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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
The money raised through the Offer for Sale goes to existing investors, not the company.
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(₹ in Crore)
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Inox India Limited, operating under the Inox CVA brand, designs, manufactures and installs cryogenic equipment and storage systems. The company works across three broad areas: equipment for industrial gases such as cryogenic tanks and distribution systems, equipment and infrastructure for LNG storage and small-scale LNG applications, and cryogenic equipment for scientific and specialised distribution uses. The company was incorporated in 1976 and is headquartered in Vadodara, Gujarat. It runs manufacturing facilities at Kalol, the Kandla Special Economic Zone, and Silvassa, and supplies customers in more than 66 countries. As of September 2023 it carried an outstanding order book of roughly Rs 1,036.6 crore. The company is promoted by the Jain family, namely Pavan Kumar Jain, Nayantara Jain, Siddharth Jain and Ishita Jain. Its revenue and profit grew steadily between FY21 and FY23, rising from about Rs 609 crore to about Rs 984 crore in revenue and from about Rs 96 crore to about Rs 153 crore in profit after tax, tracking growing demand for industrial gas handling and LNG related equipment. The listing was carried out entirely through an offer for sale by existing shareholders, so the issue did not raise fresh capital for the company; proceeds went to the selling shareholders.
No anchor investors added yet.
Source: RHP • Analysis provided for informational purposes
Last Updated: 17 July 2026, 5:30 AM
Diversified cryogenic product range
The company serves industrial gas, LNG and cryogenic scientific applications, which reduces reliance on any single end market.
Long operating history
With more than three decades in the business, the company has built deep manufacturing and engineering expertise in cryogenic equipment.
Wide export footprint
It supplies equipment to customers in over 66 countries, giving it a geographically diversified revenue base.
Consistent earnings growth
Revenue and profit both rose steadily across FY21 to FY23, pointing to expanding demand for its products.
No direct listed peers
At the time of listing the company had no closely comparable listed peer, which made relative valuation difficult for investors.
Customer concentration
A meaningful share of revenue can depend on a limited set of large industrial gas and LNG customers, raising exposure to order timing from any one client.
No fresh capital raised
Since the issue was entirely an offer for sale, none of the proceeds were used to fund the company's own growth or operations.
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