Inox India
Book Building issueMainboard₹1,459 Cr issue
+41.39%
Listing gain over issue price
Issue size
₹1,459 Cr
1 lot at cut-off
₹14,520
Lot size
22shares
Open
14 Dec 2023
Close
18 Dec 2023
Allotment
19 Dec 2023
Listing
21 Dec 2023
Listing performance
Issue price
₹660
Listed at
₹933.15
Listing-day close
₹939.95
Latest price
₹1,863.80
Close on 23 Oct 2026
Listing gain
+41.39%
Return since issue
+182.39%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 14 Dec 2023 – 18 Dec 2023
- Listing date
- 21 Dec 2023
- Face value
- ₹2 per share
- Issue price
- ₹660 per share
- Lot size
- 22 shares
- Issue type
- Book Building issue
- Total issue size
- ₹1,459 Cr
- Market cap at offer price
- ₹5,990 Cr
- Promoter holding
- 99.30% → 67.67% pre-issue → post-issue
- ISIN
- INE616N01034
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- ICICI Securities Ltd.
- Registered office
- 9 th Floor, K P Platina, Racecourse, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 66,33,285 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 22 shares per lot, in multiples, at ₹660
| 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 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
66,33,285
Anchor portion
₹438 Cr
at ₹660 per share
Valuation and performance
Valuation at offer price
₹660 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 16.83 | — |
| P/E (×) | 39.22 | — |
| Market cap | — | ₹5,990 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 27.79%
- ROCE
- 36.53%
- PAT margin
- 15.52%
- NAV per share
- ₹60.54
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Inox India
INOX India Limited was originally incorporated as Baroda Oxygen Limited on December 21, 1976, and was renamed to INOX India Limited in 1987. The Company operates three manufacturing facilities—two in Gujarat (Kalol and Kandla Special Economic Zone) and one in Silvassa, Union Territory of Dādra and Nagar Haveli. With over 30 years of experience, the Company is the largest supplier of cryogenic equipment in India by revenue in Fiscal 2023 and is amongst the top 10 cryogenic equipment manufacturers in the world by revenue in CY 2022. The Company earns revenue through design, engineering, manufacturing and installation of standard cryogenic tanks and equipment, beverage kegs, bespoke technology solutions, and large turnkey projects. Its Industrial Gas Division accounted for 70.88% of revenue from operations in Fiscal 2023, with additional contributions from LNG Division and Cryo Scientific Division.
Company Analysis
from RHPINOX India Limited is the largest supplier of cryogenic equipment in India by revenue, offering design, engineering, manufacturing and installation of equipment and systems for cryogenic conditions across diverse industries including industrial gases, liquified natural gas, green hydrogen, energy, steel, medical and healthcare, chemicals and fertilizers, aviation and aerospace, pharmaceuticals and construction.
INOX India Limited was originally incorporated as Baroda Oxygen Limited on December 21, 1976, and was renamed to INOX India Limited in 1987. The Company operates three manufacturing facilities—two in Gujarat (Kalol and Kandla Special Economic Zone) and one in Silvassa, Union Territory of Dādra and Nagar Haveli. With over 30 years of experience, the Company is the largest supplier of cryogenic equipment in India by revenue in Fiscal 2023 and is amongst the top 10 cryogenic equipment manufacturers in the world by revenue in CY 2022. The Company earns revenue through design, engineering, manufacturing and installation of standard cryogenic tanks and equipment, beverage kegs, bespoke technology solutions, and large turnkey projects. Its Industrial Gas Division accounted for 70.88% of revenue from operations in Fiscal 2023, with additional contributions from LNG Division and Cryo Scientific Division.
