INOX India Limited IPO – IPO Dates, GMP, Market lot, Price Band

INOX India Limited, a leading cryogenic tank manufacturer and solution provider, is gearing up for its Initial Public Offering (IPO) on December 14, 2023. This article offers a comprehensive overview of the company, its IPO details, and potential investment considerations for informed decision-making.

INOX India IPO Details

Issue TypeMain-board IPO
Offering Size2,21,15,641 equity shares of Rs. 2 each
Price BandRs. 627 to Rs. 660 per share
Issue DatesDecember 14 – December 18, 2023
Allotment DateDecember 21, 2023
Listing DatesBSE & NSE, December 26, 2023
Minimum Order Quantity22 Shares
Retail Reservation35%
QIB Reservation50%
HNI Reservation15%
Market Lot22 Shares
Application AmountRs. 14,520 for 22 shares
Lead ManagersAxis Capital Limited, Edelweiss Financial Services Ltd, ICICI Securities Limited, SBI Capital Markets Limited and Yes Securities Limited
RegistrarKfin Technologies Private Limited

A Cryogenic Pioneer

Established in 1992, INOX India Limited has carved a niche as a pioneer in the design, manufacturing, and installation of cryogenic tanks and associated equipment. The company caters to a diverse range of industries, including:

  • Oil & Gas: Supplying cryogenic tanks for storage and transportation of Liquefied Natural Gas (LNG) and Liquefied Petroleum Gas (LPG).
  • Chemicals & Petrochemicals: Providing cryogenic tanks for storage and transportation of various industrial gases.
  • Healthcare: Manufacturing cryogenic tanks for medical applications, including storage of liquid oxygen and nitrogen.
  • Aerospace: Delivering cryogenic tanks for use in rocket launch facilities.

Financial Strengths

INOX India Limited boasts a track record of consistent financial performance, demonstrating operational efficiency and market penetration. Key financial highlights include:

  • Revenue: Steady growth over the past five years, with a 14% increase in FY23 compared to FY22.
  • Profit: Healthy profit margins, with a net profit margin of 10% in FY23.
  • Debt-to-Equity Ratio: Conservative debt levels, indicating a stable financial position.
  • Cash Flow: Robust cash flow, providing financial flexibility for future growth.

Market Leadership with Potential

INOX India Limited holds a strong position in the Indian cryogenic tank market, with a market share of approximately 25%. The company’s key strengths include:

  • Extensive product portfolio: Offering a wide range of cryogenic tanks and solutions to cater to diverse customer needs.
  • State-of-the-art manufacturing facility: Equipped with advanced technology and machinery for high-quality production.
  • Strong R&D focus: Continuously innovating and developing new products and technologies.
  • Global presence: Expanding its operations internationally, with projects in Middle East and South East Asia.

Investing in Growth

The proceeds from the INOX India Limited IPO will be primarily used for:

  • Expansion of manufacturing capacity: Increasing production capacity to meet growing demand and cater to future opportunities.
  • Research & Development: Investing in new technologies and innovations to maintain a competitive edge.
  • Debt reduction: Further strengthening the company’s financial position.

Investment Considerations


  • Established brand and leading position in a high-growth industry.
  • Diversified customer base and product portfolio.
  • Strong focus on innovation and technology.
  • Robust financial performance and conservative debt levels.
  • Expanding global footprint and export potential.


  • Intense competition from established players and new entrants in the industry.
  • Fluctuations in raw material prices impacting profitability.
  • Dependence on economic conditions and infrastructure development in key industries.
  • Potential regulatory changes impacting the industry.


The INOX India Limited IPO presents an intriguing opportunity for investors seeking to participate in the growth of a well-established and financially sound company operating in a high-potential sector. With its strong fundamentals, proven market position, and ambitious growth plans, INOX India Limited is poised for continued success in the years to come. However, thorough analysis of the company’s financials, understanding the competitive landscape, and consulting with financial advisors remain crucial before making any investment decisions.

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