The public issue of cryogenic tank maker Inox India, which opened on Thursday, was subscribed 2.79 times on Day 1 of issue opening. The issue, which closes on December 18, comes at a price band of ₹627-660 with a market lot of 22 shares.

The ₹1,459-crore IPO of Inox India is entirely an offer for the sale of 2.21 crore shares by its existing shareholders and promoters. Under the OFS, Siddharth Jain, Pavan Kumar Jain, Nayantara Jain, Ishita Jain, Manju Jain, Lata Rungta, among others, will offload shares.

Around 50 per cent of the allocation will be for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors, and 35 per cent for retail investors.

Among the investors, non-institutions are more aggressive as their portion was subscribed 4.57 times. Retail investors too were keen with their quota receiving bids for 3.61 times. On the other hand, QIBs remain muted by subscribing 0.04 times.

The company on Wednesday raised ₹438 crore from anchor investors, as part of IPO.

The company has allotted 66.33 lakh shares to 41 funds at ₹660 apiece. Among the fund houses that participated in the anchor book included Abu Dhabi Investment Authority, Nomura, Goldman Sachs, ICICI Prudential Life Insurance Company, HDFC Life Insurance Company, SBI Mutual Fund (MF), HDFC MF, Nippon India MF, Axis MF, Aditya Birla Sun Life MF and Tata MF.

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 like industrial gases, LNG, green hydrogen, energy, steel, medical and healthcare, chemicals and fertilizers, aviation and aerospace and construction.

ICICI Securities and Axis Capital are the book-running lead managers to the issue

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