Inox India IPO: On its third day, the Inox India IPO saw an oversubscription as a result of the overwhelming response it continued to receive from non-institutional and retail investors (NIIs). As of 13:00 IST, 15.75 times have been subscribed to the Inox IPO.
The Inox IPO went quite well on the first and second subscription days. Day 1 saw 2.79 subscriptions to the issue, and Day 2 saw 7.07 subscriptions. The subscription period for the INOX India IPO began on Thursday, December 14, and it ends on Monday, December 18. The price range for the INOX India IPO is ₹627 to ₹660 per equity share, with a face value of ₹2.
The 22 equity shares in the INOX India Initial Public Offering lot size are followed by multiples of 22 equity shares. Not less than 15% of the shares in the public offering of INOX India are designated for non-institutional institutional investors (NII), not less than 50% of the shares are reserved for qualified institutional buyers (QIB), and not less than 35% of the offer is designated for retail investors.
At 13:00 IST on the third day of the Inox IPO, the retail investors’ portion had been subscribed 11.60 times, the NII portion 33.39 times, and the QIB portion 9.78 times.
Inox India IPO subscription status
According to BSE data, the Inox India IPO received bids for 24,37,32,478 shares versus 1,54,77,670 shares on offer at 13:00 IST.
The retail investors’ portion of the Inox IPO received bids for 8,97,44,204 shares, compared to the 77,38,835 shares on offer.
Non-institutional investors bid for 11,07,31,764 shares in the Inox India IPO, compared to 33,16,644 on offer.
The QIBs segment of the Inox IPO received bids for 4,32,56,510 shares, compared to the 44,22,191 shares on offer.
Details on the INOX India IPO
The company plans to generate funds through initial public offerings, featuring an offer for the sale of up to 22,110,955 equity shares (with a face value of ₹2) by various selling shareholders, including the promoter.
As outlined in the red herring prospectus (RHP), the promoters named are Pavan Kumar Jain, Nayantara Jain, Siddharth Jain, and Ishita Jain. Among the selling shareholders are Siddharth Jain (up to 10,437,355 equity shares), Pavan Kumar Jain (up to 5,000,000 equity shares), Nayantara Jain (up to 5,000,000 equity shares), Ishita Jain (up to 1,200,000 equity shares), and Manju Jain (up to 230,000 equity shares).
ICICI Securities Limited and Axis Capital Limited are the book-running lead managers (BRLM) for the INOX IPO. KFin Technologies Limited is the INOX IPO registrar.ICO details for INOX India
Inox India’s current GMP IPO
GMP for Inox India’s IPO today, or the grey market premium, is +535, which is less than the +555 from the prior session. Investorgain.com reports that Inox India’s share price is currently trading at a premium of ₹535 in the grey market.
The estimated listing price of company shares was indicated at ₹1,195 apiece, which is 81.06% higher than the IPO price of ₹660, taking into account the upper current premium in the grey market and the end of the IPO price band.
A “grey market premium” denotes the willingness of investors to part with more money than the issue price.
