Inox India Aims to Raise Rs 1,459 Crore with IPO Price Band of Rs 627-660

Inox India Aims to Raise Rs 1,459 Crore with IPO Price Band of Rs 627-660
Inox India, a manufacturer of cryogenic storage tanks, has established the price range for its upcoming IPO at Rs 627-660 per share. The company aims to generate Rs 1,459.32 crore from the public offering at the higher end of the price spectrum. The IPO, which solely involves an offer-for-sale of 2.21 crore equity shares, follows the recent initiation of public issues by Doms Industries and India Shelter Finance Corporation.
The anchor book of the offer will open for a day in December. Promoters Siddharth Jain, Pavan Kumar Jain, Nayantara Jain, and Ishita Jain are the selling shareholders in the OFS. Apart from them, Manju Jain, Lata Rungta, Bharti Shah, Kumud Gangwal, Suman Ajmera, and Rajni Mohatta will also offload their shares in the OFS. As a result, the entire IPO proceeds will go to above selling shareholders, while the company is not getting any money through the public issue.
Inox India, specializing in the production of cryogenic equipment and providing comprehensive solutions in design, engineering, manufacturing, and installation for cryogenic applications, has allocated 50% of the issue size for qualified institutional buyers and 15% for high net-worth individuals. The remaining 35% of the offer is designated for retail investors.
Investors have the option to bid for a minimum of 22 equity shares, with increments in multiples of 22 shares thereafter. Retail investors can initiate a minimum investment of Rs 14,520 for 22 shares (1 lot), and their maximum investment is capped at Rs 1,88,760 for 286 shares (13 lots), adhering to the stipulated investment limit of Rs 2 lakh.
On the financial front, the company has registered a 17 percent on-year growth in net profit at Rs 152.7 crore for the year ended March FY23, and revenue during the same period increased by 23.4 percent to Rs 966 crore. Net profit in the six-month period ended September FY24 surged 23.9 percent to Rs 103.3 crore and revenue jumped 16 percent over the last year to Rs 564.6 crore. ICICI Securities, and Axis Capital are the book-running lead managers to the issue.