Industrial Gases / Cryogenic Equipment - Listed on 21 December 2023
INOX India (Industrial Gases / Cryogenic Equipment) closed its IPO window in 2023 and listed on NSE and BSE on 21 December 2023 at an upper band issue price of Rs 660, opening at Rs 949.65 for a listing gain of +43.9% and closing day one at Rs 939.95 (+42.4% on closing basis). The IPO was subscribed 60.99x overall - QIB 147.80x, HNI/NII 52.97x, Retail 14.82x. The total issue size was Rs 1,459.32 Cr (Fresh Issue Rs 0 Cr, OFS Rs 1459.32 Cr). IPO GMP data, subscription trends across Day 1 - Day 3 and Nifty performance around the listing window are detailed below.
Industrial Gases / Cryogenic Equipment
INOX India operates in the Industrial Gases / Cryogenic Equipment space. The company’s listed profile is shaped by its operating niche, customer demand and ability to convert that demand into steady cash flows. Investors should read its exchange filings alongside the headline listing numbers for a fuller view of the business.
Issue structure, listing outcome and context
The INOX India issue was offered at an upper price of Rs 660 and raised approximately Rs 1,459.32 crore. The final outcome reflected a mix of subscription demand, valuation, market conditions and the company’s own operating story. Fresh issue and offer-for-sale details, where available, are shown in the issue metrics below.
Number of times each investor category subscribed by close of Day 3.
How overall subscription built up across the three-day issue window.
Grey market premium (GMP) tracked day-by-day across the IPO window. Absolute GMP is the premium in rupees over the upper issue price; GMP % is that premium as a percent of the issue price.
| Day | GMP (Rs) | GMP % |
|---|---|---|
| Day 1 | Rs 250 | +37.88% |
| Day 2 | Rs 300 | +45.45% |
| Day 3 | Rs 425 | +64.39% |
| Day 4 | Rs 450 | +68.18% |
| Day 5 | Rs 530 | +80.30% |
Comparison between market-based GMP prediction and IPOGyani's AI-powered listing gain prediction.
How the broader market moved around the INOX India IPO window. Helpful for isolating how much of the listing gain came from company fundamentals vs. market tailwind.
INOX India IPO listed at +43.9% versus the upper issue price of Rs 660 on 21 December 2023.
INOX India IPO was subscribed 60.99x overall. QIB portion was subscribed 147.80x, HNI / NII 52.97x and Retail 14.82x.
IPO GMP started at Rs 250 on Day 1 and moved to Rs 530 by the close of the issue window. See the day-by-day GMP table above for the full trajectory.