INOXCVA IPO
INOXCVA IPO — date, price band, lot size & details 2023
INOXCVA listed on 21 Dec 2023 at ₹949.65, 43.9% above the ₹660 issue price.
Inox India (INOXCVA) is the largest supplier of cryogenic equipment in India by revenue, making cryogenic tanks, beverage kegs and turnkey systems. Its total income was Rs 984.20 crore in FY2023.
Stock price
INOXCVA is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 14 Dec 2023
- Close 18 Dec 2023
- Allotment 19 Dec 2023
- Refund/credit 20 Dec 2023
- Listing 21 Dec 2023
Issue summary
The terms of the offer, as filed.
| IPO Dates | 14 to 18 Dec, 2023 |
|---|---|
| Price Band | ₹627 – ₹660 |
| Face Value | ₹2 |
| Lot Size | 22 Shares |
| Issue Size | ₹1459.32 Cr |
| Sale Type | OFS only |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,520 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 22 shares at the ₹660 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 22 | ₹14,520 |
| Retail (max) | 13 | 286 | ₹1,88,760 |
| S-HNI (min) | 14 | 308 | ₹2,03,280 |
| S-HNI (max) | 68 | 1,496 | ₹9,87,360 |
| B-HNI (min) | 69 | 1,518 | ₹10,01,880 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 608.99 crore in FY2021 to Rs 984.20 crore in FY2023.
- 02Profit after tax rose from Rs 96.11 crore in FY2021 to Rs 152.71 crore in FY2023.
- 03The company had nil borrowing on 31 March 2023, and Rs 31.03 crore on 30 September 2023.
- 04The source puts the PAT margin at 15.52% and return on net worth at 27.79%.
- 05It serves new areas such as LNG and green hydrogen from 3 manufacturing facilities.
Risks · 5
- 01The whole Rs 1,459.32 crore issue was offer for sale, so no money went to the company.
- 02The pre-issue P/E was 39.22 at the upper band of Rs 660, based on EPS of Rs 16.83.
- 03Large turnkey projects can make income lumpy, and exports add currency risk. Profit was Rs 103.34 crore in the six months to 30 September 2023.
- 04All 3 plants are in western India, so a regional disruption could hit output.
- 05Promoters and the promoter group held 99.3% before the issue and 75% after it, as per the RHP share counts.
Three years of numbers
All figures in ₹ crore, as reported in the INOXCVA offer document.
| Metric | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|---|
| Assets | 1,155.81 | 1,148.36 | 896.75 | 687.20 |
| Total Income | 580.00 | 984.20 | 803.71 | 608.99 |
| Profit After Tax | 103.34 | 152.71 | 130.50 | 96.11 |
| NET Worth | 554.24 | 549.48 | 502.28 | 371.51 |
| Total Borrowing | 31.03 | 0.00 | 43.38 | 60.37 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the INOXCVA RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
INOXCVA IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹16.83 | ₹22.77 |
| P/E Ratio (x) | 39.22 | 28.99 |
| Market Cap at Offer Price (₹ Cr) | ₹4,052.55 | ₹2,995.36 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹660 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
How the company intends to use the proceeds of the issue.
Information about the usage of proceeds from the INOXCVA IPO will be updated shortly.
About the company
With over 30 years of experience, it offers design, engineering, manufacturing and installation of equipment for cryogenic conditions. Its offerings include standard cryogenic tanks, beverage kegs, bespoke technology and equipment, and large turnkey projects.
Its products serve industrial gases, LNG, green hydrogen, energy, steel, healthcare, chemicals and fertilisers, aviation, pharmaceuticals and other industries. It has three manufacturing facilities at Kalol and the Kandla SEZ in Gujarat and at Silvassa.
The IPO was Rs 1,459.32 crore and was entirely an offer for sale by the promoters, promoter group members and other shareholders, so the company received none of the money.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
INOXCVA IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Axis Capital
126 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
ICICI Securities
133 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of INOXCVA?
The current Grey Market Premium is ₹520, or 79% over the issue price.
What is the INOXCVA IPO price band?
₹627 to ₹660, on a face value of ₹2.
When is the allotment?
The basis of allotment is 19 December 2023, with listing on 21 December 2023.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
