Inox India Limited

About Inox India Limited  Incorporated in 1976, INOX India Limited is India’s leading cryogenic equipment supplier. The company has over 30 years of experience in designing, manufacturing and installation of equipment for cryogenic conditions.  Cryogenic refers to the science of producing an effect of very low temperatures. Many gases like argon, carbon monoxide, fluorine, helium are stored under cryogenic conditions. The cryogenic temperature range is from -150°C to absolute zero. INOX India was the largest supplier of cryogenic equipment in India by revenue in fiscal year 2023.  The company’s product portfolio includes cryogenic tanks and equipment, beverage kegs, bespoke technology, equipment and solutions as well as large turnkey projects. The company’s products cater to various industries such as industrial gases, liquified natural gas (LNG), green hydrogen, energy, steel, medical and healthcare, chemicals and fertilisers, aviation and aerospace, pharmaceuticals and construction.  INOX India has clients in the domestic and international markets, including Air Liquide Global E&C Solutions, All Safe Global, Baif Development Research Foundation, CRYONiQ s.r.o., Gulf Cryo LLC, Hyundai Engineering and Construction, INOX Air Product, Carbacid (CO2), Navin Fluorine International, National Refrigerants Inc and more under the industrial gas division.  Since FY21, the company has offered services to 1,255 domestic and 254 international customers. It has a presence in 66 countries, including the United States, Saudi Arabia, the Netherlands, Brazil, Korea, United Arab Emirates, Australia and Bangladesh.  The company has three manufacturing facilities at Kalol in Gujarat, the Kandla Special Economic Zone in Gujarat and Silvassa in the Union Territory of Dādra and Nagar Haveli. Its Kalol and Kandla SEZ facilities are ISO-certified and hold global approvals.  The company has an order book of ₹1,036 crore as of 30 September 2023. Between FY21 and FY23, the company's revenue from operations rose at a CAGR of 17%. Its net profit increased by 16% during the same period. Moreover, the demand for cryogenic equipment in India is expected to grow at a CAGR of over 7% between 2023 and 2028, driven by an increase in industrial output, investments in electronics and space sectors and the shift towards cleaner fuel sources, which could benefit the company.  And now, INOX India Limited is coming out with its initial public offer (IPO). The entire IPO will be an offer for sale, and the selling shareholders will receive the money raised in proportion to the shares they sell. Its shares will be listed on the NSE and the BSE.   Here are key details about the Inox India Limited IPO:     Company Name  Inox India Limited Limited   Company Type  Private    Company Established On  1976   Inox India Limited IPO Opening Date  14 December 2023    Inox India Limited IPO Closing Date  18 December 2023   Inox India Limited IPO Allotment Status  19 December 2023    Credit of Shares to the Demat Account  20 December 2023   Inox India Limited IPO Listing Date  21 December 2023    Inox India Limited IPO Face Value  ₹2 per share   Inox India Limited IPO Lot Size  22 shares    Inox India Limited IPO Issue Size  Approx ₹1,459 crore   Inox India Limited IPO to be Listed on  BSE, NSE    Inox India Limited IPO Price band  ₹627 – ₹660 per share        Financial snapshot     Particulars  FY21  FY22  FY23    Revenue  ₹ 593 crore  ₹ 782 crore  ₹ 965 crore    Net Profit/Loss  ₹ 96.1 crore  ₹ 130 crore  ₹ 152 crore              Here’s a quick look at Inox India Limited IPO’s strengths, weakness, opportunities and risks (SWOT analysis)  Strengths and opportunities   Leading supplier and exporter of cryogenic equipment and solutions.  Diversified domestic and international customer base across industry sectors. In FY23, its top 10 customers contributed 46.5% of the company's revenue.  Large portfolio of specialised cryogenic equipment engineered to global quality standards with an installed capacity of 3,100 equivalent tank units and 2.4 million disposable cylinders as of FY23.  History of high customer retention as it received 51%, 51% and 48% of its total revenue from operations from repeat customers in FY21, FY22 and FY23 respectively.  Strong product development and engineering focus as it was the first Indian company to manufacture a trailer-mounted hydrogen transport tank jointly designed with ISRO.  Healthy financial performance with an EBITDA margin of 24%, 23% and 22% in FY21, FY22 and FY23 respectively.   Risks and threats   Products face inherent risk due to high pressures and low temperatures, such as cryogen leakage from equipment, which is hazardous to health.  Manufacturing facilities are concentrated in the state of Gujarat and the union territory of Dadra and Nagar Haveli. Hence, any region specific issue could impact the company’s operations.  Operates in a market that is subject to cyclical demand and vulnerable to economic downturn.  Operations are subject to environmental and workers’ health and safety laws and regulations.  It faces competition from Air Liquide Inc., Linde Plc, Chart Industries Inc., Air Products and Chemicals Inc., Emerson Electric Co., Shijiazhuang Enric Gas Equipment Company Ltd. and Taylor-Wharton.            