INOX India IPO: GMP soars on strong subscription status. Should you apply?

Meanwhile, after two days of strong INOX India IPO subscription, grey market has gone further bullish on the public issue. According to stock market observers, shares of the company are available at a premium of 560 per equity share, which is ₹230 higher from its GMP of ₹330 on its subscription opening date. So, after two days of subscription and weekend, INOX India IPO GMP has surged from ₹330 to ₹560.

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Here we list out important INOX India IPO details:

1] INOX India IPO GMP: Shares of the company are available at a premium of ₹560 in grey market today, say market observers.

2] INOX India IPO price: The company has fixed INOX India IPO price band at ₹627 to ₹660 per equity share.

3] INOX India IPO date: The public offer opened 14th December 2023 and it will remain open till 18th December 2023. This means, bidding for this public issue is going to end today evening.

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4] INOX India IPO size: The company aims to raise ₹1,459.32 crore from this public issue, which is compltel OFS in nature.

5] INOX India IPO lot size: A bidder will be able to apply in lots and one lot of the IPO comprises 22 company shares.

6] INOX India IPO allotment date: In the wake of T+3 listing rule, most likely date for share allocation is 19th December 2023.

7] INOX India IPO registrar: Kfin Technologies Limited has been appointed as official registrar of the public offer.

8] INOX India IPO listing: The public issue is proposed for listing on BSE and NSE.

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9] INOX India IPO listing date: The likely date for share listing is 21st December 2023.

INOX India IPO: Apply or not?

10] INOX India IPO review: Giving ‘subscribe’ tag to the public issue, Marwadi Shares and Finance report said, “Inox India Ltd. is the largest supplier of cryogenic equipment in India by revenue in Fiscal 2023. Considering the TTM (Sept-23)/ FY24 Annualized EPS of ₹19.03/22.78 on a post issue basis, the company is going to list at a P/E of 34.68x/28.97x with a market cap of ₹59,904 mn. There are no listed companies in India that are comparable in all aspects of business and services that the Company provides. Hence, it is not possible to provide an industry comparison in relation to the Company. We assign “Subscribe” rating to this IPO as the company is a leading Indian supplier and exporter of cryogenic equipment and solutions with a large portfolio of specialized cryogenic equipment engineered to global quality standards. Also, it is available at reasonable valuations on an absolute basis.”

Motilal Oswal has also given ‘subscribe’ tag to INOX India IPO citing, “We like Inox given its presence in the niche space of cryogenic equipment, leading position, diversified portfolio and robust financials. It will benefit from shift towards cleaner fuels, higher investment in electronics/space sectors & improving revenue mix towards high margin projects. The IPO is priced at 29x 1HFY24 P/E (on an annualized & diluted basis), which looks reasonable. Hence, we recommend Subscribe. Given the first of its kind listing and buoyant market, the issue could see listing gains as well.”

BP Equities, Canara Bank Securities, DR Choksey, Geojit Securities, Hem Securities, Indsec Securities, Mehta Equities, Nirmal Bang, SBI Securities, Swastika Investmart, Ventura Securities have also given ‘subscribe’ tag to INOX India IPO whereas Sushil Finance HAS not rated the public issue.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.

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Published: 18 Dec 2023, 08:45 AM IST