Inox India to launch IPO on December 14: Check details
Gujarat-based Inox India, a top cryogenic equipment manufacturer, is set to introduce its initial public offering (IPO) on December 14. This is the third IPO opening for subscription next week, following Doms Industries and India Shelter Finance Corporation. The anchor book for the public issue will open for one day on December 13, and the offer will close on December 18. The price band for the offer will be announced tomorrow (December 11).
Offer-for-sale of 2.21 crore shares
The first-time public issue by Inox consists only of an offer-for-sale (OFS) of 2.21 crore shares by existing shareholders, including promoters. Among the selling shareholders in the OFS are Pavan Kumar Jain, Siddharth Jain, Ishita Jain, Nayanatara Jain, and Manju Jain. Excluding IPO expenses, the entire issue proceeds will go to these selling shareholders. The company will not receive any money from the issue.
Trading to commence on December 21
Inox India, which serves various industries including LNG, industrial gases, energy, steel, and green hydrogen, will finalize the basis of allotment of IPO shares by December 19. Successful investors will get the equity shares in their demat accounts by December 20. Trading in equity shares will begin on the BSE and NSE starting December 21. Axis Capital and ICICI Securities are acting as the merchant bankers for the issue.
Inox India recently got SEBI's approval
Inox India obtained approval from the Securities and Exchange Board of India (SEBI) for its IPO earlier this week. To recall, the company submitted a draft red herring prospectus (DRHP) to SEBI in August.
