Inox India Limited IPO – Get Date, Price, Review and Details

Issue OpenDec, 14 2023Listing AtBSE, NSE
Issues CloseDec, 18 2023Issue Size₹1,459.32 Cr
Issue TypeBook Built Issue IPOAllotment DetailsDec, 19 2023
Lot Size22 SharesRefundsDec, 20 2023
Face Value₹2 per shareCredit of Shares to DematDec, 20 2023
Price Band₹627 to ₹660 per shareCut off time for UPI Mandate ConfirmationDec, 18 2023 5:00 Pm

In this ariticle, we will discuss:

About the company:

Inox India Limited was incorporated in 1976. The company is in the business of manufacturing and supplying of cryogenic equipment. The company’s business comprises of three divisions - Industrial Gas, LNG and Cryo Scientific. The Industrial Gas division manufactures, supplies and installs cryogenic tanks and systems for storage, transportation and distribution of industrial gases like such as green hydrogen, oxygen, nitrogen, argon, carbon dioxide (CO2), hydrogen and provides after-sales services. The LNG division manufactures, supplies and installs standard and engineered equipment for LNG storage, distribution and transportation as well as small-scale LNG infrastructure solutions suitable for industrial, marine and automotive applications and the Cryo Scientific division provides equipment for technology intensive applications and turnkey solutions for scientific and industrial research involving cryogenic distribution. Inox India Ltd. is the largest supplier of cryogenic equipment in India by revenue in Fiscal 2023. Further, the company was the largest exporter of cryogenic tanks from India in terms of revenue in Fiscal 2023.

Objects of the Offer:

The company intends to utilize the net proceeds towards the following objects:

  • Carrying out the Offer for Sale of up to 22,110,955 Equity Shares by the Selling Shareholders; and
  • Achieving the benefits of listing the Equity Shares on the Stock Exchanges

Key Strengths and Opportunities:

  • Leading Indian supplier and exporter of cryogenic equipment and solutions: Inox India Limited is the largest supplier of cryogenic equipment in India by revenues as of Fiscal 2023. Further, with exports to 66 countries in the six months ended September 30, 2023, and in Fiscal 2023, Fiscal 2022 and Fiscal 2021, it is well placed to capitalize on global opportunities in cryogenic equipment and systems as it designs and manufactures its equipment to international norms. The company was also the largest exporter of cryogenic tanks from India in terms of revenue in Fiscal 2023.
  • Large portfolio of specialized cryogenic equipment engineered to global quality standards: Inox India offers comprehensive solutions across design, engineering, manufacturing and installation of standard as well as customized cryogenic equipment and systems. These equipment and systems are used in industries such as energy, industrial gases, LNG and LCNG, steel, medical and healthcare, chemicals and fertilizers, aviation and aerospace, pharmaceuticals and construction and are engineered to global quality standards.
  • Diversified domestic and international customer base across industry sectors: Inox India has a diversified customer base across industry sectors and geographies. It has a diversified end-industry mix with customers in industries such as energy, industrial gases, LNG and LCNG, steel, medical and healthcare, chemicals and fertilizers, pharmaceuticals, aviation and aerospace, pharmaceuticals and construction. It also has a strong international customer base with exports of products and services to 66 countries.
  • Experienced Promoters, Management Team and Skilled Workforce: The company started its production in Fiscal 1993 and has undergone organic and inorganic growth to become a comprehensive cryogenic equipment solution provider.Its promoter and Non-Executive Non-Independent Director, Siddharth Jain, has approximately 18 years of experience in the cryogenic engineering and high vacuum technology industry. Its Executive Director, Parag Kulkarni, has approximately 30 years of experience in the cryogenic engineering and high vacuum technology industry. It runs its business professionally with dedicated senior and mid-level management teams, who have been with the company on average for more than a decade. Its management team support has vast experience in cryogenic engineering, project execution, sales and marketing.

Risks :

  • The business of Inox India is dependent and will continue to depend on its three manufacturing facilities. The company is subject to certain risks in its manufacturing processes such as the breakdown or failure of equipment and industrial accidents that could lead to interruptions in the business operations, which may, in turn, adversely affect its production schedules, costs and sales and the ability to meet customer demand.
  • Inox India Ltd. is dependent on a limited number of customers. It derived 11.56% and 46.52% of its revenue from operations from its largest consumer and top 10 consumers, respectively, for Fiscal 2023. Any cancellation by customers or delay or reduction in their orders could have a material adverse effect on the business, results of operations and financial condition.
  • Due to cryogenic gases being stored at very low temperatures, their leakage poses health hazards and risks. First, prolonged exposure to cryogen can cause frostbite and damage to the lungs. Secondly, the discharge of the cryogen into an enclosed area can lead to oxygen deficiency in the area, posing a health risk. These necessitate extra care in designing, testing and maintaining cryogenic equipment. Although Inox India has had no incidents of cryogen leakage in the past 3 Fiscals, it faces an inherent risk of exposure to claims if the failure, use, or misuse of its products due to the high pressures and low temperatures at which many of its cryogenic products are used and the inherent risks associated with concentrated industrial and hydrocarbon gases.
  • Inox India Ltd. is dependent on its export sales. The exports constituted 62.18% and 45.83% of its revenues from operations in the six months ended September 30, 2023 and in Fiscal 2023, respectively. A slowdown in exports due to tariffs and trade barriers and international sanctions could adversely affect its business, results of operations and financial condition. It exported its products and delivered the services to 66 countries.

Financial Snapshot:

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Six-month ending September 30, 2023

Six-month ending September 30, 2022




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After listing on the bourses, Inox India will become the sole listed player that engages in the cryogenic equipment business. The global cryogenic equipment market was valued at $11.5 billion in CY2022, which is projected to grow at a 6.9% CAGR from CY2023 to reach $16.6 billion by CY2028. The demand for cryogenic equipment across geographies is expected to be driven by the increased demand for cleaner fuels such as LNG and hydrogen due to the focus on reducing carbon emissions from conventional energy sources. Inox India remains well-positioned to capture this global market growth with its in-house technology as well as its LNG product range which includes the entire value chain.

Further, Inox India’s fundamentals have witnessed a robust topline as well as bottom-line growth. The company is a niche player in a segment that is poised for future expansion. Considering these factors, we advise investors to subscribe to this IPO.

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