INOX India shares surge 42% in debut trading
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New Delhi: Shares of cryogenic tank maker INOX India Ltd on Thursday made a remarkable market debut and ended with a premium of over 42 per cent against the issue price of Rs660. The stock made its debut at Rs933.15, up 41.38 per cent from the issue price on the BSE. During the day, it jumped 50 per cent to Rs990. Shares of the company ended at Rs939.90 apiece, up 42.40 per cent.
On the NSE, the stock listed at Rs949.65, rallying 43.88 per cent. It ended at Rs934 per share, a jump of 41.51 per cent. The company’s market valuation was Rs8,530.86 crore. In volume terms, 16.45 lakh shares of the firm were traded on the BSE and over 2.71 crore shares on the NSE during the day. 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 2,21,10,955 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 has over 30 years of experience offering solutions across the design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions.
