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Business News/ Markets / Ipo/  INOX India IPO fully subscribed: GMP, subscription status, review, other details. Buy or not?
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INOX India IPO fully subscribed: GMP, subscription status, review, other details. Buy or not?

INOX India IPO GMP: Shares of the cryogenic equipment maker and supplier company are available at a premium of ₹330 in grey market today, say market observers

INOX India IPO price: The public issue has been offered at a price band of ₹627 to ₹660 per equity share. (Photo: Courtesy company website)Premium
INOX India IPO price: The public issue has been offered at a price band of 627 to 660 per equity share. (Photo: Courtesy company website)

INOX India IPO: The initial public offering (IPO) of Inox India Limited has opened for subscription and it will remain open for bidders till 18th December 2023 i.e. Monday next week. The public issue is proposed for listing on BSE and NSE and cryogenic equipment maker and supplier company has fixed INOX India IPO price band at 627 to 660 per equity share. The company aims to raise 1,459.32 crroe from its public offer and it is 100 per cent offer for sale (OFS).

Meanwhile, shares of INOX India Limited are available for trade in grey market. According to stock market observers, shares of INOX India Limited are available at a whopping premium of 330 in grey market today.

INOX India IPO subscription status

By 1:45 PM on day one of bidding, the book build issue has been subscribed 1.32 times whereas its retail portion has been subscribed 1.68 times. The NII portion of the public issue has been subscribed 1.78 times.

Important INOX India IPO details

1] INOX India IPO GMP: Shares of the cryogenic equipment maker and supplier company are available at a premium of 330 in grey market today, say stock market observers.

2] INOX India IPO date: The book build issue has opened today and it will remain open till 18th December 2023 i.e. Monday next week.

3] INOX India IPO price: The public issue has been offered at a price band of 627 to 660 per equity share.

4] INOX India IPO size: The company aims to raise 1,459.32 crore from this initial offer, which is completely OFS.

5] INOX India IPO lot size: A bidder will be able to apply in lots and one lot of the INOX India IPO comprises 22 company shares.

6] INOX India IPO allotment date: As T+3 listing has become mandatory from 1st December 2023, share allocation is most likely on 19th December 2023 i.e. Tuesday next week.

7] INOX India IPO registrar: KFin Technologies Limited has been appointed as official registrar of this IPO.

8] INOX India IPO listing: The book build issue is proposed for listing on BSE and NSE.

9] INOX India IPO listing date: The public issue is most likely to list on 21st December 2023 i.e. on Thursday next week.

INOX India IPO: Apply or not?

10] INOX India IPO review: Advising investors to apply for long term, Parth Shah, Research Analyst at StoxBox said, "We believe that Inox India Ltd. is in a sweet spot to benefit from the long-term demand for cryogenic equipment due to the growing focus across the globe to reduce carbon footprint and promote the use of clean source of energy such as LNG and hydrogen. The company’s business operations are likely to benefit from its leadership position in cryogenic equipment in India, strong order book, robust product portfolio, marquee clients diversified across sectors and focus on exports. Moreover, the company’s healthy financial performance on both topline and bottomline, increased focus on reducing borrowings and strong RoE and RoCE in excess of 25% provides confidence on the financial front as well. Considering the potential of the industry in which the company operates, we advise investors to subscribe to the issue from a long-term perspective."

Giving 'subscribe' tag to the book build issue, Amit Goel, Co-Founder and Chief Global Strategist at Pace 360 said, "Inox India has over 30 years of experience offering solutions across design, engineering, manufacturing and installation of equipment and systems for cryogenic conditions. During FY23, the company achieved a 17% surge in net profit, amounting to 152 crore, compared to 131 crore in FY22. Concurrently, its revenues exhibited a 23.5% growth, reaching 965 crore in FY23, up from 783 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. The company presents an interesting investment opportunity as both its topline & bottom-line have shown impressive growth and there is a good visibility for the growth to continue for the foreseeable future. The price-to-earnings ratio based on IPO Price ( 660) is 39 times and at the expected listing price ( 1050) is 62 times," adding, "Considering all the factors, we recommend that investors can apply for the listing gains of around 60% with an expected listing price of 1050 to 1080."

BP Equities and Swastika Investmart have also give 'subscribe' tag to this public offer.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.

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Asit Manohar
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Published: 14 Dec 2023, 07:54 AM IST
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