Inox India IPO: What GMP indicates ahead of subscription on Thursday

The initial public offering (IPO) of Inox India will open for subscription on December 14 and close on December 18. Ahead of the issue opening, the company's shares are trading with a premium of Rs 336 in the unlisted market.

The company has fixed a price band of Rs 627-660, where investors can bid for a minimum of 22 shares in one lot.

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, and Lata Rungta, among others, will offload shares.

About 50% of the offer is reserved for qualified institutional buyers, 35% for retail investors, and the rest is 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 fertilizers, aviation and aerospace, and construction.

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

ICICI Securities and Axis Capital are the book-running lead managers to the issue.

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