Unlisted shares of Inox India are trading Rs 545 higher in the grey market, which is an 82.58 per cent listing gain from the public issue
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The share allotment of the InoxCVA IPO, which was open for public subscription between December 14 and December 18, is going to be finalised in the late evening today, Tuesday, December 19. Investors will receive bank debit messages once the allotment is finalised. The share listing will then take place on both NSE and BSE on Thursday, December 21.
InoxCVA (or Inox India Ltd) is India’s largest domestic cryogenic storage tank maker. Its Rs 1,459.32-crore IPO got 122.55 times subscription, receiving bids for 1,89,68,48,580 shares as against 1,54,77,670 shares on offer.
InoxCVA IPO: How To Check Allotment Status
Once the IPO allotment is finalised, the status can be checked by following these steps:
1) Go to the official BSE website via the URL —https://www.bseindia.com/investors/appli_check.aspx.
2) Under ‘Issue Type’, select ‘Equity’.
3) Under ‘Issue Name’, select ‘Inox India Limited’ in the dropbox.
4) Enter your application number, or the Permanent Account Number (PAN).
5) Then, click on the ‘I am not a robot’ to verify yourself and hit ‘Search’ option.
Your share application status will appear on your screen.
You can also visit direct KFin Tech portal — https://rti.kfintech.com/ipostatus/ and check InoxCVA IPO allotment status.
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InoxCVA IPO GMP Today
According to market observers, unlisted shares of Inox India are trading Rs 545 higher in the grey market as compared with its issue price. The Rs 545 grey market premium or GMP means the grey market is expecting an 82.58 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
InoxCVA IPO Details
This was the first IPO from the Inox group after the Inox Leisure (its multiplex arm) issue almost 17 years back. Inox Leisure is now part of the PVR group.
The price band was fixed at Rs 627-Rs 660 per share. The minimum lot size for an application was 22 shares. The minimum amount of investment required by retail investors was Rs 14,520.
The category meant for non-institutional investors received 106.40 times subscription, while the quota for retail individual investors (RIIs) got subscribed 30.59 times. The qualified institutional buyers category has been subscribed 295.61 times.
ICICI Securities Limited and Axis Capital Limited are the book-running lead managers of the Inox CVA IPO, while Kfin Technologies Limited is the registrar for the issue.
The company, founded in 1992, had reported Rs 980 crore topline in FY23 and had earned Rs 152 crore in net margin. The company is setting up the fourth plant at Savli.
It has three plants, including its flagship LNG tanker-making units as also its space programme which supplies to the Isro, CERN and the Iter of France, at Katol near Vadodara.
Through the OFS, the company put on sale up to 22,110,955 equity shares. The selling promoter shareholders include Siddharth Jain who will be pairing up to 10,437,355 shares, up to 5,000,000 shares each by the founder and father of Siddharth, Pavan Kumar Jain, and Nayantara Jain.
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Selling non-promoter shareholders include Ishita Jain (1,200,000 shares), Manju Jain (2,30,000), Lata Rungta (1,90,000), Bharti Shah, Kumud Gangwal, Suman Ajmera and Rajni Mohatta sold 13,400 shares each.
The company employs close to 400 engineers and 1,200 workers of them 7 seven are young women welders.
