INOX India’s share price experienced a positive debut on the stock exchanges, with the NSE listing it at ₹949.65 per share, a substantial 43.88% higher than the issue price of ₹660. On the BSE, the listing price was ₹933.15 per share. The IPO price band ranged from ₹627 to ₹660 per equity share with a face value of ₹2.
During the IPO subscription period from December 14 to December 18, the company raised ₹437.8 crore from anchor investors on December 15. The lot size for the INOX India IPO was 22 equity shares, with multiples of 22 equity shares thereafter. The allocation of shares in the public issue reserved not more than 50% for qualified institutional buyers (QIBs), not less than 15% for non-institutional investors (NIIs), and at least 35% for retail investors.
The IPO comprised an offer for sale of up to 22,110,955 equity shares by selling shareholders, including the promoters Pavan Kumar Jain, Nayantara Jain, Siddharth Jain, and Ishita Jain. The book-running lead managers (BRLM) for the INOX IPO were ICICI Securities Limited and Axis Capital Limited, while the registrar was KFin Technologies Limited.
The grey market premium (GMP) for INOX India IPO was reported at +440, consistent with the previous session. The GMP reflects a premium of ₹440 in the grey market, as reported by investorgain.com. This implies that investors are willing to pay more than the issue price for INOX India shares.
Considering the upper end of the IPO price band and the current grey market premium, the estimated listing price for INOX India shares was suggested to be ₹1,100 apiece. This represents a significant increase of 66.67% compared to the IPO price of ₹660. The ‘grey market premium’ essentially signifies the additional amount investors are prepared to pay, indicating strong demand and positive sentiment for the stock.
