Inox India’s initial public offering (IPO) will open for subscription on 14 December and end on 18 December. The anchor investor allocation will take place on 13 December.
The corporation submitted draft paperwork in August of this year, and they were approved earlier this month.
The offering is entirely an offer for sale (OFS) of 2.21 crore shares at Rs 2 each. The IPO contains no new issue portion.
Shares will be sold under the OFS by Siddharth Jain, Pavan Kumar Jain, Nayantara Jain, Ishita Jain, Manju Jain, and Lata Rungta, among others.
The issue’s pricing range will be published soon.
The offer is reserved for eligible institutional buyers to the tune of 50 per cent, retail investors to the tune of 35 per cent and non-institutional investors to the tune of 15 per cent.
Because the issuance is entirely an OFS, the Vadodara-brd firm will receive no proceeds, and all monies will be distributed to the selling shareholders.
The company previously stated that the IPO is intended to achieve the benefit of listing equity shares on stock exchanges and carrying out OFS for selling shareholders.
Inox India, one of the top cryogenic tank manufacturers, has over 30 years of experience in the design, engineering, production, and installation of cryogenic equipment and systems.
Standard cryogenic tanks and equipment are available, as well as bespoke technology, equipment, and solutions, as well as large turnkey projects for industries such as industrial gases, LNG, green hydrogen, energy, steel, medical and healthcare, chemicals and fertilisers, aviation and aerospace, and construction.
Its overall income increased 17 per cent year on year to Rs 580 crore for the six months ending September 2023, while net profit increased 24 per cent to Rs 103 crore.