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Business News/ Companies / News/  Inox India files IPO papers to raise funds through offer-for-sale
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Inox India files IPO papers to raise funds through offer-for-sale

The IPO will be a pure offer-for-sale of up to 22.11 million shares by its existing shareholders and promoters.

Inox India files draft IPO papers with Sebi to raise funds (PTI)Premium
Inox India files draft IPO papers with Sebi to raise funds (PTI)

New Delhi: Cryogenic equipment maker Inox India on Wednesday filed draft papers for an initial public offering (IPO) with the Securities Exchange Board of India (SEBI) to raise funds.

The IPO will be a pure offer-for-sale of up to 22.11 million shares by its existing shareholders and promoters.

"The company plans to raise fund through Initial public offering comprising offer for sale of up to 2,21,10,955 equity shares (Face Value of 2) by Promoter selling shareholder and other selling shareholder (“Offer for sale")," the company said in a statement.

The OFS will constitute up to 10.44 million shares by Siddharth Jain, up to 5 million shares each by Pavan Kumar Jain and Nayantara Jain, up to 1.2 million shares by Ishita Jain and 2.3 lakh shares by Manju Jain.

ICICI Securities and Axis Capital are the book-running lead managers to the issue.

Inox India has been operating for the past 30 years and offers solutions across design, engineering, manufacturing and installation of equipment and systems for cryogenic conditions.

The company's offering includes standard cryogenic tanks and equipment, bespoke technology, equipment, and solutions as well as large turnkey projects that are used in industries such as industrial gases, LNG, green hydrogen, energy, steel, medical and healthcare, chemicals and fertilisers, aviation and aerospace and construction.

The company maintains operational facilities across three locations: Kalol (Gujarat), Kandla SEZ (Gujarat), and Silvassa (Dadra and Nagar Haveli). As of FY23, its installed capacity encompassed 3,100 equivalent tank units, equivalent to 10,000-liter cryogenic storage tanks and 2.4 million disposable cylinders. As of March 31st, the company's order book was valued at 1,003.15 crore.

During FY23, the company achieved a 17% surge in net profit, amounting to 152.71 crore, compared to 130.5 crore in FY22. Concurrently, its revenues exhibited a 23.4% growth, reaching 965.9 crore in FY23, up from 782.71 crore in FY22. However, there was a decline in Ebitda margin from 23.47% in FY22 to 22.62% in FY23. The total debt by March 31st stood at 8.99 crore, marking a decrease from 54.54 crore in the preceding year.

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Published: 30 Aug 2023, 04:31 PM IST
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