industrial gasesliquified natural gasgreen hydrogenenergysteelmedical and healthcarechemicals and fertilizersaviation and aerospacepharmaceuticalsconstruction
Objects of the Issue
- Carry out the Offer for Sale of up to 22,110,955 Equity Shares by the Selling Shareholders and achieve the benefits of listing the Equity Shares on the Stock Exchanges p.23
- General corporate purposes p.75
- Offer for Sale of Equity Shares by Selling Shareholders ₹ [●] (to be determined) p.163
- Achieve benefits of listing on Stock Exchanges p.163
- —
Issue Structure
- Total Issue
- Up to ₹[•] million
- Fresh Issue
- Nil
- Offer for Sale
- Up to 22,110,955 equity shares of face value of ₹2 each
- Price Band
- ₹[•] per Equity Share (Floor Price) to ₹[•] per Equity Share (Cap Price)
- Lot Size
- [•] Equity Shares and in multiples of [•] Equity Shares thereafter
- Face Value
- ₹2 each
Business Model
The Company earns revenue through manufacturing and selling cryogenic equipment and systems (standard tanks, beverage kegs, customized solutions, and turnkey projects) for diverse end-use industries; providing engineering, design and installation services; and after-sales services including maintenance and repairs. Revenue from operations was ₹9,659.00 million in Fiscal 2023 and ₹5,646.12 million in the six months ended September 30, 2023.
Business Segments
Manufactures, supplies and installs cryogenic tanks and systems for storage, transportation and distribution of industrial gases such as green hydrogen, oxygen, nitrogen, argon, carbon dioxide and hydrogen, and provides after-sales services.
Supplies cryogenic equipment and systems for liquified natural gas applications including LNG fuel stations and LNG fuel tanks.
Provides equipment for technology intensive applications and turnkey solutions, including cryogenic biological storage and equipment for specialized applications.
Manufacture and sale of cryogenic equipment and systems for industrial gas applications including storage and distribution tanks
Manufacture and sale of cryogenic equipment for liquified natural gas applications including LCNG stations and trailer mounted mobile LNG tanks
Manufacture and sale of cryogenic equipment and systems for scientific applications
Manufactures and sells industrial and commercial air conditioning and refrigeration equipment including HVAC systems
Manufactures and trades in refrigeration equipment for industrial and commercial applications
Design, engineering, manufacture and installation of standard cryogenic tanks, beverage kegs, bespoke technology, equipment and solutions, and large turnkey projects for storage, transport and handling of cryogenic gases
Manufactures, supplies and installs cryogenic tanks and systems for storage, transportation and distribution of industrial gases including green hydrogen, oxygen, nitrogen, argon, carbon dioxide (CO2), hydrogen; provides after-sales services; designs and manufactures customized and standard storage tanks; provides storage tanks (stationary 1,000 litres to 1 million litres, portable 1 litre to 1,000 litres, transport tanks up to 60,000 litres); provides vaporizers and skid mounted piping skids; provides EPC services for cryogenic solutions including bulk storage and regasification equipment; manufactures beverage kegs.
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; manufactures LNG satellite stations, re-gas systems; offers mini-LNG terminal solutions; manufactures LNG marine fuel gas tanks and mining truck LNG tanks; designs and manufactures LNG storage and regas systems; provides LNG fuelling stations and LCNG fuelling stations; manufactures full range of LNG vehicle fuel tanks from 200 litres to 990 litres; offers operation and maintenance for LNG solutions.
Provides equipment for technology intensive applications and turnkey solutions for scientific and industrial research involving cryogenic distribution; activities focused on satellite and launch facilities, cryogenic propulsion systems and research, cryogenic process technologies and fusion and superconductivity; develops cryogenic storage and handling systems, cryogenic propellant filling and servicing facilities, cryogenic distribution systems with superconducting magnets and cryopumps, cryolines for cryogenic fluid handling, systems for cooling super-conducting magnets and MRI systems; involved in ITER project.
Manufacturing and distribution of cryogenic tanks and equipment for industrial gases including oxygen, nitrogen, and related products
Design, engineering, manufacture and installation of cryogenic equipment and vacuum-insulated storage and transport tanks for liquefied gases
Development and operation of LNG distribution infrastructure, LNG/LCNG fuel stations, mini LNG terminals, and related dispensing equipment in India
Supply of specialized cryogenic equipment for space research, fusion research, and high-technology research applications for strategic scientific projects
Manufactures, supplies and installs cryogenic storage tanks and systems for storage, distribution and transportation of industrial gases such as green hydrogen, oxygen, nitrogen, argon and CO2. Designs and manufactures both customized tanks and standard storage tanks. Offers stationery storage tanks from 1,000 litres to one million litres capacity, portable storage tanks from 1 litre to 1,000 litres capacity and transport tanks and tankers up to 60,000 litres capacity. Also manufactures vaporizers, beverage kegs and provides EPC services for cryogenic solutions.
