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Inox India’s IPO Receives Overwhelming Response, Oversubscribed 15.54 Times on Final Day

New Delhi, 18 December 2023, Vadodara, December 18, 2023: Inox India’s initial public offering (IPO) witnessed exceptional investor interest, closing the final day of bidding with a robust oversubscription of 15.54 times. The cryogenic equipment manufacturer received bids for 24 crore shares against the issue size of 1.55 crore shares, highlighting strong confidence from various investor segments.

HNIs Drive Demand: Leading the charge were high net-worth individuals (HNIs), who subscribed to their allotted quota of shares a staggering 32.94 times over. Retail investors also showed substantial interest, subscribing to their portion 11.51 times. Even qualified institutional buyers (QIBs) participated actively, booking their portion 9.56 times over.

Half of the Offer Goes to QIBs: As per the company’s allocation plan, 50% of the shares were reserved for QIBs, 15% for HNIs, and the remaining 35% for retail investors. This diverse interest across investor groups bodes well for the company’s future prospects.

Raising Rs 1,459 Crore: Through this purely offer-for-sale IPO, Inox India intends to raise Rs 1,459.32 crore. The price band for the offer has been fixed at Rs 627-660 per share.

Promoters and Investors Offload Shares: Promoters Siddharth Jain, Pavan Kumar Jain, Nayantara Jain, and Ishita Jain will be selling their shares along with other stakeholders Manju Jain, Lata Rungta, Bharti Shah, Kumud Gangwal, Suman Ajmera, and Rajni Mohatta.

Strong Anchor Book Placement: Prior to the public offering, Inox India mopped up Rs 437.8 crore through the anchor book placement at the upper price band on December 13. Renowned investors including Abu Dhabi Investment Authority, Nomura Trust, Goldman Sachs, and several mutual funds participated in the anchor book.

This overwhelming response to Inox India’s IPO underscores the company’s strong market position and potential for future growth. With diverse investor participation and positive sentiment, the listing of Inox India shares on the Indian stock exchanges is highly anticipated.

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