Inox India, a leading provider of cryogenic equipment, has been subscribed 1.367 times in its Initial Public Offering (IPO). Established in 1976, the company specializes in providing cryogenic equipment, particularly tanks, and offers comprehensive solutions for equipment and systems operating in cryogenic conditions. The IPO aimed to raise Rs 1,459.32 crore exclusively through an offer-for-sale (OFS) involving up to 22,110,955 equity shares. The shares were offered within the fixed price range of Rs 627-660 per share, with a lot size of 22 equity shares and multiples thereof.
Inox India’s offerings cater to various 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 has exported products and delivered services to 66 countries, including the United States, Saudi Arabia, the Netherlands, Brazil, Korea, the United Arab Emirates, Australia, and Bangladesh.
The IPO allocated 50% of the offer to qualified institutional bidders (QIBs), with non-institutional investors receiving 15%, and the remaining 35% allocated to retail investors. On the first day of bidding, the IPO was subscribed 1.8 times, particularly by retail and non-institutional investors (NIIs). However, the quota set aside for qualified institutional bidders attracted bids for only 2% as of the same time.
In the grey market, Inox India’s shares were trading at a premium, indicating a strong listing potential. The demand for cryogenic equipment across geographies is expected to be driven by the increased demand for cleaner fuels such as LNG and hydrogen due to the focus on reducing carbon emissions from conventional energy. Inox India is well-positioned to capitalize on this trend.