Designs, manufactures and installs standard and engineered solutions for LNG and LCNG. Manufactures static storage tanks up to one million litres capacity, transport trailers, LNG satellite stations for industrial users, marine fuel tanks, LNG and LCNG fuel stations and LNG vehicle fuel tanks. Has supplied over 60% of tanks in the stationary tank segment and trailer mounted mobile LNG tanks in India. Offers operation and maintenance for LNG solutions.
Designs, manufactures and installs equipment for technology intensive industrial applications and turnkey solutions for scientific and industrial research involving cryogenic distribution. Provides customized cryogenic storage and distribution systems for space research, cryogenic fuel filling systems for launch pads, space simulation chambers, vacuum jacketed piping and cryostat for MRI magnets. Engaged as one of the few Indian companies in the International Thermonuclear Experimental Reactor (ITER) project.
Designs, manufactures, supply and install storage tanks, transport tanks, micro-bulk units, vaporizers, cryo bio tanks, refrigerant cylinders and beverage kegs. Solutions focus on cryogenic tanks and systems for liquid industrial gases including liquid hydrogen, liquid nitrogen, liquid oxygen, liquid argon, liquid carbon dioxide, LNG and ethylene oxide. Also includes EPC business for cryogenic solutions, including bulk storage and regasification equipment, typically associated with petrochemical or steel projects.
Manufactures and supplies LNG-related equipment and solutions
Manufactures cryogenic equipment for scientific applications
SWOT Analysis
Strengths
- • Largest supplier of cryogenic equipment in India by revenue in Fiscal 2023(p.23)
- • 30+ years of experience in cryogenic solutions(p.23)
- • Among top 10 cryogenic equipment manufacturers globally by revenue in CY 2022(p.23)
- • Diverse product portfolio across multiple industries(p.23)
- • Strong order book of ₹10,366.09 million as at September 30, 2023(p.34)
- • Diversified product portfolio across Industrial Gas, LNG, and Cryo Scientific segments(p.47)
- • Strong order book position with ₹10,366.09 million outstanding as at September 30, 2023(p.47)
- • Consistent revenue growth with CAGR of 27.13% from Fiscal 2021 to Fiscal 2023(p.48)
- • EBITDA growth with CAGR of 21.96% from Fiscal 2021 to Fiscal 2023(p.48)
- • Successful capacity expansion with multiple manufacturing facilities(p.53)
- • Strong promoter ownership and established shareholding structure(p.100)
- • Fully dematerialized equity shares held by promoters(p.100)
- • All equity shares are fully paid-up(p.156)
- • Employee stock option plan established to attract talent(p.159)
- • Leading Indian cryogenic equipment supplier and exporter(p.166)
- • Large specialized portfolio with global quality certifications(p.166)
- • Diverse customer base across geographies and industries(p.166)
- • Strong R&D and engineering capabilities(p.166)
- • Robust revenue growth trajectory(p.166)
- • Strong profitability and cash generation(p.166)
- • Experienced management team with long tenure(p.166)
- • Market leadership in India with dominant position(p.227)
- • Leading Indian supplier and exporter of cryogenic equipment with largest market share by revenue(p.233)
- • Dominant position in LNG tank segment in India with over 60% market share(p.231)
- • Comprehensive product portfolio spanning entire cryogenic value chain(p.234)
- • High customer retention with 48-63% revenue from repeat customers(p.236)
- • Strong financial performance with consistent revenue and profit growth(p.238)
- • Strong EBITDA margins and healthy cash generation(p.238)
- • Diversified international customer base across 66 countries(p.231)
- • Extensive global certifications and approvals for international market access(p.235)
- • Established cryogenic engineering expertise and diversified product portfolio(p.287)
- • Long operational history with significant milestones and international recognition(p.287)
- • Multiple ISO certifications and quality recognitions(p.280)
- • T2 authorized economic operator status with customs authorities(p.280)
- • Largest supplier of cryogenic equipment in India by revenues(p.366)
- • 30+ years of industry experience in design, engineering, manufacturing and installation(p.366)
