INOX India IPO subscribed 61.28 times on last day of offer
Since the issue was completely an OFS, all the funds will go to the selling shareholders
New Delhi: The Rs1,459.32 crore-initial share sale of cryogenic tank maker INOX India Ltd got subscribed 61.28 times on the last day of bidding on Monday, with huge participation coming in from institutional buyers. The Initial Public Offering (IPO) received bids for 94,84,24,268 shares against 1,54,77,670 shares on offer, as per the NSE data.
The portion for Qualified Institutional Buyers (QIBs) attracted a whopping 147.80 times subscription while the quota for non-institutional investors received 53.20 times subscription. The part for Retail Individual Investors (RIIs) got subscribed 15.29 times. The initial public offer of up to 22,110,955 equity shares had a price range of Rs 627-660 a share. On Wednesday, INOX India collected Rs 438 crore from anchor investors.
Since the issue was 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. ICICI Securities and Axis Capital were the managers to the offer.
