Cryogenic tank maker Inox India IPO subscribed 2.78 times on debut

Leading cryogenic tank manufacturer Inox India has over 30 years of experience offering solutions across the design, manufacturing, and installation of equipment and systems for cryogenic conditions

The Initial Public Offer (IPO) of cryogenic tank maker INOX India was subscribed 2.78 times on the first day of subscription on Thursday.

The Rs 1,459.32 crore IPO received bids for 4,30,88,606 shares against 1,54,77,670 shares on offer, according to NSE data.

The category for non-institutional investors received 4.56 times subscription and Retail Individual Investors (RIIs) portion got subscribed 3.59 times. The quota for Qualified Institutional Buyers (QIBs) was subscribed 4 per cent.

The IPO of up to 2,21,10,955 equity shares has a price range of Rs 627-660 a share.

Inox India Ltd on Wednesday collected Rs 438 crore from anchor investors.

Since the issue is completely an Offer for Sale (OFS), the Vadodara-based company will not receive any proceeds and all the funds will go to the selling shareholders.

Inox India, one of the leading cryogenic tank manufacturers, has over 30 years of experience offering solutions across the design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions.

The company'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 fertilizers, aviation and aerospace and construction.

ICICI Securities and Axis Capital are the managers to the offer.