INOX India IPO
INOX India Limited (INOXINDIA) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 21 December 2023.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +35.0% (likely range +18% to +47%), day's high +44.9%, chance of a gain 92%. Actual: +43.9% at the open, +50.0% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 44,22,191 | 65,36,16,260 | 148x | |
| NII (HNI) total | 33,16,644 | 17,64,53,002 | 53.2x | |
| Big NII (above ₹10 lakh) | 22,11,096 | 12,50,28,200 | 56.5x | |
| Small NII (₹2-10 lakh) | 11,05,548 | 5,14,24,802 | 46.5x | |
| Retail | 77,38,835 | 11,83,66,050 | 15.3x | |
| Total | 1,54,77,670 | 94,84,35,312 | 61.3x |
Bids on NSE and BSE together, as published by NSE, as of 18 Dec 2023, 07:00 PM. Shares offered exclude the anchor portion. 11% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to INOX India's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| SBFC FinanceAug 2023 | 193x | 49.1x | 11.0x | 70.2x | ₹1,082 Cr | +43.9% | +67.5% |
| IKIO LightingJun 2023 | 164x | 63.4x | 13.9x | 66.3x | ₹615 Cr | +37.7% | +50.0% |
| Harsha Engineers InternationalSep 2022 | 178x | 71.3x | 17.6x | 74.7x | ₹794 Cr | +36.4% | +59.9% |
| Tata TechnologiesNov 2023 | 203x | 62.1x | 16.5x | 69.4x | ₹3,043 Cr | +140.0% | +180.0% |
| Senco GoldJul 2023 | 181x | 65.0x | 15.5x | 73.4x | ₹427 Cr | +35.6% | +40.1% |
| Flair Writing IndustriesNov 2023 | 116x | 33.4x | 13.0x | 46.7x | ₹626 Cr | +64.8% | +69.2% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| ICICI Securities | 109 | +21.3% | 69% |
| Axis Capital | 107 | +20.4% | 73% |
Offer documents (NSE)
Frequently asked
What is the INOX India IPO price band and lot size? ₹627–660 per share, with a lot of 22 shares, so the smallest retail bid is ₹14,520.
How many times has it been subscribed? 61.3x overall: QIB 148x, NII 53.2x, retail 15.3x.
How did it list? It opened at ₹950, +43.9% against the issue price of ₹660, and closed its first day +42.4%.
