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Inox India sets IPO date to enhance market position

Published Dec 10, 2023 23:20
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Inox India, a leading manufacturer of cryogenic tanks based in Vadodara, has announced the opening of its Initial Public Offering (IPO) subscription period, slated to run from December 14-18. The company, with over three decades of experience in the industry, is offering shares through an Offer for Sale (OFS), opting not to issue new shares but rather allowing existing shareholders to sell their stakes.

The move to go public is part of Inox India's strategy to leverage the benefits of a listing, which includes enhanced visibility and credibility in the market as well as access to a wider base of investors. The company has cited these listing benefits as a primary motivation for its IPO.

Ahead of the public offering, allocations for anchor investors are scheduled for December 13. The allocation strategy demonstrates a commitment to a diverse investor base, with half of the shares reserved for qualified institutional buyers. Additionally, retail investors will have a significant portion available at 35%, while non-institutional investors will be allocated 15%.

Inox India's decision to list comes on the heels of strong financial performance. The company has recently reported a robust increase in income to ₹580 crore and a nearly 25% rise in profits, reaching ₹103 crore. Specializing in cryogenic tanks that are essential for storage and transportation of industrial gases and LNG, Inox India serves various sectors and has established itself as an industry stalwart over its thirty-year history.

Investors looking into the IPO will likely be encouraged by Inox India's solid financial growth and its strategic positioning within the industrial gas and LNG sectors, which are critical components in a wide array of industrial processes. As the company embarks on this new chapter, its IPO is set to mark a significant milestone in its long-standing journey.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Inox India sets IPO date to enhance market position
 

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