Inox India IPO | Retail investors can make a minimum investment of Rs 14,520 for 22 stocks and their maximum investment is Rs 1,88,760 for 286 stocks.
Inox India (INOXCVA), a cryogenic storage tank manufacturer, has set the price range for its upcoming IPO at Rs 627-660 per share. The company plans to raise ₹1,459.32 crore through the public issue at the upper price band.
The IPO, which comprises only an offer for sale of shares worth ₹2.21 crore, will open for subscription on December 14, a day after the launch of public issues by Doms Industries and India Shelter Finance Corporation.
The anchor book of the offering will be opened for one day on December 13, while the last day for subscription of the IPO will be December 18.
Promoters Siddharth Jain, Pavan Kumar Jain, Nayantara Jain and Ishita Jain are the selling shareholders of OFS. Apart from them, Manju Jain, Lata Rungta, Bharti Shah, Kumud Gangwal, Suman Ajmera and Rajni Mohatta will also divest their shares in OFS.
This means that all proceeds from the IPO will go to the above-mentioned shareholders, while the company will not receive any money from the public issue.
Inox India, which manufactures cryogenic equipment and provides solutions in the design, engineering, manufacturing and installation of cryogenic equipment and systems, has reserved half of the issue size for qualified institutional buyers and 15 per cent for high net worth individuals. And the remaining 35 percent of the offering is reserved for private investors.
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Investors can make an offer for a minimum of 22 shares and in multiples of 22 shares thereafter. Retail investors can make a minimum investment of Rs 14,520 for 22 shares (1 lot) and their maximum investment is Rs 1,88,760 for 286 shares (13 lots) as they cannot exceed the investment limit of Rs 2 lakh.
On the financial front, the company reported 17 percent year-on-year growth in net profit at Rs 152.7 billion for the fiscal year ended March FY 2023 and revenue grew 23.4 percent to Rs 966 billion in the same period .
Net profit rose 23.9 per cent to Rs 103.3 crore in the six-month period ended September FY24 and revenue rose 16 per cent to Rs 564.6 crore over last year.
ICICI Securities and Axis Capital are the underwriters of the issue.
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