Inox India IPO: Company Secures Rs 438 Crore from Anchor Investors Ahead of Public Offering

Representative image

Inox India Ltd, a leading cryogenic tank manufacturer, has successfully raised Rs 438 crore from anchor investors on December 13, the day before its initial public offering (IPO). The company allotted 66.33 lakh equity shares to 41 funds at Rs 660 per share, the upper end of the price band, as per a circular uploaded on the BSE website.

Anchor Investors

The anchor investors who participated in the book-building process include prominent names such as Abu Dhabi Investment Authority, Nomura, Goldman Sachs, ICICI Prudential Life Insurance Company, HDFC Life Insurance Company, SBI Mutual Fund, HDFC MF, Nippon India MF, Axis MF, Aditya Birla Sun Life MF, and Tata MF.

IPO Details

The Inox India IPO, with a price band of Rs 627 to Rs 660 per share, will open for subscription on December 14 and conclude on December 18. The Rs 1,459-crore initial share sale of Inox Group entity InoxCVA is entirely an offer for the sale of 2.21 crore shares by its existing shareholders and promoters. Since the issue is completely an OFS (offer for sale), the Vadodara-based company will not receive any proceeds, and all the funds will go to the selling shareholders.

Company Profile

Inox India is one of the leading cryogenic tank manufacturers in the country with over 30 years of experience. The company offers a wide range of solutions across the design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions. Its offerings include standard cryogenic tanks and equipment, bespoke technology, equipment, and solutions, as well as large turnkey projects used in various industries such as industrial gases, LNG, green hydrogen, energy, steel, medical and healthcare, chemicals and fertilizers, aviation and aerospace, and construction.

Book-Running Lead Managers

ICICI Securities and Axis Capital are the book-running lead managers to the Inox India IPO.