Inox India was incorporated on 21 December 1976 as Baroda Oxygen, and is the largest supplier of cryogenic equipment in India by revenue in FY23. With over 30 years of experience, it offers solutions across design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions.
| Bidding Dates |
|---|
| 14 Dec 2023 - 18 Dec 2023 |
| Subscription |
|---|
| 61.28x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹13,794 | 1 | 13 | 22 | 22.1 M | ₹627 - ₹660 | 74.94 % | ₹13863.6 M - ₹14593.2 M | RHP DOC |
Inox IPO SUBSCRIPTION STATUS
18 Dec '23Inox IPO overall subscription rate was 61.28 times the total available shares
Inox IPO retail subscription rate was 15.3 times in the retail segment
Inox IPO non-institutional investor subscription rate was 53.2 times in the non-institutional investor category
Inox IPO Qualified Institutional Bidder subscription rate was 147.8 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
18 Dec 2023 (Day 3) | 15.3x | 53.2x | 147.8x |
15 Dec 2023 (Day 2) | 8.17x | 13.73x | 0.17x |
14 Dec 2023 (Day 1) | 3.59x | 4.56x | 0.04x |
Inox FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| H1FY24 | 1,033.4 | 5,646.1 | 894.6 | 129.7 | 25.1% |
| H1FY23 | 834.2 | 4,868.0 | 1,414.8 | 1,248.6 | 24.2% |
| FY23 | 1,527.1 | 9,659.0 | 1,783.8 | 1,317.3 | 22.6% |
| FY22 | 1,305.0 | 7,827.1 | 970.4 | 531.8 | 23.5% |
| FY21 | 961.1 | 5,938.0 | 2,306.9 | 2,247.9 | 24.6% |
Inox IPO SUBSCRIPTION STATUS DETAILS
Inox had 22.1 M shares on offer
Inox IPO offer price was in the range ₹627 - ₹660
Inox IPO minimum Investment was ₹13794
Inox IPO issue size was ₹ 13863.6 M - ₹ 14593.2 M
Inox had a minimum lot size of 22 Shares per application
Inox NUMBER OF SHARES ON OFFER
Inox IPO IMPORTANT DATES
| Issue Open Date | 14 Dec 2023 |
| Issue close Date | 18 Dec 2023 |
| Allotment Date | 19 Dec 2023 |
| Refund Date | 20 Dec 2023 |
| Demat Account Credit Date | 20 Dec 2023 |
| Listing Date | 21 Dec 2023 |
| Listing on Exchange(s) | NSE and BSE |
| Inox Allotment Status | Exchange |
Inox IPO subscription opened on 14 Dec 2023, and closed on 18 Dec 2023
IPO allotment for Inox was finalized on Tuesday, 19 Dec 2023
IPO listing for Inox was on NSE and BSE on Thursday, 21 Dec 2023
Inox IPO LISTING GAINS
| Issue Price (adjusted) | 660.0 |
| Listing Open Price | 949.6 |
| Listing Close Price | 940.0 |
| Listing Gain% | 43.9% |
| Current Gain% | 200.6% |
Inox Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Inox India Ltd. | 1984.1 | 18008.4 | 70.7 | 8.2 | 11.1 | 23.1 | 12.8 | 1632.3 | 21.2 | 257.9 | 14.1 | 28.1 | 8.7 |
| Solar Industries India Ltd. | 18820 | 170302.4 | 101.5 | 2.6 | 17.3 | 26.7 | 15.4 | 9965.7 | 30.9 | 1677.6 | 38.7 | 185.4 | 38.7 |
| PTC Industries Ltd. | 19370 | 29040.5 | 285.9 | 4.3 | 48.2 | 6.7 | 5.2 | 643.3 | 88 | 101.6 | 66.4 | 67.7 | 66.4 |
| Precision Wires India Ltd. | 433.3 | 7921.1 | 45.4 | 0.5 | 1.3 | 20.1 | 6.9 | 5463.4 | 35.4 | 155.3 | 72.4 | 9.6 | 84 |
| Kennametal India Ltd. | 3338 | 7336.3 | 53 | 1.5 | 5.4 | 13.8 | 10.6 | 1184.7 | 6.6 | 102.9 | -6.9 | 63 | 35.9 |
| KSH International Ltd. | 900.6 | 6102.1 | 55.4 | 0.9 | 2 | 13.6 | 8.3 | 3128.4 | 61.4 | 110.1 | 62 | 16.3 | 62 |
Inox INFORMATION ON IPO ISSUE
About Inox
Inox India was incorporated on 21 December 1976 as Baroda Oxygen, and is the largest supplier of cryogenic equipment in India by revenue in FY23. With over 30 years of experience, it offers solutions across design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions.
Object of the Issue
- To carry out the offer for sale of up to 22,110,955 equity shares by the selling shareholders
- To achieve the benefits of listing equity shares on the stock exchanges
Inox - PROMOTERS
| Name |
|---|
| Pavan Kumar Jain |
| Nayantara Jain |
| Siddharth Jain |
| Ishita Jain |
Inox Book Running Lead Manager
ICICI Securities Limited
inoxindiaipo@icicisecurities.com
Axis Capital Limited
inoxindia.ipo@axiscap.in
Inox Registrar to the Offer
KFinTechnologies Private Limited
inox.ipo@kfintech.com
Inox Strengths
Leading Indian supplier
The largest supplier of cryogenic equipment in India by revenues in FY23. Further, it also exports to 66 countries and is placed to capitalize on global opportunities
Large portfolio
The company offers comprehensive solutions. Its equipment and systems are used in industries such as energy, industrial gases, LNG and LCNG, steel, medical and healthcare, chemicals and fertilisers, aviation and aerospace, pharmaceuticals, and construction.
Healthy financial performance
The company's consolidated total income increased at a CAGR of 27.13% from Rs 609 crore in FY21 to Rs 984.2 crore in FY23
Inox Risks
Dependent on exports
The company's exports constituted 62.2% and 45.8% of its revenues from operations in H1FY24 and FY23, respectively. A slowdown in its exports due to tariffs, trade barriers, and international sanctions could adversely affect the business
Dependent on gas sector
The business is concentrated in the industrial gas sector. Any factors leading to a decline in this sector could materially and adversely affect the business.
Competitive environment
The company operates in a competitive environment and may not be able to effectively compete, which could have a material adverse effect on the business
IPO FAQs
This IPO consists of an offer for sale of up to Rs 1,459.3 crore, of 22,110,955 shares.
The promoters of the company are Pavan Kumar Jain, Nayantara Jain, Siddharth Jain and Ishita Jain.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 627.0 - 660.0.
The IPO application opens on Dec 14, 2023 and closes on Dec 18, 2023.
The minimum lot size for the IPO is 22. The maximum lot size for the IPO is 286.
For all category investors, the minimum application amount for this IPO is Rs. 13,794.0, the maximum value for this IPO is Rs 188,760.0.
This IPO will be allotted on Dec 19, 2023.
The refund will be credited to your account on Dec 20, 2023.
The allotted shares will be credited to your demat on Dec 20, 2023.
Inox India Ltd.’s shares listed on the stock exchanges on Dec 21, 2023.