Cryogenic tank maker INOX India Ltd marked its debut in the stock market on Thursday at a premium of nearly 44 per cent against the issue price. The firm’s shares began trading on the BSE at Rs 933.15 apiece, up by over 41 per cent from the issue price of Rs 660. On the NSE, the company’s shares listed at Rs 949.65 apiece, representing a premium of almost 44 per cent on the issue price.
The firm’s shares finally settled at Rs 939.90 apiece on the BSE, rallying 42.40 per cent, and Rs 934 on the NSE, gaining 41.51 per cent. The firm’s market valuation touched Rs 8,5380.86 crore. In terms of volume, 16.45 lakh shares of the company were traded on the BSE and more than 2.71 crore shares exchanged hands on the NSE during the day.
The initial public offering (IPO) of the firm was subscribed 61.28 times on the last day of the bidding on Monday. Qualified institutional buyers (QIBs) expressed a lot of interest in the issue and subscribed 147.80 times the allotted quota, while high net worth individuals (HNIs) and retail investors submitted bids at 53.20 and 15.3 times the quotas respectively.
The IPO included 2,2110,955 equity shares and was priced in the range of Rs 627-660 apiece. Since the issue was entirely an offer-for-sale (OFS), the firm didn’t receive any proceeds from the sale and all the funds raised would go to the selling shareholders, reported PTI.
“Trading Members of the Exchange are hereby informed that effective from Thursday, December 21, 2023, the equity shares of INOX India Limited shall be listed and admitted to dealings on the Exchange in the list of 'B ' Group of Securities,” the notice from the BSE read.
INOX India engages in offering solutions across the design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions.
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