Inox India, the cryogenic tank maker, will witness its shares being listed on the stock exchanges on Thursday, December 21. The initial public offer (IPO) has generated tremendous interest from the investors, having been subscribed 61.28 times on the final day of subscription. The share allotment has already been finalised and all focus is on the listing date, i.e tomorrow.
The company has over 30 years of experience offering solutions across the design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions.
Inox India’s offering includes standard cryogenic tanks and equipment, bespoke technology, equipment, and solutions as well as large turnkey projects that are used in industries like industrial gases, LNG, green hydrogen, energy, steel, medical and healthcare, chemicals and fertilisers, aviation and aerospace, and construction.
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In the grey market, the shares of Inox India are being traded at a premium of ₹480, less than the issue price of ₹660. It is expected that the shares will be listed at a price of ₹1,140, i.e 72.73 per cent more than the issue price.
The Inox India IPO had opened for subscription on December 14 and ended on December 18. The share allotment was finalised on December 19. The IPO was subscribed 2.78 times on the first day of offer.
As per an NSE data, the ₹1,459.32 crore IPO received bids for 4,30,88,606 shares against 1,54,77,670 shares on offer. The issue was subscribed seven times on the second day of the offer and 61.28 times on the last day of bidding, witnessing huge participation coming in from institutional buyers.
The IPO had received bids for 94,84,24,268 shares against 1,54,77,670 shares on offer on the last day. The IPO of 22,110,955 equity shares had a price range of ₹627-660 a share.