INOX India IPO 2023

INOX India IPO

INOX India IPO: The price range for INOX India (INOXCVA), a well-known maker of cryogenic equipment, has been disclosed. Each equity share will be priced between Rs 627 and Rs 660, with a face value of Rs 2.

The distribution to anchor investors is set for December 13, and the IPO subscription period runs from December 14 to December 18.
The equity shares have a face value of 330 times, and the floor price is set at 313.5 times that amount. For the fiscal year 2023, the price-to-earnings ratio (P/E) at the cap price is 39.22 times, while at the floor price it is 37.25 times, based on diluted earnings per share (EPS). There will be multiples of 22 equity shares after the initial lot size of 22 equity shares for the IPO.

Up to 50% of the shares in the IPO are reserved for qualified institutional buyers (QIBs), at least 15% for non-institutional investors (NIIs), and at least 35% for retail buyers. On December 19, the allocation basis will be finalized. On December 20, reimbursements will begin, and shares will be paid to the demat accounts on the same day.

December 21 is when listing on the BSE and NSE is expected to occur, in accordance with the T+3 listing requirement.

By offering to sell up to 22,110,955 equity shares to current owners, including promoters Pavan Kumar Jain, Nayantara Jain, Siddharth Jain, and Ishita Jain, INOX India hopes to raise money. KFin Technologies Limited is the registrant for the IPO, and ICICI Securities Limited and Axis Capital Limited are the book-running lead managers.

The company specializes in cryogenic equipment and system design, engineering, production, and installation. It is well-known for its INOXCVA brand.

INOX India reported FY23 revenue growth of 23.4% to Rs 965.9 crore and a 17.5% increase in net profit to Rs 152.71 crore. The company’s financial performance demonstrates its solid position in the cryogenic equipment business, albeit with a fall in EBITDA margin.

The grey market premium (GMP) for the INOX India IPO is currently Rs 200, meaning that shares are now selling at Rs 860, which represents a premium of more than 30%.

Although the GMP indicates investors’ willingness to pay more in the secondary market than the issue price, it is not always a reliable sign of investing