INOX India IPO: Total issue booked 60.82 times, QIB 147.8 times

The INOX India IPO opened for subscription on December 14, 2023, and will close today, December 18, 2023. The company set the IPO price band at Rs 627-660 per share, concluding the offer on December 18. Existing shareholders will sell 2.21 crore shares in a public issue where the company will not receive any proceeds.

Promoters Siddharth Jain, Pavan Kumar Jain, Nayantara Jain, and Ishita Jain will sell shares, alongside Manju Jain, Lata Rungta, Bharti Shah, Kumud Gangwal, Suman Ajmera, and Rajni Mohatta.

Issue Subscription Details

By 4:24 PM, the IPO had received a subscription of 60.82 times, amounting to 94.13 crore shares against the initial offering of 1.54 crore shares. For the retail portion, the subscription was 14.54 times, totaling 11.24 crore shares against the reserved portion of 77.38 lakh shares.

The NII portion garnered a subscription of 17.52 crore shares, indicating a subscription of 52.85 times against the reserved portion of 33.16 lakh shares. In the Qualified Institutional Buyers (QIBs) section, the subscription stood at 147.80 times. This accounted for 65.36 crore shares against the offering of 44.22 lakh shares.

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Company’s Financials

Financially, the company saw a 17 percent year-on-year growth in net profit at Rs 152.7 crore in FY23. Its revenue increased 23.4 percent to Rs 966 crore. Net profit for the six months ending September FY24 surged nearly 24 percent to Rs 103.3 crore. Revenue jumped 16 percent year-on-year to Rs 564.6 crore.

Book-running Managers & Registrar

ICICI Securities Limited and Axis Capital Limited serve as book-running managers, while Kfin Technologies Limited acts as the registrar for the Inox India IPO.

Incorporated in 1976, Inox India Limited manufactures and supplies cryogenic equipment. The red herring prospectus (RHP) lists Pavan Kumar Jain, Nayantara Jain, Siddharth Jain, and Ishita Jain as promoters. Selling shareholders include Siddharth Jain (up to 10,437,355 equity shares), Pavan Kumar Jain (up to 5,000,000 equity shares), Nayantara Jain (up to 5,000,000 equity shares), Ishita Jain (up to 1,200,000 equity shares), and Manju Jain (up to 230,000 equity shares).

Allocation Details

The INOX India IPO reserves not more than 50 percent of shares for qualified institutional buyers (QIBs). It has at least 15 percent for non-institutional Institutional Investors (NIIs), and a minimum of 35 percent for retail investors. The minimum lot size for an application stands at 22 shares. It requires a minimum investment of Rs 14,520 for retail investors.

_{Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.}