- • Largest exporter of cryogenic tanks from India by revenue(p.367)
- • Inhouse technology and comprehensive LNG value chain capability(p.367)
- • Advanced hydrogen capabilities including ISRO collaboration(p.367)
- • Diversified product portfolio across three divisions(p.367)
- • Market leadership in LNG tank segment with 60%+ market share in India(p.367)
- • Largest exporter of cryogenic tanks from India(p.369)
- • Strong international presence across 66 countries(p.369)
- • Global approvals and certifications including ASME 'U' Stamp(p.368)
- • Three strategically located manufacturing facilities(p.368)
- • Inhouse engineering team developing new products(p.368)
- • Strong order book of ₹10,366.09 million as of September 30, 2023(p.368)
- • Significant 34.99% CAGR growth in Industrial Gas division revenue(p.370)
- • ISO certifications and quality systems across facilities(p.368)
Weaknesses
- • Dependence on three manufacturing facilities concentrated in two geographic regions(p.31)
- • High customer concentration with top 10 customers accounting for 46.52% of Fiscal 2023 revenue(p.32)
- • High raw material cost exposure at 61.68-64.72% of total expenses(p.33)
- • Dependence on limited number of third-party suppliers with top 5 suppliers providing 49.31-54.20% of raw materials(p.41)
- • No long-term supplier contracts; reliance on short-term purchase orders(p.42)
- • Heavy reliance on Industrial Gas division representing 70.88% of Fiscal 2023 revenue(p.46)
- • Litigation against company with aggregate amount of ₹386.76 million(p.25)
- • Litigation against Promoters with aggregate amount of ₹17.74 million(p.25)
- • Dependence on a few key customers in the energy industry(p.52)
- • Elevated inventory levels and lengthened inventory turnover days(p.59)
- • Under-utilization of manufacturing capacity(p.54)
- • Pending litigation against Promoters and Directors(p.50)
- • High attrition rate in key personnel(p.49)
- • Contested trademark application for 'MAXCYL'(p.56)
- • Unable to locate certain historical secretarial and corporate records(p.156)
- • High concentration of shareholding among four promoters(p.156)
- • No proceeds to company from the offer(p.163)
- • High export revenue concentration creates customer dependency(p.166)
- • Vulnerability to steel price volatility affecting margins(p.204)
- • High customer concentration with largest customer representing 14.39% of revenue(p.236)
- • Top 20 customers account for 72.77% of revenues, indicating significant dependence(p.236)
- • Capacity utilization declining from 82% to 70.06% in cryogenic tanks(p.250)
- • Significant concentration of manufacturing in three locations across only two states(p.230)
- • High employee attrition rate of 13% in Fiscal 2023(p.255)
- • Dependence on imported raw materials which account for 21.84% of purchases(p.252)
- • Concentration of shareholding among promoter family(p.305)
- • Royalty obligation to promoter on trademark usage(p.283)
- • License agreement termination risk tied to promoter family control(p.283)
- • Dependence on promoter intellectual property with limited sublicensing rights(p.283)
- • Dependence on single major customer representing ~15% of revenues(p.348)
- • Capital works in progress increasing with project delays risk(p.334)
- • Contingent liabilities from pending income tax matters(p.359)
- • Plant concentration with fire incident in Unit-3 at Kalol(p.362)
- • High dependence on few major customers in specific regions(p.369)
- • Decline in disposable cylinders sales in H1 FY2023(p.369)
- • Significant exposure to raw material price volatility(p.371)
- • High Cost of Goods Sold represents 55.54% of expenses(p.371)
Opportunities
- • Global cryogenic equipment market projected to grow at 6.9% CAGR from 2023 to 2028(p.23)
- • Rising demand for cleaner fuels and green hydrogen due to carbon emission reduction focus(p.23)
- • Development of new products including green hydrogen storage tanks and beverage kegs(p.45)
- • Expansion of customer base through diversification and new market segments(p.33)
- • Growth in LNG and hydrogen as part of global clean energy transition(p.48)
- • Expansion into international markets(p.51)
- • Turnkey project business expansion(p.48)