Inox India Limited IPO details  |Inox India Limited IPO date  According to the offer document filed by the company with the SEBI, the INOX India IPO’s opening date – in other words, the INOX India IPO launch date – will be 14 December 2023. The INOX India IPO closing date is 18 December 2023. After this, investors will be updated about the allotment status on 19 December 2023.  Investors, who have been allotted shares, can expect them to be credited to their demat account on 20 December 2023. The INOX India IPO listing date is 21 December 2023. The listing date is the date on which the shares of a company get listed on the bourses – NSE and BSE.  |Inox India Limited IPO Price Band  The entire IPO is an offer for sale. The INOX India IPO price band has been set between ₹627 and ₹660 per share. Interested investors can choose a price within this band to apply for the IPO.  The INOX India IPO listing price will be determined on 21 December 2023. The listing price is the price at which a company’s shares debut on the stock exchanges.  |Inox India Limited IPO Lot size  The INOX India IPO details have been declared. The INOX India IPO lot size is set at 22 shares and an investor can apply for a minimum of 1 lot. Meanwhile, the INOX India IPO issue size is approx ₹1,459 crore. .           How to pre-apply for the Inox India Limited IPO?  You can pre-apply for the Inox India Limited IPO on Upstox. The pre-application for this IPO, which means pre-apply open date, usually begins a day before the IPO opens for subscription.  Follow these steps to pre-apply for the IPO:   Login to your Upstox account, using your six-digit PIN  After successfully logging in, click on ‘Discover’  On the Discover tab, you will find the ‘Invest in IPO’ section  Under the Invest in IPO section, look for the ‘Inox India Limited IPO’ tab and click on it  Now fill in all the required information, like ‘bid price’ and ‘lot size’  Confirm and click on ‘Pre-Apply’  Accept the mandate on your UPI app            How to apply for the Inox India Limited IPO?  If you are interested in this investment opportunity but unsure how to apply for the Inox India Limited IPO, here we are listing out the steps for you.  When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Inox India Limited IPO on Upstox:   Login to your Upstox account, using your six-digit PIN  After successfully logging in, click on ‘Discover’  On the Discover tab, you will find the ‘Invest in IPO’ section  Under the Invest in IPO section, look for the ‘Inox India Limited IPO’ tab and click on it  Now fill in all the required information, like ‘bid price’ and ‘lot size’  Confirm and click on ‘Apply’  Accept the mandate on your UPI app            How to check the Inox India LimitedIPO allotment status?  When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally done around five to six days after an IPO closes.  Here’s a step-by-step guide on how to check the Inox India Limited IPO allotment status:   Login to your Upstox account, using your six-digit PIN  After successfully logging in, click on ‘Discover’  On the Discover page, you will find the ‘Invest in IPO’ section  Under the Invest in IPO section, you will find the ‘View all’ option  Once you click on ‘View all’, you will be directed to the ‘IPO’ tab  In the ‘IPO’ tab, click on ‘My applications’  In ‘My applications’, under the History section, your Inox India Limited IPO allotment status will be mentioned    Check Allotment Status           Open a demat account with Upstox to apply for the Inox India Limited IPO  To apply for the Inox India Limited IPO, you need to mandatorily have a demat account. A demat account helps you hold the shares you buy in a dematerialised format. If you don’t have a demat account yet, you can open one with Upstox by visiting our website or by downloading the app.  Here is a step-by-step guide on how to open a demat account with Upstox:   Click here to visit the demat account opening page on the Upstox website.  Enter your phone number and other essential details to begin opening a demat account.  Upload the scanned copies of your PAN, Aadhaar card, a cancelled cheque, and your bank statement as needed.  Complete the e-verification using the OTP sent to your registered mobile number.   This is all it takes to open a demat account with Upstox. Easy and quick, right?   Open Demat Account           Upstox – trading app to apply for the Inox India Limited IPO  Applying for IPOs with Upstox is extremely easy. The user-friendly interface and top-notch security make Upstox one of the leading trading apps in India.  You can apply for the Inox India Limited IPO on Upstox, provided you have a demat account. As mentioned in the previous section, you can simply follow the steps to open a demat account with Upstox. The biggest advantage is that when you apply for an IPO using your Upstox account, the brokerage charges are zero.  In fact, courtesy of its robust features and minimal charges, Upstox is among the most preferred trading apps. Lakhs of Indians trust Upstox as it is a reliable trading platform that makes IPO applications easy.