INOX India IPO Sets Price Band Between Rs 627-660 per Share

New Delhi: The scheduled Inox IPO date of subscription is listed under the price band of Rs 627-660 per equity share of the face value of Rs 2. The INOX India IPO has reserved not more than 50 per cent of the shares in the public issue for qualified institutional buyers (QIB), not less than 15 per cent for non-institutional investors and not less than 35 per cent of the offer is reserved for retail investors.

The company intends to raise capital funds through initial public offerings, which include an offer for sale of up to 22,110,955 equity shares (with a face value of Rs 2) made by selling shareholders, including the promoter and other shareholders.

Read Also : IndusInd Bank Q1 FY25 results, net profit at 2% YoY

In August 2023, cryogenic equipment maker Inox India drafted an IPO with the SEBI to raise funds. ICICI Securities and Axis Capital were attributed to lead as managing issues.

Inox India has been operating for the past 30 years and offers solutions across design, engineering, manufacturing and installation of equipment and systems for cryogenic conditions. The offerings for shares included LNG, green hydrogen, energy, steel, large turnkey projects etc. 

During FY23, the company got a 17 per cent increase in net profit, which amounted to Rs 130.5 crore in FY22. Consequently, its revenues exhibited a 23.4 per cent growth, reaching Rs 965.9 crore in FY23, up from Rs 782.71 crore in FY22. 

Read Also : RBI issues guidelines on higher liquidity coverage ratio for retail deposits

Well, tentatively, the IPO shares will be allotted till December 19 and the company will initiate refunds on December 20 the shares will be credited to the Demat account of allottees on the same day following the refund. 

The listed shares of the company will certainly benefit the gain in market share in the global economy in cryogenics.

Read Also : India assumes the Chair of Asian Disaster Preparedness Centre