- • Increased demand for cleaner fuels driven by environmental regulations(p.53)
- • Enhanced brand visibility and public market presence through listing(p.163)
- • ESOP plan to incentivize and retain key talent(p.159)
- • Potential for future capital raising through equity markets(p.161)
- • Global shift to cleaner fuels driving LNG and hydrogen demand(p.229)
- • Strong hydrogen economy development in India(p.216)
- • Government infrastructure and LNG expansion initiatives(p.214)
- • Growth in India's space and satellite sector(p.201)
- • Projected strong growth in global cryogenic equipment demand(p.186)
- • Expanding India semiconductor and electronics manufacturing(p.222)
- • Global cryogenic equipment market projected to grow at 6.9% CAGR to reach $16.6 billion by 2028(p.233)
- • Hydrogen cryogenic equipment market projected to grow at 6.3% CAGR to reach $553 million by 2028(p.240)
- • Global LNG demand projected to grow at 5-6% CAGR; India's National Green Hydrogen mission targeting $340 billion market by 2050(p.240)
- • Asia-Pacific is largest cryogenic equipment market at 35% of global market and fastest growing(p.241)
- • Strategic expansion into large turnkey projects with higher margins(p.242)
- • Significant order book of ₹10,366.09 million providing revenue visibility(p.247)
- • Opportunity to expand international geographic reach and standard equipment business(p.241)
- • Strong position in India's clean energy transition with LNG and hydrogen infrastructure demand(p.239)
- • Growing LNG infrastructure development and clean energy transition(p.279)
- • Expansion into hydrogen and helium markets for green energy(p.325)
- • Strategic partnerships with global organizations like ITER(p.279)
- • Export house status enabling international market penetration(p.280)
- • Growing demand for cleaner fuels (LNG and hydrogen) due to carbon emissions reduction focus(p.367)
- • Large-scale liquid hydrogen infrastructure expansion in Asia(p.367)
- • Geographic expansion in international markets(p.367)
- • New manufacturing facility expansion at Savli(p.362)
- • ITER project participation creating high-tech revenue opportunities(p.367)
- • Post-COVID-19 investment in India's medical oxygen infrastructure(p.370)
- • China + 1 policy creating sourcing opportunities globally(p.371)
- • Growth in hydrogen pilot projects and emerging hydrogen market(p.371)
- • Expansion of international sales through geographic diversification(p.370)
- • Revival of delayed global projects post-COVID(p.370)
- • Establishing local presence in key focus markets(p.370)
Threats
- • Volatility in steel prices impacting raw material costs(p.34)
- • Order book subject to cancellation, suspension and scope changes by customers(p.34)
- • Cyclical demand in cryogenic equipment markets vulnerable to economic downturns(p.41)
- • Export exposure to tariffs, trade barriers and international sanctions(p.21)
- • Potential restrictions on import of components and raw materials(p.42)
- • Labour unrest and increased wage costs in concentrated manufacturing locations(p.37)
- • Regulatory risks from environmental, health and safety laws and government policies(p.44)
- • Geographic concentration in Gujarat and Dādra and Nagar Haveli exposing to regional disasters and unrest(p.35)
- • Vulnerability to energy industry cyclicality and commodity price fluctuations(p.52)
- • Foreign exchange exposure with 62.18% of revenue from exports(p.51)
- • Regulatory risks including PESO licensing requirements(p.47)
- • LNG demand impacted by well-to-wheel emissions and electric vehicle adoption(p.53)
- • Rising inflation affecting cost structure(p.68)
- • Economic slowdown risks in India(p.67)
- • Regulatory penalties for missing historical corporate records(p.156)
- • Lock-in restrictions limiting selling shareholder liquidity(p.158)
- • Significant offer-related expenses reducing proceeds to selling shareholders(p.163)
- • Global economic slowdown impacting demand(p.179)
- • Rising adoption of electric vehicles may reduce CNG/LNG demand(p.203)
- • Stringent regulatory and certification requirements(p.206)
- • LNG well-to-wheel emissions reducing environmental benefit(p.204)
- • Cryogen leakage posing health and safety risks(p.204)
- • Stringent emission norms reducing CNG vehicle adoption long-term(p.204)
