INOX India IPO announces price band at ₹627-660 per share: GMP, issue details, more
- The INOX India IPO price band has been set in the range of ₹627 to ₹660 per equity share of the face value of ₹2.
INOX India IPO price band: The INOX India IPO price band has been set in the range of ₹627 to ₹660 per equity share of the face value of ₹2. The INOX India IPO date of subscription is scheduled for Thursday, December 14, and will close on Monday, December 18. The allocation to anchor investors for the INOX IPO is scheduled to take place on Wednesday, December 13.
The floor price is 313.5 times the face value of the equity shares, and the cap price is 330 times the face value of the equity shares. The price-to-earnings ratio based on diluted EPS for the financial year 2023 for the company at the cap price is 39.22 times, and the floor price is 37.25 times. The INOX India IPO lot size is 22 equity shares and in multiples of 22 equity shares thereafter.
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The INOX India IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.
Tentatively, INOX India IPO basis of allotment of shares will be finalised on Tuesday, December 19 and the company will initiate refunds on Wednesday, December 20, while the shares will be credited to the demat account of allottees on the same day following refund. INOX India IPO shares are likely to be listed on BSE and NSE on Thursday, December 21. Given that T+3 listing is mandatory as of December 1, 2023, INOX India IPO will list on primary markets this month under this norm.
INOX India IPO details
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 red herring prospectus (RHP), the promoters are Pavan Kumar Jain, Nayantara Jain, Siddharth Jain, and Ishita Jain. The selling shareholders include Siddharth Jain (up to 10,437,355 equity shares), Pavan Kumar Jain (up to 5,000,000 equity shares), Nayantara Jain (up to 5,000,000 equity shares), Ishita Jain (up to 1,200,000 equity shares), and Manju Jain (up to 230,000 equity shares).
In an interview with Moneycontrol today, Siddharth Jain, promoter and non-executive director of the company, said, "We have a very healthy balance sheet. We are debt free. We have about 220 crores in cash. We've been funding all our capex internally, including our working capital requirements. The primary reason of doing this IPO and doing an OFS is the fact that we don't need any capital in the company at this point. But we do want visibility. And you know, we since exports is a very, very core component of, our strategy going forward to being a publicly listed company certainly will help us as we try and gain market share in the global economy in cryogenics.
You know, the equipment that we make is primarily bought for capex needs. And whenever somebody wants to buy equipment for capex needs, you know, they have to be very sure about the brand and the quality that they're buying. So this will certainly help us in doing that. you know, we have completed 30 years. We're 30 years young, it's a kind of coming of age for us as well. We've developed a very strong reputation. Our quality is fantastic. We have healthy margins, and we thought the time is right, as the word transition to clean energy and for us to gain a larger global market share, you know listing was important to gain that visibility shot."
The book-running lead managers (BRLM) of the INOX IPO are ICICI Securities Limited and Axis Capital Limited. The registrar of the INOX IPO is KFin Technologies Limited.
The promoter of reputed brand INOXCVA, INOX India Limited, received approval from the Securities and Exchange Board of India (SEBI) for their IPO last week. INOX India, a manufacturer of cryogenic equipment, submitted a draft red herring prospectus (DRHP) to SEBI in August.
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.
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.
INOX India IPO GMP today
INOX India IPO GMP today price or grey market premium was ₹0, which meant shares were trading at their issue price of ₹660 with no premium or discount in the grey market, as per investorgain.com.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
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