Inox India gets SEBI approval to raise funds via IPO
- INOX India Limited has received approval from the SEBI for their IPO. The cryogenic equipment maker, filed DRHP with SEBI in August.
The promoter of reputed brand INOXCVA, INOX India Limited has received approval from the Securities and Exchange Board of India (SEBI) for their Initial Public Offering (IPO).
INOX India, a manufacturer of cryogenic equipment, submitted a draft red herring prospectus (DRHP) to SEBI in August.
The company intends to raise money through initial public offerings, which will include an offer for sale of up to 22,110,955 equity shares (with a face value of ₹2) made by selling shareholders, including the promoter, and other selling shareholders.
As per the DRHP, the promoters are Pavan Kumar Jain, Nayantara Jain, Siddharth Jain, and Ishita Jain.
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The IPO's book running lead managers are Axis Capital Limited and ICICI Securities Limited.
INOX India Limited has been providing solutions for over 30 years, spanning the areas of cryogenic equipment and system design, engineering, manufacturing, and installation. In the cryogenic equipment sector, it has established the well-known brand INOXCVA.
The company's offerings span a wide range of industries, including industrial gases, LNG, green hydrogen, energy, steel, chemicals and fertilisers, aviation and aerospace, and construction. Standard cryogenic tanks and equipment, bespoke technology, equipment, and solutions, as well as large turnkey projects, are all part of their offering.
As per the DRHP, there are no listed companies in India that engage in a business similar to that of the company.
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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