- • Global supply chain disruptions and commodity price volatility affecting raw materials(p.252)
- • Increased competition from global and local players including Air Liquide, Linde, Chart Industries(p.255)
- • Dependence on regulatory approvals and certifications across multiple jurisdictions(p.253)
- • Stringent environmental regulations and compliance requirements across manufacturing states(p.253)
- • Regulatory requirements including Explosive Act, SMPV Rules, and pressure vessel standards(p.258)
- • Cyclicality in industrial gases, LNG, and energy sectors affecting demand(p.255)
- • Foreign exchange volatility affecting overseas operations and exports(p.327)
- • Regulatory and compliance risks related to import-export regulations(p.277)
- • Dependence on volatile commodity prices for raw materials(p.320)
- • Competition from established international cryogenic equipment manufacturers(p.279)
- • Pending US antidumping and countervailing duty investigations on disposable cylinders(p.362)
- • Foreign exchange exposure to USD and EUR fluctuations(p.353)
- • Global industrial cyclicality and economic slowdown impact(p.352)
- • Regulatory compliance risks from Income Tax Act section 186(4) disclosures(p.362)
- • Capital intensity of business with significant investment requirements(p.359)
- • Export exposure risk from tariffs and trade barriers (62.18% of H1 FY2024 revenue)(p.369)
- • US countervailing duty investigation on steel cylinders from India(p.369)
- • Intense global competition from large diversified groups(p.372)
- • Competitors with greater financial and technological resources(p.372)
- • Macroeconomic cyclicality and industrial gas sector downturn risk(p.368)
- • Raw material supply constraints and import dependencies(p.371)
- • Foreign exchange rate fluctuation exposure(p.372)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Pavan Kumar Jain | Promoter | 21.93% | — |
| Nayantara Jain | Promoter | 21.23% | — |
| Siddharth Jain | Promoter | 45.63% | — |
| Ishita Jain | Promoter | 2.72% | — |
| Siddharth Jain | Promoter | 45.63% | — |
| Pavan Kumar Jain | Promoter | 21.93% | — |
| Nayantara Jain | Promoter | 21.23% | — |
| Devendra Kumar Jain | Promoter | 5.94% | — |
| Ishita Jain | Promoter | 2.72% | — |
| Pavan Kumar Jain | Promoter | 21.93% | 16.42% |
| Nayantara Jain | Promoter | 21.23% | 15.72% |
| Siddharth Jain | Promoter | 45.63% | 34.13% |
| Ishita Jain | Promoter | 2.72% | 1.40% |
| Devendra Kumar Jain | Promoter Group | 5.94% | 5.94% |
| Manju Jain | Promoter Group | 1.01% | 0.76% |
| Lata Rungta | Promoter Group | 0.84% | 0.63% |
| Pavan Kumar Jain | Promoter | — | — |
| Siddharth Jain | Promoter | — | — |
| Parag Kulkarni | Promoter | — | — |
| Deepak Acharya | Promoter | — | — |
| Pavan Kumar Jain | Promoter and Non-Executive Director | — | — |
| Siddharth Jain | Promoter and Non-Executive Director (Non-Independent) | — | — |
| Pavan Kumar Jain | Promoter/Chairman and Non-Executive Director | 19,903,090 shares (21.91%) | — |
| Nayantara Jain | Promoter | — | — |
| Siddharth Jain | Promoter/Non-Executive Director (Non-Independent) | 41,416,060 shares (45.64%) | — |
| Ishita Jain | Promoter/Non-Executive Director | 2,471,600 shares (2.72%) | — |
| Siddharth Jain | Promoter | 45.63% | — |
| Pavan Kumar Jain | Promoter | 21.93% | — |
| Nayantara Jain | Promoter | 21.23% | — |
| Ishita Jain | Promoter | 2.72% | — |
| Devendra Kumar Jain | Promoter Group | 5.94% | — |
| Lata M Rungta | Promoter Group | 0.84% | — |
| Manju Jain | Promoter Group | 1.01% | — |
| Pavan Kumar Jain | Promoter | — | — |
| Siddharth Jain | Promoter | — | — |
| Ishita Jain | Promoter | — | — |
| Nayantara Jain | Promoter | — | — |
Leadership
Pavan Kumar Jain · Chairman and Non-Executive Director
Parag Kulkarni · Key Managerial Personnel
Deepak Acharya · Key Managerial Personnel
Pavan Logar · Chief Financial Officer
Kamlesh Shinde · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Inox India IPO FAQs
What is the lot size of Inox India IPO?
The minimum lot size of Inox India IPO is 22 shares. One lot costs ₹14,520 at the cut-off price.
When does Inox India IPO open and close?
Inox India IPO opened for subscription on 14 Dec 2023 and closed on 18 Dec 2023.
What is the listing date of Inox India IPO?
Inox India IPO listed on 21 Dec 2023.