Cryogenic Tank Maker InoxCVA offers IPO seeking Rs 1,459-Crore

Sets Rs 627-660 Price Band For Rs IPO, at the upper end of the price band, the company is valued at Rs 5,990 crore

Our objective is to be visible globally: InoxCVA promoter and director Siddharth Jain

BILKULONLINE

Ahmedabad, Dec 12: Cryogenic equipment maker Inox CVA is all set to launch an IPO, at a price band of Rs 627-660 apiece, on December 14. Inox CVA IPO: Cryogenic equipment maker Inox CVA is all set to launch an initial public offer (IPO), estimated to be worth Rs 1,459 crore, on Thursday, December 14.

Inox CVA IPO is a book built issue of Rs 1,459.32 crores. The issue is entirely an offer for sale of 2.21 crore shares.

Inox CVA IPO opens for subscription on December 14, 2023 and closes on December 18, 2023. The allotment for the Inox CVA IPO is expected to be finalized on Tuesday, December 19, 2023. Inox CVA IPO will list on BSE, NSE with tentative listing date fixed as Thursday, December 21, 2023.

Inox CVA IPO price band is set at ₹627 to ₹660 per share. The minimum lot size for an application is 22 Shares. The minimum amount of investment required by retail investors is ₹14,520. The minimum lot size investment for sNII is 14 lots (308 shares), amounting to ₹203,280, and for bNII, it is 69 lots (1,518 shares), amounting to ₹1,001,880.

Directors of Inox India Limited are Pavan Jain, Siddharth Jain, Shrikant Shreeniwas Somani, Parag Padmakar Kulkarni, Amit Mohan Advani, Girija Balakrishnan, Richard John Boocock and Ishita Jain. Deepak Acharya is the Chief Executive Officer of our Company. 

ICICI Securities Limited  and Axis Capital Limited are the book running lead managers of the Inox CVA IPO, while Kfin Technologies Limited is the registrar for the issue.

The valuation of InoxCVA comes at a steep premium over its likely Rs 1,200-crore annual revenue this fiscal, up from Rs 980 crore in FY23 as it has an order of book of Rs 1,100 crore now.

InoxCVA, the largest domestic cryogenic storage tank maker, on Tuesday while sharing info about its forthcoming IPO said it was  fixed Rs 627-660 per share as the price band for its Rs 1,459-crore share sale that hits the street on December 14. The Vadodara-based company’s promoter and director Siddharth Jain told the media persons that at the upper end of the price band, the company is valued at Rs 5,990 crore.

He said the issue will only be an offer for sale wherein the promoter entity Inox India, which has an equal joint venture with the US-based Air Products known as Inox Air Products, which is the largest manufacturer of industrial and medical oxygen in the country, will be divesting 25 per cent of its equity in the company.

“The main purpose of the IPO is to make us more visible in the global markets. Though globally, we are the third largest by volume at Chart of the US and the Chinese state-owned firm CIMC, from a revenue perspective we are too small,” Parag Kulkarni, who is an old hand with the group and an executive director.

This is the first IPO from the Inox group after the Inox Leisure (its multiplex arm) issue almost 17 years back. Inox Leisure is now part of the PVR group.

The 400 plus engineers’ working at its three plants, including its flagship LNG tanker making units as also its space programme which supplies to the Isro, CERN and the Iter of France, at Katol near Vadodara.The fourth plant is already installed but the results will be reflected in the 2024.

Disclaimer: Investors must acquire all the information of the companies before investing.