Tue. Jul 23rd, 2024

The initial public offer (IPO) of Cryogenic tank maker Inox India will open for subscription on December 14 and close on December 18. The allocation to anchor investors will be done on December 13.

The company had filed draft papers in August this year and received approval for the same earlier this month.

The issue is completely an offer for sale (OFS) of 2.21 crore shares with a face value of Rs 2 each. There is no fresh issue segment in the IPO.

Under the OFS, Siddharth Jain, Pavan Kumar Jain, Nayantara Jain, Ishita Jain, Manju Jain, Lata Rungta, among others, will offload shares.

The price band for the issue will be announced soon.

About 50% of the offer is reserved for qualified institutional buyers, 35% for retail investors, and the rest 15% for non-institutional investors.

Since the issue is completely an OFS, the Vadodara-based company will not receive any proceeds and all the funds will go to the selling shareholders.The company had earlier said the IPO is aimed at achieving the benefit of listing equity shares on the stock exchanges and carrying out OFS for the selling shareholders.

Inox India, one of the leading cryogenic tank manufacturers, has over 30 years of experience offering solutions across the design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions.

The company’s offering includes standard cryogenic tanks and equipment, bespoke technology, equipment, and solutions as well as large turnkey projects that are used in industries such as industrial gases, LNG, green hydrogen, energy, steel, medical and healthcare, chemicals and fertilisers, aviation and aerospace and construction.

For six months ended September 2023, its total income grew 17% year-on-year to Rs 580 crore, while net profit jumped 24% to Rs 103 crore.

By admin

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