InoxCVA's initial public offering (IPO) will open for subscription on Thursday, December 14, and the Inox Group business is offering its shares at a set price band of Rs 627-660 per share, with a lot size of 22 equity shares and multiples thereof. The offer's three-day bidding period will end on Monday, December 18.
Inox India, founded in 1976, is a supplier of cryogenic equipment, mostly tanks. The company offers complete cryogenic equipment and system solutions, including design, engineering, production, and installation.
The firm intends to generate Rs 1,459.32 crore through its initial public offering (IPO), which would comprise completely of an offer-for-sale (OFS) of up to 22,110,955 equity shares by its promoters and other selling shareholders, who have purchased shares at a weighted average cost ranging from Rs 0.13 to Rs 5.36 per share.
The company will not receive any funds from the issue because it is solely an offer for sale, and the entire amount will go to the selling shareholders, net of issue fees. The issue's anchor book will open on Wednesday, December 13.
InoxCVA offers cryogenic tanks and equipment, beverage kegs, customized technology, equipment and solutions, as well as turnkey projects to a wide range of industries, including industrial gases, liquefied natural gas green hydrogen, energy, steel, medical and healthcare, chemicals and fertilizers, aviation and aerospace, pharmaceuticals and construction.
As of September 2023, InoxCVA had shipped products and provided services to 66 countries, including the United States, Saudi Arabia, the Netherlands, Brazil, Korea, the United Arab Emirates, Australia, and Bangladesh. Kalol, Kandla Special Economic Zone (Kandla SEZ), and Silvassa in the Union Territory of Dadra and Nagar Haveli house the manufacturing facilities.
The company has reserved 50% of the offer for qualified institutional bidders (QIBs), while non-institutional investors would receive 15%. The remaining 35% of the offer will be allocated to retail investors in the issuance.
For the fiscal year ending September 30, 2023, InoxCVA declared a net profit of Rs 103.34 crore on a total revenue of Rs 580 crore. For the fiscal year ending March 31, 2023, the company made a net profit of Rs 152.71 crore on a total revenue of Rs 984.20 crore.
The book running lead managers for the InoxCVA IPO are ICICI Securities and Axis Capital, with Kfin Technologies serving as the registrar. a portion of the
