IPO Details

Bidding Dates

14 Dec '23 - 18 Dec '23

Minimum Investment

₹14,520 / 1 Lots ( 22 Shares )

Price Range

₹627 - ₹660

Maximum Investment

₹188,760 / 13 Lots ( 286 Shares )

Retail Discount

Not Applicable

Issue Size

₹1459.32 Cr

Investor category and sub category

Qualified Institutional Buyers  |   Non-Institutional Investors  |   Retail Individual Investors  |  

IPO Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Dec 14, 2023

IPO Closing Date

Dec 18, 2023

Basis of Allotment

Dec 19, 2023

Initiation of Refunds

Dec 20, 2023

Credit of Shares to Demat Account

Dec 20, 2023

IPO Listing Date

Dec 21, 2023

UPI Mandate Expiry Date

Dec 18, 2023

IPO Subscription Details


Day 1Dec 14, 2023

0.04x 4.60x 3.72x 2.86x

Day 2Dec 15, 2023

0.17x 13.75x 8.22x 7.11x

Day 3Dec 18, 2023

147.80x 53.20x 15.29x 61.28x

IPO Subscription Live Status

Investor Category Subscription (Times)
Qualified Institutions Buyers 147.80
Non-Institutional Buyers 53.20
Retail Investors 15.29
Total 61.28

About Company

Incorporated in 1976, Inox India Limited is engaged in the manufacturing of cryogenic equipment. The company has over 30 years of experience in designing, engineering, manufacturing, and installing equipment and systems for cryogenic conditions.

The company conducts business activities via 3 divisions: Industrial Gas, Liquified Natural Gas (LNG), and the Cryo Scientific division. The industrial division manufactures and installs cryogenic tanks for the storage of industrial gases like green hydrogen, oxygen, etc. The LNG division manufactures and supplies LNG storage and distribution solutions. The cryo-scientific division provides solutions for research involving cryogenic distribution. The company derived the majority of revenue from the Industrial Gas division at around 70.88%, followed by 24.89% from LNG and the remaining 4.23% from the Cryo Scientific division in FY 2023.

The company believes that the global cryogenic equipment demand is expected to grow at a CAGR of 6.8% in 2022-2027. The global focus on reducing carbon emissions from conventional energy sources has resulted in higher demand for cleaner fuels, such as LNG and hydrogen. In addition, this is likely to increase the uptake of cryogenic equipment across geographies.

Inox India Ltd IPO Details

Inox India Ltd IPO Date

The dates for bidding for the Inox India IPO are Thursday, December 14, 2023, to Monday, December 18, 2023.

Inox India Ltd IPO Price Band

Inox India is a book-built IPO. The price range are ₹627 to ₹660.

Inox India Ltd IPO Lot Size

The Inox India Ltd IPO lot size is 22 shares.

Inox India Ltd IPO Objectives 

This IPO is purely an offer for sale, so the proceeds of the IPO will not be received by the company.

Peer Details

There are no listed companies in India that engage in a business similar to Inox India.

How To Check the Allotment Status of the Inox India Ltd IPO?

A: Steps to check IPO allotment status on Angel One’s app:

  1. Log in to the Angel One app.
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you had applied for and check the allotment status.
  4. Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of Inox India Ltd 

Registered office: 9th Floor, K P Platina, Racecourse, Vadodara - 390 007, Gujarat, India

Phone: +91 265 6160100

E-mail: secretarial.in@inoxcva.com

Company Financials

Particulars ₹ in millions) Year Ending on March 31, 2023 Year ending on March 31, 2022 Year ending on March 31, 2021
Total Income 9,841.99 8,037.13 6,089.92
Profit After Tax (PAT) 1,527.14 1,527.14 961.07
Total Assets 36.83% 31.27% 31.01%
Total Borrowings 27.89 30.56 1.69
Current Ratio 1.67 1.99 1.77

Know before investing


  1. The company offers a large portfolio of specialised cryogenic equipment engineered to global quality standards. The demand for the company’s product is increasing as cleaner fuel will likely witness growth soon.

  2. The company earns revenue from the diversified domestic and international customer base across industry sectors.

  3. The company will focus on expanding its standard cryogenic and non-cryogenic equipment business into international markets.


  1. The manufacturing is done entirely out of only 3 facilities, two in Gujarat and one in the nearby union territory of Dadra and Nagar Haveli and Daman and Diu. Any social or economic disturbance in the region may hamper the company’s supply chain.

  2. The company operates a highly capital-intensive business, which requires ample funds to run its operations smoothly. Any disruption in the sources of financing may harm its operational and financial performance.

  3. Production and storage of cryogenic gases is a risky process. Their leakage poses health hazards and risks as prolonged exposure to cryogen can cause frostbite and damage to the lungs. Secondly, discharge of the cryogen into an enclosed area can lead to oxygen deficiency in the area too. Hence, any operational failures can have a long-lasting impact on the company’s brand.

  • How to Apply in IPO
  • How to Check IPO Allotment Status

Login to Angel One App / Website & click on IPO

Select desired IPO & tap on "Apply"

Enter UPI ID, set quantity/price & submit

Accept mandate on the UPI app to complete the process

Login to Angel One App / Website

Choose IPO section on Home Page

Click IPO Orders

Chose the IPO application you want to view the status for


What is Inox India Limited's IPO?

Inox India IPO is a book-built IPO. The dates for the IPO are Thursday, December 14, 2023 to Monday, December 18, 2023.

When will Inox India Limited's IPO be allotted?

The basis of allotment will be finalised on Tuesday, December 19, 2023.

When will Inox India Limited's IPO open for subscription?

The IPO subscription window is Thursday, December 14, 2023 to Monday, December 18, 2023.

What minimum lot size can retail investors subscribe to?

Retail investors can apply for a minimum of one lot is 22 shares.


When will Inox India Limited list on exchanges?

Inox India Ltd will be listed on the NSE and the BSE on Thursday, December 21st, 2023.

What would be the listing gains on the Inox India Limited IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange. The date of listing is Thursday, December 21, 2023.

I have finished the application process for the Inox India Limited IPO, but the funds still need to be debited. What is the reason?

Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you. 


How do I approve the UPI mandate request for Inox India Limited's IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of Inox India Limited using one PAN?

You can submit only one application using your PAN card.