INOX India IPO subscribed seven times on day two of offer

Per NSE data, the Rs 1,459.32 crore initial share sale received bids for 10,94,94,440 shares against 1,54,77,670 shares on offer. The INOX India IPO was subscribed 2.78 times on the first day of subscription on Thursday.

New Delhi: The Initial Public Offering (IPO) of cryogenic tank maker INOX India was subscribed seven times on day two of subscription on Friday.

The Rs 1,459.32 crore initial share sale received bids for 10,94,94,440 shares against 1,54,77,670 shares on offer, as per NSE data.

The category for non-institutional investors got subscribed 13.73 times while the quota for Retail Individual Investors (RIIs) received 8.17 times subscription. The part for Qualified Institutional Buyers (QIBs) got subscribed by 17 per cent.

The INOX India IPO was subscribed 2.78 times on the first day of subscription on Thursday.

The IPO of up to 2,21,10,955 equity shares has a price range of Rs 627-660 a share.

Inox India Ltd on Wednesday collected Rs 438 crore from anchor investors.

Since the issue is completely an Offer for Sale (OFS), the Vadodara-based company will not receive any proceeds and all the funds will go to the selling shareholders.

Inox India, one of the leading cryogenic tank manufacturers, has over 30 years of experience offering solutions across the design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions.

The company's offering includes standard cryogenic tanks and equipment, bespoke technology, equipment, and solutions as well as large turnkey projects that are used in industries like industrial gases, LNG, green hydrogen, energy, steel, medical and healthcare, chemicals and fertilisers, aviation and aerospace, and construction.

ICICI Securities and Axis Capital are the managers to the offer.