Inox India issue subscribed 61.3 times

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The public issue of cryogenic tank maker Inox India witnessed a robust response from all category of investors, especially from institutions. The IPO was subscribed 61.28 times overall with QIB portion getting bids for 147.80 times. The issue came out with a price band of ₹627-660 to raise ₹1,459 crore.

The portion for non-institutions was subscribed 53.20 times and that of retail investors by 15.30 times.

The issue is entirely an offer for sale of 2.21 crore shares by its existing shareholders and promoters. Under the OFS, Siddharth Jain, Pavan Kumar Jain, Nayantara Jain, Ishita Jain, Manju Jain, Lata Rungta, among others, offloaded shares.

The company on Wednesday raised ₹438 crore from anchor investors, as part of IPO.

The company had allotted 66.33 lakh shares to 41 funds at ₹660 apiece. Among the fund houses that participated in the anchor book included Abu Dhabi Investment Authority, Nomura, Goldman Sachs, ICICI Prudential Life Insurance Company, HDFC Life Insurance Company, SBI Mutual Fund (MF), HDFC MF, Nippon India MF, Axis MF, Aditya Birla Sun Life MF and Tata MF.

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.

The company’s offering includes standard cryogenic tanks and equipment, bespoke technology, equipment, and solutions as well as large turnkey projects that are used in industries like industrial gases, LNG, green hydrogen, energy, steel, medical and healthcare, chemicals and fertilisers, aviation and aerospace and construction.

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