Inox India IPO to open on Dec 14, price band announcement on Dec 11

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

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

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

The IPO is entirely an offer for sale (OFS) of up to 2.21 crore shares (with a face value of 2 each) by its existing shareholders and promoters.

As the issue is completely an OFS, the company will not receive any proceeds and all the funds will go to the selling shareholders. 

The anchor book of the share sale will be opened on December 13, while the offer will close on December 18.

As per the DRHP (draft red herring prospectus), Siddharth Jain, Pavan Kumar Jain, Nayanatara Jain, Ishita Jain, and Manju Jain are among the selling shareholders in the offer for sale.

The trading in equity shares will start on the BSE and the NSE from December 21. 

In August, the company had said that it is aimed at achieving the benefit of listing equity shares on the stock exchanges and carrying out the OFS for the selling shareholders. 

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

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. Its 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 fertilisers, aviation and aerospace and construction.

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Published: 10 Dec 2023, 07:05 PM IST

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