Inox India makes a strong D-Street debut amid weakness; shares lists at 44% premium

Shares of Inox India Ltd made a strong debut at Dalal Street on Thursday as the cryogenic cylinder maker debuted at Rs 949.65, a premium of 44 per cent, at the National Stock Exchange (NSE), against the issue price of Rs 660 apiece. The scrip was listed at a premium of 41 per cent at Rs 933.15 on the BSE.

Ahead of its listing, Inox India was commanding a premium of Rs 440 per share in the grey market, suggesting a listing pop of 67 per cent to the investors. However, the company's premium in the unofficial market was around Rs 540-550 apiece on Tuesday, before the selling pressure dented tha market sentiments

Inox India sold its IPO in the price band of Rs 627-660 per share with a lot size of 22 shares, which was open for bidding between December 14 to December 18. The company raised a little more than 1,459 crore from its primary offering, which was entirely an offer for sale (OFS) of up to 2,21,10,955 equity shares.

The issue was overall subscribed 61.28 times as the portion for qualified institutional bidders (QIBs) was booked 147.80 times, while the non-institutional investors' category was subscribed 53.20 times. The quota reserved for retail investors was subscribed 15.30 times during the three-day bidding process.

InoxCVA specializes in providing cryogenic tanks and equipment, beverage kegs, customized technology, equipment, and turnkey projects. Its offerings cater to various industries, including industrial gases, liquefied natural gas, green hydrogen, energy, steel, medical and healthcare, chemicals and fertilizers, aviation and aerospace, pharmaceuticals, and construction.

To recall, Brokerage firms were mostly positive on the issue of Inox India and suggested subscribing to it. ICICI Securities and Axis Capital are the book running lead managers for the Inox India IPO, while Kfin Technologies is appointed as the registrar for the issue. 

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