Inox India files draft IPO papers with Sebi to raise funds

Frozen tank manufacturer Inox India Ltd has submitted a draft document with the Securities Exchange Commission of India to raise capital through a public offering.
The IPO will be a pure offering of up to 22.11 million shares by existing shareholders and promoters. SFO will hold up to 10.44 million shares of Siddharth Jain, up to 5 million shares each of Pavan Kumar Jain and Nayantara Jain, up to 1.2 million shares of Ishita Jain and 2.3 thousand shares of Manju Jain.
ICICI Securities and Axis Capital are the lead managers of this matter.
The Gujarat-based company is a leading freezer equipment manufacturer with over 30 years of experience. They provide solutions for cryogenic conditions including storage tanks, equipment and turnkey projects for various industries such as industrial gas, LNG, medical, aviation, etc. They also manufacture cryogenic equipment for global research and are India’s leading exporter of cryogenic tanks.
It operates three manufacturing plants in Kalol (Gujarat), Kandla SEZ (Gujarat) and Silvassa (Dādra and Nagar Haveli). In fiscal year 2023, the company’s installed capacity includes 3,100 equivalent tank units (10,000 liter cryogenic storage tanks) and 2.4 million disposable cylinders. As of May 31, 2023, its backlog stands at Rs 1,003.15 crore. In fiscal year 23, the company reported revenue of Rs 965.90 crore compared to Rs 782.71 crore a year ago. Net profit for the year came in at Rs 152.71 crore compared to Rs 130.50 crore last year. However, its EBITDA margin fell to 22.62% for the year, from 23.47% last year. Total debt in March 2023 was Rs 8.99 crore compared to Rs 54.54 crore last year.