Anchor investors purchase Rs 438 crore worth of INOX India IPO shares, opening on December 14th.

Last updated: December 14, 2023 12:14 pm

NAUSHAD AHMAD

3 Min Read

INOX India IPO

INOX India IPO | The InoxCVA IPO will open for subscription on December 14, and the closing date will be December 18.

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The Vadodara-based company said it has finalized the allocation of 66,33,285 equity shares to anchor investors at Rs 660 per equity share.“12 mutual funds have applied through a total of 28 schemes,” the company said in its filing to exchanges.10%off, especially for you

INOX India, the largest manufacturer of cryogenic storage tanks, has raised Rs 437.8 crore from several investors via anchor book on December 13, a day before the issue opening.

The InoxCVA IPO will open for subscription on December 14, and the closing date will be December 18.
Global investors including Abu Dhabi Investment Authority, Nomura Trust, Goldman Sachs, Carmignac Portfolio, HSBC Global, Volrado Venture, and Natixis International Funds invested in the company via anchor book.

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Domestic investors like asset management and insurance companies also participated in the anchor book including SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Fidelity Funds, Ashoka Whiteoak, Nippon Life India, Kotak Mahindra Trustee, Axis Mutual Fund, Aditya Birla Sun Life Trustee, Sundaram Mutual Fund, HDFC Life Insurance Company, ICICI Prudential Life Insurance, HDFC Life Insurance, Canara Robeco Mutual Fund, UTI Mutual Fund, and Tata Mutual Fund.

“12 mutual funds have applied through a total of 28 schemes,” the company said in its filing to exchanges.

Inox India which offers cryogenic equipment and solutions is planning to mop up Rs 1,459.32 crore through the public issue at the upper end of the price band of Rs 627-660 per share.
The maiden public issue comprises only an offer-for-sale of 2.21 crore equity shares by the existing shareholders. Hence, the entire net issue proceeds will go to selling shareholders and the company will not receive any money from the offer.

Promoters Siddharth Jain, Pavan Kumar Jain, Nayantara Jain, and Ishita Jain are the selling shareholders in the OFS. Apart from them, Manju Jain, Lata Rungta, Bharti Shah, Kumud Gangwal, Suman Ajmera, and Rajni Mohatta will also offload their shares in the OFS.

ICICI Securities and Axis Capital are the book-running lead managers to the issue.