Inox India Ltd, a manufacturer of cryogenic tanks, has submitted preliminary papers to capital market regulator Sebi in order to raise money through an IPO.
According to the Draft Red Herring Prospectus (DRHP) submitted on Tuesday, the Initial Public Offering (IPO) is solely an Offer For Sale (OFS) of up to 2.21 crore shares by its current owners and promoters.
Those offering shares in the OFS are Siddharth Jain, Pavan Kumar Jain Nayantara Jain, Ishita Jain, and Manju Jain.
Since the issue is completely an OFS, the Vadodara-based company will not receive any proceeds and all the funds will go to the selling shareholders.
The company gave a reason for becoming public, stating that it wanted to reap the benefits of listing equity shares on stock markets and conducting OFS for the selling shareholders.
Inox India, one of the leading cryogenic tank manufacturers, has over 30 years of experience offering solutions across the design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions.
The company’s offering includes standard cryogenic tanks and equipment, bespoke technology, equipment, and solutions as well as large turnkey projects that are used in industries such as industrial gases, LNG, green hydrogen, energy, steel, medical and healthcare, chemicals and fertilisers, aviation and aerospace and construction.
ICICI Securities and Axis Capital are the book-running lead managers to the issue.
