Akash Jha
Inox India Ltd, a manufacturer of cryogenic storage tanks, has submitted preliminary paperwork to the Securities Exchange Board of India in preparation for a public offering.
Existing shareholders and promoters may offer for sale up to 22.11 million shares in the IPO. Siddharth Jain is authorized to offer up to 10.44 million shares in the OFS, while Pavan Kumar Jain and Nayantara Jain are authorized to offer up to 5 million shares apiece, Ishita Jain is authorized to offer up to 1.2 million shares, and Manju Jain is authorized to offer up to 2.3 lakh shares.
Lead managers for the offering are ICICI Securities and Axis Capital.
The Gujarat-based firm has been a pioneer in the cryogenic equipment industry for more than three decades. Tanks, equipment, and turnkey projects are just some of the cryogenic solutions they offer to businesses in sectors as diverse as industrial gases, liquefied natural gas (LNG), healthcare, aviation, and more. They are the leading exporter of cryogenic tanks from India and develop cryogenic equipment for use around the world.
Kalol (Gujarat), Kandla SEZ (Gujarat), and Silvassa (Ddra and Nagar Haveli) are the locations of its three production plants. There were 3,100 ETUs (cryogenic storage tanks of 10,000 liters each) and 2.4 million disposable cylinders among the company’s installed capacity in FY 2023. There were orders totaling Rs 1,003.15 crore in the books as of May 31, 2023.
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The company increased its revenue to Rs 965.90 crore in FY23 from Rs 782.71 crore in FY22. The annual net profit was Rs 152.71 crore, up from Rs 130.50 crore the previous year. However, this company’s EBITDA margin fell by 22.62 percent during the fiscal year compared to the previous year’s 23.47 percent. Compared to Rs 54.54 cr in the prior year, total debt was Rs 8.99 cr in March of 2023.
