The INOX group's InoxCVA that manufactures cryogenic tanks has filed preliminary papers with capital market regulator Sebi to mop up funds through an initial public offering.
The Initial Public Offering (IPO) is entirely an Offer For Sale (OFS) of up to 2.21 crore shares by its existing shareholders and promoters, according to the Draft Red Herring Prospectus (DRHP) filed on Tuesday.
Those offering shares in the OFS are Siddharth Jain, Pavan Kumar Jain Nayantara Jain, Ishita Jain, and Manju Jain.
Since the issue is completely an OFS, the Vadodara-based company will not receive any proceeds and all the funds will go to the selling shareholders.
Explaining the reason for going public, the company said it is aimed at achieving the benefit of listing equity shares on the stock exchanges and carrying out OFS for the selling shareholders.
Inox India, one of the leading cryogenic tank manufacturers, has over 30 years of experience offering solutions across the design, engineering, manufacturing, and installation of equipment and systems for cryogenic conditions.
The company's offering includes standard cryogenic tanks and equipment, bespoke technology, equipment, and solutions as well as large turnkey projects that are used in industries such as industrial gases, LNG, green hydrogen, energy, steel, medical and healthcare, chemicals and fertilisers, aviation and aerospace and construction.
ICICI Securities and Axis Capital are the book-running lead managers to the issue.