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Here is everything you need to know about INOX India’s IPO!

Worried about the stock market's heat? Cool your portfolio by investing in this cryogenic stock.

inox india ipo

It is IPO time again!

So, if you are looking for opportunities in the primary market, here is something you could consider.

INOXCVA is opening doors to welcome new investors along their journey.

So, if you want to be a part of it, here is everything you should know. Today’s article discusses the details of the IPO, INOXCVA’s background and financials, and the pros and cons of investing in this IPO.

You may also like: Fueling India’s growth engine: Evolution and outlook of oil & gas industry


Before we begin talking about INOXCVA, let us understand what cryogenic equipment is.

Cryogenics is a study in the field of science that talks about products with very low temperatures. 

For example, liquid nitrogen is a cryogenic product as its temperature goes below -195.8°C.

Cryogenic equipment refers to supplies that produce or store cryogenic products.

Are you wondering why we are discussing science in an IPO blog? Because INOXCVA is one of the largest cryogenic equipment manufacturers in the country and globally.

INOXCVA specialises in manufacturing cryogenic storage equipment to store cryogens such as nitrogen, helium, oxygen, argon, etc. They manufacture cryogenic equipment for industrial use, liquified natural gas, beverage kegs, health care, and more. INOXCVA also runs a research wing that works on solutions in the cryogenic field.


INOXCVA belongs to the INOX Group, the foundation of which began by Mr Siddhomal Jain in the 1920s. The group was then developed by the Jain family, over the years. Mr Pavan Jain heads the INOX Group as chairman today.

As part of the INOX Group’s expansion, Mr Pavan Jain took the first step towards INOXCVA in 1991. The primary objective was to contribute to India’s self-reliance in the cryogenic sector. INOXCVA began its journey as INOX India Pvt Ltd., with a technical tie-up with Nippon Sanso, Japan, to manufacture cryogenic equipment. In 1996, the company launched its first liquid nitrogen container, and there has been no looking back since then.


INOXCVA aims to be the world leader in cryogenic solutions enterprise across different products and markets, exceeding the expectations of its customers and stakeholders. 


INOXCVA is the country’s largest cryogenic equipment manufacturer today. In 2022, it built the largest-ever liquid hydrogen tank in Korea with a capacity of 2,38,000 litres. INOXCVA performed the ground-breaking ceremony for India’s largest manufacturing facility in 2023.

Also read: The pharmaceutical industry in India and its contribution to the world

INOXCVA’s financials

ParticularsFY 2023 (In ₹ million)FY 2022 (In ₹ million)FY 2021 (In ₹ million)
Revenue from operations9,659.007,827.115,937.97
Total expenses7,791.506,295.064,779.27 
EBITDA margin22.62%23.47%24.58%
Earnings per Share (EPS)16.8314.3810.59
Debt-Equity ratio0.020.110.18
Return on Equity27.79%25.98%25.87%

INOXCVA’s IPO details

INOXCVA’s IPO date14 December 2023, Thursday
INOXCVA’s IPO closing18 December 2023, Monday
Anchor investor portion opens on13 December 2023, Wednesday
Issue typeOffer for sale (book-building) 
Face value₹2
INOX share price/ price band₹627 to ₹660
Issue size₹1,459.32 crores
Lot size22 shares in a lot
IPO reservations50% to QIBs (Qualified Institutional Buyers)
35% to retail investors
15% to NIIs (Non Institutional Investors)

Shareholding pattern before IPO

Name of the shareholderPercentage of shareholding
Pavan Kumar Jain21.93%
Nayantara Jain21.23%
Siddharth Jain45.63%
Ishita Jain2.72%
Devendra Kumar Jain5.94%
Lata Rungta0.84%
Manju Jain1.01%

Fund utilisation plan

The IPO aims at issuing 22,110,955 shares to the public, through an Offer for Sale (OFS). Since it is an OFS, the company will not receive IPO proceeds, rather it will be credited to the selling shareholders after deducting offer expenses and taxes.

The objective of this IPO is not to raise capital for expansion but to get the company listed on the stock exchange to increase its visibility and brand image.

Selling shareholderNumber of shares offered for sale
Siddharth JainUp to 10,437,355 shares
Pavan Kumar JainUp to 5,000,000 shares
Nayantara JainUp to 5,000,000 shares
Ishita JainUp to 1,200,000 shares
Manju JainUp to 230,000 shares
Lata RungtaUp to 190,000 shares
Bharti ShahUp to 13,400 shares
Kumud GangwalUp to 13,400 shares
Suman AjmeraUp to 13,400 shares
Rajni MalhotraUp to 13,400 shares

Also Read: Exploring Gujarat Gas Ltd. (GGL)

Is INOXCVA’s IPO for you?

INOXCVA has the credit of being the only listed company in this area of business. So, if you intend to diversify your portfolio with cryogenic stocks, INOXCVA is for you. However, here are some more insights before you make your decision.

Why should you consider investing?

  • INOXCVA is the largest supplier and exporter of cryogenic equipment in India, considering the revenue of FY 2023. With over 30 years of experience, they supply their products to various industrial uses like gas, energy, health care, aviation, steel, hydrogen, construction, etc.
  • The global demand for cryogenics is expected to rise, given the shift towards greener and natural fuels to reduce carbon emissions. The global cryogenic market was valued at $11.5 billion as of 2022 and is expected to reach $16.6 billion by 2028.
  • The company has a diverse base of national and international customers. Between FY 2021 to 2023, INOXCVA supplied products to 1,201 local and over 228 global customers. It also has a high customer retention rate proving the good quality of products. 31.89% of the revenue for six months ending 30 September 2023, came from repeat customers. 
  • INOXCVA’s foundation for growth is its skilled workforce in management and other important teams. An in-house team for research and development and the top management with people having over 30 years of experience in cryogenics, work together to introduce high-quality products in the market.

What should you watch out for?

  • INOXCVA has three manufacturing facilities in the country – two in Gujarat (Kalol and Kandla SEZ) and one in Dadra and Nagar Haveli (Silvassa). Considering six months ending 30 September 2023, 57.92% of the revenue from operations came from manufacturing at Kalol. This concentration can impact operations during a breakdown in the facility.
  • Union Territories in India are subject to different laws and regulations as compared to regular states. Since one of its facilities is in a union territory, INOXCVA may face barriers in operations.
  • As of 30 September 2023, 55.97% of revenue came from the top 10 customers, of which 14.39% came from the largest. While repeat customers indicate positive performance, concentration with one customer is not ideal. The company’s revenue can be adversely impacted if the customer cuts off ties.
  • Exports contributed 62.18% of revenue from April to September 2023. Since the company relies heavily on exports, trade barriers and agreements with other countries can impact the business significantly.
  • The nature of work at INOXCVA needs manual labour along with equipment and machinery. So, it is of utmost importance for the company to be in the good books of its employees to avoid disputes, strikes and lockouts.


INOXCVA is a unique company offering one-of-a-kind stock to the public, from 14 December 2023. So, if you are looking for a new sector to diversify your stock portfolio, INOXCVA might be a good bet. But, it is essential to consider the limitations around product manufacturing and demand, which will significantly impact the business, thereby affecting stock prices.

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StockGro Team

StockGro is India’s first and largest ‘Social Investment’ platform aimed at helping you master the art of “Trading & Investment”. Trade, Invest and get rewarded to Learn everything about ‘Investments’ the fun-filled way.

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