Inox CVA sets Rs627-660 price band

Mumbai: InoxCVA, the largest domestic cryogenic storage tank maker, on Monday fixed Rs627-660 per share as the price band for its Rs1,459-crore share sale that hits the street on December 14. The Vadodara-based company’s promoter and director Siddharth Jain told PTI here that at the upper end of the price band, the company is valued at Rs5,990 crore. The valuation comes at a steep premium over its likely Rs1,200-crore annual revenue this fiscal, up from Rs980 crore in FY23 as it has an order of book of Rs1,100 crore now. He said the issue will only be an offer for sale wherein the promoter entity Inox India, which has an equal joint venture with the US-based Air Products known as Inox Air Products, which is the largest manufacturer of industrial and medical oxygen in the country, will be divesting 25 per cent of its equity in the company.