Inox India IPO: Rs 1,459 Crore Public Offer To Open On December 14, Fixes Price Band; Latest GMP!

INOX India is the first big IPO of the current month which will open on December 14. The price band has been fixed for the IPO along with the bid lot size. The proposed equity shares are expected to be listed on stock exchanges BSE and NSE. The company is looking to raise Rs 1,459 crore from the offer.

Bidding in the IPO will be available till December 18th. Ahead of the IPO, the company will offer shares to anchor investors on December 13.

Meanwhile, price bands for the IPO are fixed at Rs 627 to Rs 660 per share. Bids can be made for a minimum of 22 Equity Shares and in multiples of 22 Equity Shares thereafter.

The IPO is purely an offer for sale (OFS)! The company plans to raise funds through an offer of up to 22,110,955 Equity Shares by the selling shareholders.

Under the OFS, promoters like Siddharth Jain will sell 10,437,355 equity shares followed by Pavan Kumar Jain and Nayantara Jain who are both selling 5,000,000 Equity Shares each While 1,200,000 Equity Shares will be offloaded by Ishita Jain.

Among other shareholders to sell stakes in OFS are -- up to 230,000 Equity Shares by Manju Jain, up to 190,000 Equity Shares by Lata Rungta, up to 13,400 Equity Shares by Bharti Shah, up to 13,400 Equity Shares by Kumud Gangwal, up to 13,400 Equity Shares by Suman Ajmera and up to 13,400 Equity Shares by Rajni Mohatta.

Of the total size, 50% of the issue will be reserved for qualified institutional buyers (QIBs), while 15% of the offer will be allocated to non-institutional investors, and the rest of 35% will be kept for retail individual investors (RII).

On Monday, as per Investor Grain, Inox India IPO's last GMP was Rs 262, last updated Dec 11th 2023 11:30 PM. With a price band of 660.00, Inox India IPO's estimated listing price is Rs 922 (cap price + today's GMP). The expected percentage gain/loss per share is 39.70%.

Companies like ICICI Securities and Axis Capital are acting as the book-running lead managers (BRLM). While KFin Technologies is the registrar of the issue.

Inox India is the largest supplier of cryogenic equipment in India by revenue in Fiscal 2023. The company has over 30 years of experience offering solutions across design, engineering, manufacturing and installation of equipment and systems for cryogenic conditions.

The company's offering includes standard cryogenic tanks and equipment, beverage kegs, bespoke technology, equipment and solutions as well as large turnkey projects which are used in diverse industries such as industrial gases, liquified natural gas ("LNG"), green hydrogen, energy, steel, medical and healthcare, chemicals and fertilizers, aviation and aerospace, pharmaceuticals and construction.

Additionally, the company also manufacture a range of cryogenic equipment utilised in global scientific research projects. Also, the company is the largest exporter of cryogenic tanks from India in terms of revenue in Fiscal 2023.