Inox India gets SEBI approval to raise funds via IPO
The promoter of reputed brand INOXCVA, INOX India Limited has received approval from the Securities and Exchange Board of India (SEBI) for their Initial Public Offering (IPO).
INOX India, a manufacturer of cryogenic equipment, submitted a draft red herring prospectus (DRHP) to SEBI in August.
The company intends to raise money through initial public offerings, which will include an offer for sale of up to 22,110,955 equity shares (with a face value of ₹2) made by selling shareholders, including the promoter, and other selling shareholders.
As per the DRHP, the promoters are Pavan Kumar Jain, Nayantara Jain, Siddharth Jain, and Ishita Jain.
The company has been providing solutions for over 30 years, spanning the areas of cryogenic equipment and system design, engineering, manufacturing, and installation. In the cryogenic equipment sector, it has established the well-known brand INOXCVA.
The IPO’s book running lead managers are Axis Capital Limited and ICICI Securities Limited.
(more to come)
