New Delhi: Cryogenic equipment maker Inox India on Wednesday filed draft papers for an initial public offering (IPO) with the Securities Exchange Board of India (SEBI) to raise funds.
The IPO will be a pure offer-for-sale of up to 22.11 million shares by its existing shareholders and promoters.
“The company plans to raise fund through Initial public offering comprising offer for sale of up to 2,21,10,955 equity shares (Face Value of ₹ 2) by Promoter selling shareholder and other selling shareholder (“Offer for sale”),” the company said in a statement.
The OFS will constitute up to 10.44 million shares by Siddharth Jain, up to 5 million shares each by Pavan Kumar Jain and Nayantara Jain, up to 1.2 million shares by Ishita Jain and 2.3 lakh shares by Manju Jain.
ICICI Securities and Axis Capital are the book-running lead managers to the issue.
Inox India has been operating for the past 30 years and offers solutions across 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 such as industrial gases, LNG, green hydrogen, energy, steel, medical and healthcare, chemicals and fertilisers, aviation and aerospace and construction.
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Updated: 30 Aug 2023, 04:33 PM IST