Inox India's IPO will open on December 14 and the price range will be announced on December 11

Inox India Limited, the cryogenic tank manufacturer, will launch its initial public offering (IPO) on December 14.

The price range for the IPO is scheduled to be announced on December 11th.

The Vadodara-based company had filed its preliminary IPO papers with market regulator Securities and Exchange Board of India (Sebi) in August and received approval for the issue.

The IPO is strictly an Offer for Sale (OFS) of up to 2.21 Crore shares (of face value ₹2 pieces) from its existing shareholders and supporters.

Since the issue is entirely an OFS issue, the company will not receive any proceeds and the entire funds will go to the selling shareholders.

The anchor book of the share sale will open on December 13th, while the offering will close on December 18th.

As per the DRHP (Draft Red Herring Prospectus), the selling shareholders in the offer include Siddharth Jain, Pavan Kumar Jain, Nayanatara Jain, Ishita Jain and Manju Jain.

Trading of shares will begin from December 21 on the BSE and NSE.

In August, the company had said it wanted to reap the benefits of listing the shares and conducting the OFS for the selling shareholders.

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

Inox India, one of the leading cryogenic tank manufacturers, has over 30 years of experience in providing solutions in the areas of design, engineering, manufacturing and installation of equipment and systems for cryogenic conditions. The offering includes standard cryogenic tanks and equipment, customized technology, equipment and solutions, and large turnkey projects used in industries such as industrial gases, LNG, green hydrogen, energy, steel, medical and healthcare, chemicals and fertilizers, aerospace, and aerospace. and space and construction.

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