Inox India IPO subscribed 2.79 times on debut; retail & HNIs take lead

Inox India IPO opens for subscription

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The Inox India (INOXICV) IPO received a full subscription on its first day of bidding on December 14. Investors bought 4.32 crore equity shares, which was 2.79 times the issue size of 1.55 crore shares, according to the data available from the exchanges.

High networth individuals (HNIs) and retail investors took the lead among investors and picked shares 4.57 times and 3.61 times against their allotted quotas, respectively, while qualified institutional buyers (QIBs) bought 4 percent shares of the portion set aside for them.

Half of the offer size has been fixed for QIBs, 15 percent for HNIs and the remaining 35 percent for retail investors.

The Vadodara-based cryogenic tanks manufacturing company is planning to raise Rs 1,459.32 crore via the IPO, which comprises only an offer-for-sale (OFS) by the existing shareholders.

Also read: Inox India IPO: 10 things to know before subscribing to Rs 1,459-crore issue

The price band for the offer, which closes on December 18, has been fixed at Rs 627-660 per share.

Promoters Siddharth Jain, Pavan Kumar Jain, Nayantara Jain, and Ishita Jain are the selling shareholders in the OFS. Apart from them, Manju Jain, Lata Rungta, Bharti Shah, Kumud Gangwal, Suman Ajmera, and Rajni Mohatta will also offload their shares in the OFS.

The cryogenic equipment and solutions company that caters to several industries such as industrial gases, liquified natural gas, green hydrogen, energy, chemicals, aviation and aerospace has mopped up Rs 437.8 crore via anchor book at the upper price band on December 13, a day before the issue opening.

Investors such as Abu Dhabi Investment Authority, Nomura Trust, Goldman Sachs, Carmignac Portfolio, HSBC Global, SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Fidelity Funds, Ashoka Whiteoak, Nippon Life India, Kotak Mahindra Trustee, and Axis Mutual Fund participated in the anchor book.

Click Here To Read Moneycontrol's Exclusive Note on Inox India IPO

Inox India IPO shares seem to be getting robust demand in the grey market, trading with more than a 60 percent premium over the upper price band, analysts on anonymity said.

The grey market is an unofficial platform wherein the IPO shares can be bought and sold till the listing. Generally, the participants will make use of the grey market premium to gauge the expected listing price of any IPO.