INOX India, a leading cryogenic tank manufacturer, made a stellar debut on the stock exchanges, witnessing an impressive 41 per cent surge above the issue price. The shares of INOX India were listed at Rs 933 each, a substantial increase from the issue price of Rs 660. The stock reached an all-time high of Rs 978, marking a remarkable start on its first day of trading.
The Initial Public Offering (IPO) of INOX India had garnered significant attention and investor interest, with the subscription reaching an astonishing 61.28 times on the final day of the offer. According to NSE data, the issue received bids for 94,84,24,268 shares against the 1,54,77,670 shares on offer.
The IPO, valued at Rs 1,459.32 crore, witnessed a robust subscription period from 14 to 18 December, with share allocation finalised on 19 December. Prior to the IPO opening for subscriptions, INOX India had successfully raised Rs 438 crore from anchor investors on 13 December.
The company allotted 66.33 lakh equity shares to 41 funds at Rs 660 apiece, which represents the upper end of the price band, as detailed in a circular uploaded on BSE’s website.
Prominent investors in the anchor book included Abu Dhabi Investment Authority, Nomura, Goldman Sachs, ICICI Prudential Life Insurance Company, HDFC Life Insurance Company, SBI Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, Axis Mutual Fund, Aditya Birla Sun Life Mutual Fund, and Tata Mutual Fund.
Talking about the IPO, Shivani Nyati, Head of Wealth at Swastika Investmart said, “Inox India entered the secondary market today at a listing price of Rs 949, a gain of around 43 per cent over its issue price of Rs 660. The IPO received a huge subscription of 61.28x. Though we can consider it a decent listing, it is still below expectations, and the reason behind this is poor market sentiment. Inox India is the leading cryogenic equipment supplier in India, benefiting from rising demand in sectors like healthcare, space exploration, and food processing.”
Nyati added that it boasts a diversified product portfolio and a strong order book. “With strong fundamentals and a growing market, the company has the potential for long-term value creation; thus, we recommend holding it with a long-term view. Also, fresh buying at a lower level can be considered.”
INOX India, with over three decades of experience, is recognised for its expertise in designing, engineering, manufacturing, and installing equipment and systems for cryogenic conditions. The company’s spectacular stock market debut adds another milestone to its legacy as a leading player in the cryogenic tank manufacturing industry.
