INOX India Limited, promoter of the brand INOXCVA, has completely finalised its Initial Public Offering (IPO) details along with the price band announcement today. The company will launch its Rs 1,459 crore IPO on 14th December 2023 and aims listing on the BSE & NSE on 21st December 2023.
The issue is an entirely offer-for-sale of 2.21 crore shares from the promoters. Pavan Kumar Jain, Nayantara Jain, Siddharth Jain and Ishita Jain are the promoters of the company. The promoters combined held 99.30% shares pre issue which will be 75.46% post issue. The company has set the IPO price band at Rs 627 to Rs 660 per share at a face value of Rs 2 per share.
As we reported earlier, the INOX India is among the many mainline IPOs set to hit the market in December-January. DOMS Industries and India Shelter Finance are other two IPOs opening this week while Suraj Estate Developers and Motisons Jewellers IPOs will open next week on 18th December.
INOX India Business:
INOX India Limited (INOXCVA), the company, incorporated in 1976, has been in the business of manufacturing and supply of the cryogenic equipment for past 30 years. With its range of end-to-end solutions for equipment and systems operating in the cryogenic conditions including design and engineering to manufacturing and installation, the company caters to industries such as industrial gases, LNG, energy, steel, healthcare, chemicals and fertilizers, aviation and aerospace, pharmaceuticals and construction.
The company aims to achieve the benefits of listing the equity shares on the stock exchanges in addition to a increased visibility and brand image.
Important dates:
- The subscriptions for the IPO will open on 14th December and will close on 18th December 2023.
- The basis of allotment will be finalised on 19th December 2023 and subsequently, the process of refunds and credit of shares will take place on 20th December 2023.
- The company has set the listing date as 21st December 2023, following the SEBI’s T+3 directive.
Issue Details
- The total issue size is 22,110,955 shares aggregating up to Rs 1,459.32 crore.
- The price band is Rs 627 to Rs 660 per share at a face value of Rs 2 per share.
- The lot size is 22 shares. Meaning the minimum investment is Rs 14,520 per lot when calculated on upper price band. The investors can only bid in multiples of the lot size.
- The retail investors can bid for 1-13 lots whereas the Non-Institutional investors (high net worth individual) can bid for 14-69 lots.
- The retail portion is reserved with a minimum 35% of the net issue. The QIBs portion should not exceed 50% of the Net issue and the NIIs portion should not be less than 15%.
- ICICI Securities Limited and Axis Capital Limited are the book running lead managers, and Kfin Technologies Limited is the registrar for this INOX India Limited IPO.
Financials
- Revenue: The company posted a net revenue of Rs 580 crore in first half of FY24. The net revenue in FY23 was Rs 984.20 crore in FY23 against Rs 803.71 crore in FY22.
- PAT: The profit after tax also saw a surge, at Rs 152.71 crore in FY23 compared to Rs 130.50 crore in FY22. During April-September FY24, the PAT was Rs 103.34 crore.
- Assets: During the first half of FY24 ended in September 2023, the company reported assets worth Rs 1,155.91 crore. The assets value in FY23 was reported at Rs 1,148.36 crore compared to Rs 896.75 crore in FY22.
- The company’s net worth is reportedly at Rs 554.24 by 30th September, 2023, an steady increase from Rs 502.28 crore in FY22 and Rs 371.51 crore in FY21. The total borrowings stood at Rs 31.03 crore by 30th September 2023.
More details are available in the official red-herring prospectus here.
