INOX India Limited’s initial public offering (IPO) will accept subscriptions through December 18, 2023, with the deadline being December 14, 2023. This indicates that since the public issue bidding will close this evening, investors have just one day left to apply for the IPO. The manufacturer and supplier of cryogenic equipment has set the price range for the INOX India IPO at ₹627 to ₹660 per equity share. After two days of bidding, the public issue has been subscribed 7.14 times, according to the INOX India IPO subscription status.
Meanwhile, the grey market has become even more optimistic about the public offering following two days of robust subscriptions to the INOX India IPO. Stock market watchers report that the company’s shares are trading at a premium of ₹560 per equity share, ₹230 more than its GMP of ₹330 on the day of subscription opening. Thus, INOX India IPO GMP increased from ₹330 to ₹560 following two days of subscription and the weekend.
Status of INOX India’s IPO subscription
The public issue had been subscribed 12.64 times by 11:57 AM on the third day of bidding, while its retail portion had been subscribed 10.77 times. 28.05 people have subscribed to the NII portion of the public offer, and 4.37 times as many people have bid on the QIB segment as on the initial offer.
Key Information about INOX India’s IPO
Here are some key details about the INOX India IPO:
INOX India IPO GMP
According to market watchers, the company’s shares are currently available on the grey market for a premium of ₹560.
INOX India IPO price
₹627 to ₹660 per equity share is the price range that the company has set for the IPO.Date of INOX India IPO: The public offering began on December 14, 2023, and it will run through December 18, 2023. This indicates that the public issue’s bidding will conclude this evening
INOX India IPO date:
The public offer opened 14th December 2023 and it will remain open till 18th December 2023. This means, bidding for this public issue is going to end today evening.
INOX India IPO size:
This is a fully OFS public offering with a target amount of 1,459.32 crore that the company hopes to raise.
INOX India IPO lot size:
Bidders may submit their applications in lots, with each lot containing 22 company shares.
INOX India IPO allotment date:
December 19, 2023, is most likely the date for share allocation due to the T+3 listing rule.
INOX India IPO registrar:
Kfin Technologies Limited has been designated as the official registrar of the public offer for INOX India.
INOX India IPO listing:
BSE and NSE are proposing to list the public offering.
INOX India IPO: Should I apply?
The Marwadi Shares and Finance report, which assigned the public issue a “subscribe” tag, stated that, “Inox India Ltd. is the largest supplier of cryogenic equipment in India by revenue in Fiscal 2023.” With a market capitalization of ₹59,904 million, the company is expected to list at a P/E of 34.68x/28.97x, taking into account the TTM (Sept-23)/ FY24 Annualised EPS of ₹19.03/22.78 on a post-issue basis. Comparable listed companies in India do not exist for all business and service aspects offered by the company. As a result, it is impossible to compare the Company to other industries.
We rate this IPO as “Subscribe” since the company is a well-known exporter and supplier of cryogenic solutions and equipment from India, and it has a sizable portfolio of specialised cryogenic equipment that is built to meet high standards of quality worldwide. Additionally, it is offered without reservation and at fair prices.”
Motilal Oswal has assigned a “subscribe” rating to INOX India’s initial public offering (IPO), stating that the company’s leading position, diverse portfolio, and strong financials appeal to us. It will gain from the move to cleaner fuels, increased investment in the electronics and space industries, and an improved revenue mix that prioritises high-margin projects. It appears reasonable that the IPO is priced at 29x 1HFY24 P/E (on an annualised & diluted basis). Therefore, we advise subscribing. The issue may also see listing gains given the unique listing and the strong market.”
INOX India IPO has received a “subscribe” rating from BP Equities, Canara Bank Securities, DR Choksey, Geojit Securities, Hem Securities, Indsec Securities, Mehta Equities, Nirmal Bang, SBI Securities, Swastika Investmart, and Ventura Securities; Sushil Finance has not rated the public issue.