INOX India shares debut with nearly 44% premium

New Delhi: Shares of cryogenic tank maker INOX India Ltd on Thursday listed with a premium of nearly 44 per cent against the issue price of Rs 660.

The stock made its debut at Rs 933.15, up 41.38 per cent from the issue price on the BSE. Later, it jumped 48.31 per cent to Rs 978.90.

At the NSE, the stock listed at Rs 949.65, rallying 43.88 per cent.

The company's market valuation was Rs 8,522.24 crore during the morning trade.

The Rs 1,459.32-crore initial share sale of INOX India Ltd got subscribed 61.28 times on the last day of bidding on Monday, with huge participation coming in from institutional buyers.

The initial public offer of up to 22,110,955 equity shares had a price range of Rs 627-660 a share.

Since the issue was completely an Offer for Sale (OFS), the Vadodara-based company will not receive any proceeds and all the funds will go to the selling shareholders.

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.