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INOX India Stock Lists at 43% Premium, Subscribed 61 Times

INOX India’s Initial Public Offering (IPO) was listed at 43% premium at Rs. 949.65 on NSE against the offered price band of Rs. 627 to Rs. 660 per share. The stock was subscribed 61 times overall, with shares in the Qualified Institutional Buyers (QIBs) category subscribed 147.8 times. Shares reserved for the retail investor and Non-Institutional Investor (NII) categories were subscribed 14.82 times and 52.97 times respectively.

INOX India manufactures cryogenic equipment, and in August 2022 the company manufactured the largest liquid Hydrogen tank in India at its Kandla facility. The company reported revenue from operations of Rs. 965 crore for the financial year ended 31st March 2023.

Issue size of this IPO was Rs. 1,459.32 crore through the sale of 2.21 crore shares. INOX India’s Red Herring Prospectus (RHP) had stated that the company would not receive any of the IPO proceeds directly, but the selling shareholders would receive the entire offer proceeds (in proportion to the shares offered by them) after deduction of offer-related expenses and taxes.

Out of the total, 30% of the shares were picked up by anchor investors, 20% of the shares had been set aside for Qualified Institutional Buyers (QIB), 15% were reserved for Non-Institutional Investors (NII), and the remaining 35% of the shares were for retail investors.