Inox India Ltd IPO: Issue Details, Open/Close Date | Research 360 by Motilal Oswal
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Inox India

CMP

1,315.30

+7.40 (0.57%)

  • DRHP
₹660

Offer Price

₹ 1,459.32 Cr

Issue Size

₹ 14,520

Min Investment

61.28x

Times Subscribed

22

Lot size

Time Line

  • 14
    Dec 2023
    Open
  • 18
    Dec 2023
    Close
  • 19
    Dec 2023
    Finalisation of Basis of Allotment
  • 20
    Dec 2023
    Initiation of Refunds
  • 20
    Dec 2023
    Transfer of Shares to Demat Account
  • 21
    Dec 2023
    Listing Date

Shares Offered

Number of Times Subscribed

Objects of the Offer

  • Capitalize on opportunities in LNG and hydrogen as part of the global clean energy transition.

  • Capture the full value-chain across its product lines.

  • Expanding its standard cryogenic and non-cryogenic equipment business into international markets.

  • Expanding its large turnkey project business.

  • Continue to improve operational efficiency and productivity.

Products & Services

  • Inox India Limited is the largest supplier of cryogenic equipment in India.

Strengths

  • Leading Indian supplier and exporter of cryogenic equipment and equipment: exports constituted 62.18% and 45.83% of its revenues from operations in the six months ended September 30, 2023 and in Fiscal 2023.

  • Large portfolio of specialized cryogenic equipment engineered to global quality standards: Installed Capacity of 3,100 Equivalent Tank Units (which are cryogenic storage tanks of 10,000 litres), 2.4 million disposable cylinders, 14 certifications from United States, Europe, Australia and other international markets.

  • Diversified domestic and international customer base across industry sectors: 1,201 domestic customers and over 228 international customers.

  • Strong product development and engineering focus: 419 engineers, appoint scientists of varied experience and expertise at our R&D facility.

  • Healthy financial performance to support growth.

Risks

  • The company`s business is dependent and will continue to depend on its three manufacturing facilities. The company is subject to certain risks in its manufacturing processes such as the breakdown or failure of equipment and industrial accidents that could lead to interruptions in its business operations, which may, in turn, adversely affect its production schedules, costs and sales and its ability to meet customer demand.

  • 11.56% and 46.52% of revenue from operation was derived from its largest customer and top 10 customers, respectively, for Fiscal 2023. Cancellation by customers or delay or reduction in their orders could have a material adverse effect on its business, results of operations and financial condition.

  • An increase in its component or raw material costs, or other input costs, may adversely affect the pricing and supply of its products and have an adverse effect on its business, results of operations and financial condition.

  • The contracts in its Order Book may be adjusted, cancelled or suspended by its customers and, therefore the company`s Order Book is not necessarily indicative of its future revenues or profit.

  • Cryogen leakage from equipment poses health hazards and its products face inherent risk due high pressures and low temperatures at which many of its cryogenic products are use and the inherent risks associated with concentrated industrial and hydrocarbon gases.

Company Promoters

Promoters Holding

Issue For IPO
23.84%
Pre Holding

91.51%

Post Holding

67.67%

Top Promoters Holding

Financials

All values in Cr

Mar-2021 Mar-2022 Mar-2023 3-Yr trend
Revenue 593.80 (-) 782.71 (31.80%) 965.90 (23.40%)
Gross Profit 593.80 (-) 782.71 (31.80%) 965.90 (23.40%)
Net Income 593.80 (-) 782.71 (31.80%) 965.90 (23.40%)
Assets 593.80 (-) 782.71 (31.80%) 965.90 (23.40%)
Liabilities 593.80 (-) 782.71 (31.80%) 965.90 (23.40%)

Book Running Managers

  • ICICI Securities Ltd
  • Axis Capital Ltd

Registrar & Transfer Agent

KFin Techologies Ltd

Karvy Selenium Tow-B,
31&32 Financial Dist,
Nanakramguda - Hyderabad-500032
Phone : 91-40-67162222 Fax: 91-40-23001153/23420814

Company Contact Information

9th Floor,
K P Platina Racecourse,
Vadodara - 390007
Phone : +91 265 6160100 Email : secretarial.in@inoxcva.com www.inoxcva.com

Offer Related Information

Initial public offering of 22,110,955* equity shares of face value of Rs. 2 each ("Equity Shares") of Inox India Limited (the "Company" or the "Issuer") for cash at a price of Rs. 660 per equity share (including a share premium of Rs. 658 per equity share) ("Offer Price") aggregating to Rs. 1459.32 crores* (the "Offer"). The offer comprises an offer for sale of 22,110,955* equity shares of face value of Rs. 2 each ("Offered Shares") aggregating to Rs. 1459.32 crores*, comprising 10,437,355*... More

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