Inox India's stock market debut sees a robust start, listing at a 44% premium

Inox India shares made a stellar stock market debut on Thursday as the stock opened for trading at Rs 933.15 on the BSE compared to its initial public offering (IPO) price of Rs 660, marking an upside of 41.39 per cent. On the National Stock Exchange, Inox India shares opened for trading at Rs 949.65, up 44 per cent from the issue price.

Inox India shares were in very high demand during the three-day share sale via IPO which ended on December 18. The IPO was subscribed 61.28 times with qualified institutional buyers (QIBs) showing keen interest for its shares as the portion reserved for them was subscribed 147.80 times. Pie set aside for non-institutional investors was booked 53.20 times and portion set aside for retail investors was booked 15.30 times.

The company raised Rs 1,459 crore from the IPO which was purely on offer for sale (OFS) by its shareholders.

The company had reserved 30 per cent shares in the IPO for anchor investors, 20 per cent shares were set aside for QIBs, 15 per cent shares were set aside for non-institutional investors and 35 per cent shares were set aside for retail investors.

Inox India sold shares in price band of Rs 627-660 per share and a retail investor was allowed to bid for minimum one lot of 22 shares up to maximum of 13 lots. One lot of Inox India shares was priced at Rs 14,520 at the upper end of the price band.

ICICI Securities Limited and Axis Capital Limited were among the book running lead managers while Kfin Technologies was the registrar to the issue.

Inox India Limited manufactures gases and supplies cryogenic equipment.

As of 10:07 am, Inox India shares rose as much as 48 per cent, from the IPO price, to hit an intraday high of Rs 978.90.