face value of ₹ 2 each
- Bid/ Offer will open on Thursday, December 14, 2023 and close on Monday, December 18, 2023
- The Anchor Investor Bidding Date shall be Wednesday, December 13, 2023;
- Bids can be made for a minimum of 22 Equity Shares and in multiples of 22 Equity Shares thereafter
NE BUSINESS BUREAU
AHMEDABAD, DEC 12
Gujarat-based INOX India Limited on Tuesday announced that its ₹1,459.32-crore maiden initial public offering price band has been set in the range of ₹627 to ₹660 per equity share of the face value of ₹2. The subscription is scheduled for Thursday, December 14, and will close on Monday, December 18. The allocation to anchor investors is scheduled to take place on Wednesday, December 13.
The INOX India IPO lot size is 22 equity shares and in multiples of 22 equity shares thereafter.
The company intends to raise money through initial public offerings, which will include an offer for sale of up to 22,110,955 equity shares made by selling shareholders, including the promoter and other selling shareholders.
As per the red herring prospectus (RHP), the promoters are Pavan Kumar Jain, Nayantara Jain, Siddharth Jain, and Ishita Jain. The selling shareholders include Siddharth Jain (up to 10,437,355 equity shares), Pavan Kumar Jain (up to 5,000,000 equity shares), Nayantara Jain (up to 5,000,000 equity shares), Ishita Jain (up to 1,200,000 equity shares), and Manju Jain (up to 230,000 equity shares).
Siddharth Jain, promoter and non-executive director of the company, said, “We have a very healthy balance sheet. We are debt free. We have about Rs 220 crores in cash. We have been funding all our capex internally, including our working capital requirements. The primary reason of doing this IPO and doing an OFS is the fact that we don’t need any capital in the company at this point. But we do want visibility. And you know, we since exports are a very, very core component of, our strategy going forward to being a publicly listed company certainly will help us as we try and gain market share in the global economy in cryogenics.”
INOX India Limited has been providing solutions for over 30 years, spanning the areas of cryogenic equipment and system design, engineering, manufacturing, and installation. In the cryogenic equipment sector, it has established the well-known brand INOXCVA.
During FY23, the company achieved a 17% surge in net profit, amounting to ₹152.71 crore, compared to ₹130.5 crore in FY22. Concurrently, its revenues exhibited a 23.4% growth, reaching ₹965.9 crore in FY23, up from ₹782.71 crore in FY22.
The INOX India IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.
INOX India IPO shares are likely to be listed on BSE and NSE on Thursday, December 21.
ICICI Securities Limited and Axis Capital Limited are the book running lead managers to the Offer.
