INOX India IPO: The initial public offering (IPO) of INOX India Limited opened for subscription on Thursday and will close on December 18. INOX India, a cryogenic equipment maker and supplier, aims to raise ₹1459.32 crore from the IPO, which is a 100% offer for sale (OFS).
The shares of INOX India, meanwhile, are available for trade in the grey market. On the first day of bidding, i.e. today, company shares are available at a whopping premium of ₹330 in the grey market, HT’s sister publication Mint reported citing stock market observers.
Subscription status
By 10:39 am, the book build issue was subscribed 0.23 times, while the retail portion and NII (non-institutional investor) portion were subscribed 0.37 times and 0.22 times, respectively, as per Mint.
To subscribe or not?
Amit Goel, co-founder and Chief Global Strategist at Pace 360, gave a ‘subscribe’ tag to the IPO. According to Goel, INOX India ‘presents an interesting investment opportunity as both its topline and bottom-line have shown impressive growth and there is a good visibility for the growth to continue for the foreseeable future.’
“Investors can apply for the listing gains of around 60% with an expected listing price of ₹1050 to ₹1080,” he further said.
Similarly, both BP Equities and Swastika Investmart too gave a ‘subscribe’ tag to this public issue.
INOX India Limited IPO: Important details
Price band: The IPO is being offered at a price band of ₹627 to ₹660 per equity share.
Lot size: A single lot carries as many as 32 company shares for bidding.
Important dates: December 14 (opening), 18 (closing), 19 (tentative; share allocation), 21 (tentative; stock exchange listing).
Official registrar: KFin Technologies Limited
(Disclaimer: The views expressed above are those of individual analysts or broking companies, and not of Mint. Investors must check with certified experts before taking any investment decision.)