Inox India, the renowned engineering and design solutions manufacturer, marked its debut on the stock market with a resounding 44% premium over its initial public offering (IPO) price of ₹660 per share. The stock opened for trading at ₹950 per share, reflecting strong investor interest.
Inox India becomes the 50th mainboard IPO to grace the bourses in 2023, surpassing the count recorded in 2022. However, despite this achievement, the current year’s tally of 50 IPOs falls slightly short of the 65 IPOs witnessed in the preceding year.
Part of the esteemed Inox Group, Inox India stands as the largest supplier of cryogenic equipment in India by revenue for the fiscal year 2023. The company also clinched the title of the largest exporter of cryogenic tanks from India in terms of revenue for Fiscal 2023.
In a competitive landscape, Inox India vies with industry players to provide cutting-edge cryogenic equipment both in India and internationally. This competition includes various manufacturers operating in one or more of their business segments, some of which are divisions of diversified business groups.
The successful listing of Inox India reinforces the market’s confidence in the company’s potential and marks a significant development in the engineering and design solutions sector. Investors and industry enthusiasts are keenly observing the company’s trajectory as it navigates the dynamic stock market landscape.
“The recent performance of INOXINDIA in the market has been impressive, sparking considerable interest among investors. Given the current excitement surrounding IPOs, some level of profit booking might be anticipated from its current position. For those with a long-term investment strategy spanning over a year, it could be wise to maintain their holdings and consider increasing their investment during significant dips in the stock’s value,” said Atul Parakh, CEO of Bigul
Parakh also said, Conversely, investors who acquired the stock primarily for short-term gains tied to its listing might find this an opportune moment to realise their profits. Additionally, it could be a strategic move for investors to look for opportunities to accumulate more shares, particularly if the stock’s value adjusts to levels around 740-780.
