Inox India IPO: Rs 438 Cr Raised from Anchor Investors

New Delhi, Dec 13 (PTI) Cryogenic tank maker Inox India Ltd on Wednesday collected Rs 438 crore from anchor investors, a day before its initial public offering (IPO).

The company has allotted 66.33 lakh equity shares to 41 funds at Rs 660 apiece, which is also the upper end of the price band, according to a circular uploaded on BSE's website.

The investors participated in the anchor book include Abu Dhabi Investment Authority, Nomura, Goldman Sachs, ICICI Prudential Life Insurance Company, HDFC Life Insurance Company, SBI Mutual Fund (MF), HDFC MF, Nippon India MF, Axis MF, Aditya Birla Sun Life MF and Tata MF.

The maiden public issue, with a price band of Rs 627 to Rs 660 per share, will open for subscription on December 14 and conclude on December 18.

The Rs 1,459-crore initial share sale of Inox Group entity's InoxCVA is entirely an offer for the sale of 2.21 crore shares by its existing shareholders and promoters.

Since the issue is completely an 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.

The company's offering includes standard cryogenic tanks and equipment, bespoke technology, equipment, and solutions as well as large turnkey projects that are used in industries like industrial gases, LNG, green hydrogen, energy, steel, medical and healthcare, chemicals and fertilizers, aviation and aerospace and construction.

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