Airox Technologies Withdraws ₹750 Crore IPO Offer-for-Sale of Equity Shares
In a recent development, Airox Technologies, a medical equipment manufacturer based in Aurangabad, has withdrawn its initial public offering (IPO) worth ₹750 crore. The IPO was proposed as an offer-for-sale (OFS) of equity shares by the company’s promoters, Sanjay Bharatkumar Jaiswal and Ashima Sanjay Jaiswal. Airox Technologies had filed its preliminary papers for the IPO with the Securities and Exchange Board of India (Sebi) on September 30, 2022.
As per the latest update with the markets regulator, the draft offer documents for the IPO were withdrawn on February 28, and the company has not disclosed the reasons for the withdrawal. Airox Technologies is a leading manufacturer of PSA (pressure swing adsorption) oxygen generators, with a market share of 50-55% in terms of operational private hospital PSA medical oxygen market as of fiscal 2022.
The company has played a crucial role in facilitating the penetration of on-premise PSA oxygen generators in Indian hospitals, with nearly 872 installed and operational PSA oxygen generators as of March 2022. PSA oxygen generators are equipment that produce oxygen with purity using adsorbents to remove nitrogen gas from the air.
These generators provide a stable supply of oxygen at a lower cost than other traditional medical oxygen procurement methods. Despite withdrawing its IPO, Airox Technologies remains a key player in the medical equipment manufacturing sector and is likely to continue contributing to the development of India’s healthcare infrastructure.
About Airox Technologies:
Airox Technologies Private Limited is a renowned medical equipment manufacturer that offers a wide range of products, including oxygen generators and analyzers, hyperbaric chambers, wound hubs, and hortig. The company also specializes in providing PSA systems. With its global presence, Airox Technologies caters to customers worldwide and has established a strong reputation in the industry.
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