• Price Band fixed at ₹ 627 to ₹ 660 per equity share of face value of ₹ 2 each (“Equity Share”);
• Bid/ Offer will open on Thursday, December 14, 2023 and close on Monday, December 18, 2023. The Anchor Investor Bidding Date shall be Wednesday, December 13, 2023;
• Bids can be made for a minimum of 22 Equity Shares and in multiples of 22 Equity Shares thereafter; and
• RHP Link:
National, December 11, 2023: INOX India Limited (the “Company”), shall open the initial public offering of its Equity Shares on Thursday, December 14, 2023.
The Anchor Investor Bidding Date shall be Wednesday, December 13, 2023. The Offer will open on Thursday, December 14, 2023 for subscription and will close on Monday, December 18, 2023.
The Price Band for the Offer has been fixed at ₹ 627 to ₹ 660 per Equity Share. Bids can be made for a minimum of 22 Equity Shares and in multiples of 22 Equity Shares thereafter.
The Company plans to raise funds through an offer of up to 22,110,955 Equity Shares by the Selling Shareholders.
The Offer for Sale comprises up to 10,437,355 Equity Shares by Siddharth Jain, up to 5,000,000 Equity Shares by Pavan Kumar Jain, up to 5,000,000 Equity Shares by Nayantara Jain, up to 1,200,000 Equity Shares by Ishita Jain (the “Promoter Selling Shareholders”), up to 230,000 Equity Shares by Manju Jain, up to 190,000 Equity Shares by Lata Rungta, up to 13,400 Equity Shares by Bharti Shah, up to 13,400 Equity Shares by Kumud Gangwal, up to 13,400 Equity Shares by Suman Ajmera and up to 13,400 Equity Shares by Rajni Mohatta (the “Other Selling Shareholders”, together with the Promoter Selling Shareholders, referred to as the “Selling Shareholders”).
The Equity Shares are being offered through the red herring prospectus dated December 8, 2023, read with the corrigendum to the red herring prospectus dated December 9, 2023 filed with SEBI (“RHP”) filed with the Registrar of Companies, Gujarat at Ahmedabad (“RoC”).
The Equity Shares offered through the RHP are proposed to be listed on the Stock Exchanges being BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”). For the purposes of the Offer, BSE is the Designated Stock Exchange. Our Company has received ‘in-principle’ approvals from BSE and NSE for listing of the Equity Shares pursuant to their letters dated October 25, 2023, and October 23, 2023, respectively.
The Offer is being made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (the “SCRR”) read with Regulation 31 of the SEBI ICDR Regulations and in compliance with Regulation 6(1) of the SEBI ICDR Regulations wherein not more than 50% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (the “QIB Portion”), provided that our Company in consultation with the BRLMs may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis (“Anchor Investor Portion”). One-third of the Anchor Investor Portion shall be reserved for domestic Mutual Funds, subject to valid Bids being received from the domestic Mutual Funds at or above the price at which allocation is made to Anchor Investors (“Anchor Investor Allocation Price”), in accordance with the SEBI ICDR Regulations. In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (excluding the Anchor Investor Portion) (“Net QIB Portion”).
Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received from them at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to QIBs. Further, not less than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Investors (“Non-Institutional Portion”) (of which one-third shall be available for allocation to Bidders with an application size of more than ₹ 0.20 million and up to ₹ 1.00 million and two-thirds shall be available for allocation to Bidders with an application size of more than ₹ 1.00 million, provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Investors subject to valid Bids being received at or above the Offer Price) and not less than 35% of the Offer shall be available for allocation to Retail Individual Investors in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price.
All potential Bidders (except Anchor Investors) are required to mandatorily utilize the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective ASBA Account (as defined hereinafter), and UPI ID (defined hereinafter) in case of UPI Bidders defined hereinafter) Bidding using the UPI Mechanism, if applicable, in which the corresponding Bid Amounts will be blocked by the Self Certified Syndicate Banks (“SCSBs”) or under the UPI Mechanism, as the case may be, to the extent of respective Bid Amounts. Anchor Investors are not permitted to participate in the Offer through the ASBA process. For details, see “Offer Procedure” on page 450 of the RHP.
ICICI Securities Limited and Axis Capital Limited are the book running lead managers to the Offer.
All capitalized terms referred to in this press release that have not been defined shall have the same meaning as prescribed in the RHP.
INOX INDIA LIMITED is proposing, subject to the receipt of requisite approvals, market conditions and other considerations, to undertake an initial public offering of its Equity Shares and has filed the RHP dated December 8, 2023 with the RoC read with Corrigendum to the RHP dated December 9, 2023 .The RHP is available on the website of SEBI at www.sebi.gov.in, websites of the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com, respectively, the website of the Company at www.inoxcva.com and the websites of the BRLMs, i.e. ICICI Securities Limited and Axis Capital Limited at www.icicisecurities.com and www.axiscapital.co.in, respectively. Any potential investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, please see the section titled ”Risk Factors” on page 31 of the RHP. Potential investors should not rely on the DRHP filed with SEBI for making any investment decision, but can only rely on the information included in the RHP.
This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United States. In addition, this announcement is not for distribution outside India. Any securities described in this announcement may have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws in the United States and not be offered or sold in the United States, except pursuant to or an exemption from, or in a transaction not subject to the registration requirements of the U.S. Securities Act and applicable state securities laws in the United States. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or the selling security holder and that will contain detailed information about the company and management, as well as financial statements. No offering or sale of securities in the United States is contemplated.