Inox India, the leading domestic supplier of cryogenic equipment, is set to make its market debut on Thursday, December 21. Investors and market enthusiasts are eagerly awaiting the listing, given the impressive performance in the grey market.
As of now, Inox India commands a substantial grey market premium (GMP) of Rs 530, marking an 88% increase over the issue price of Rs 660. This robust GMP is a promising sign for the company’s market entry and suggests a heightened level of investor interest.
The firm GMP of Inox India holds firm ground, bolstered by the recent success of two other stock debutants, namely DOMS Industries and India Shelter Finance Corporation Ltd. These newcomers delivered notable listing gains of up to 77% in what has been described as a bustling IPO season.
The offer for sale (OFS) of Inox India took place in the Rs 627-660 price band from December 14 to December 18. During this period, the offering received a ‘subscribe’ rating from several prominent brokerages, including Motilal Oswal Securities, Geojit Financial Services, SBI Securities, DRChoksey FinServ, and Ventura Securities.
Market analysts and experts are optimistic about Inox India’s market debut, attributing the positive outlook to a combination of factors. The company’s strategic position in the niche market, coupled with its global footprint and commitment to innovation, is seen as key drivers for the higher valuation multiple it commands.
About Inox India’s Market:
Prashanth Tapse, Senior Vice President of Research at Mehta Equities Ltd., commented on the situation, stating, “Given the positive secondary market environment and ample liquidity along with strong subscription demand, INOX India is expected to see a solid listing premium over and above a 75% gain. Despite valuations being fully priced into all near-term growth, a solid listing is justified on the back of the company’s strategic position in the niche market with a global footprint and commitment to innovations, which is commanding a higher valuation multiple.”
Investors and market participants will be closely monitoring Inox India’s market debut, anticipating how the stock will perform in the wake of the impressive grey market premium and the overall positive sentiment in the IPO landscape.